that appear to meet the 11 second rule.
They were ex-govt housing homes (masionettes) which sold from $33-$56,000, all in a major SA country town.
They apparently can rent from $110-$140pw.
I spoke to an investor who bought 3 at the last auction from the same town, & he said he spent about $10k in reno (for carport, tiling etc.) Most are freshly painted.
Not bad eh?
I just got my stamped Family Trust documents from my accountant today. All I need is to set up my bank account & 2 LOC’s & I’m ready to go.
It was interesting to note that the prices at tonights auction on average were slightly down on the last one on )ctober 14. By about $3-5k on average.
Anyway thought I’d pass on some good news. There is still good opportunities, but I’m sure there will be more next year as the market cools off.
BTW auction clearances in Adelaide were down to 55% last week (they were 70%+ a month or so ago). And the RBA will announce if they have lifted interest rates tomorrow morning. Probably 0.25%, although some economists think it could go up to 0.5% becuase of the bumper retail sales in October thanks to the World Rubgy Cup.
Cheers,
David Paxton
“You Only Live Twice”
that appear to meet the 11 second rule.They were ex-govt housing homes (masionettes) which sold from $33-$56,000, all in a major SA country town.
They apparently can rent from $110-$140pw.
Thanks very much for the information. I have been looking to buy a property in regional SA. It has been difficult as I live in Alice but would like to drive down to have a look at some properties when I get a chance.
With the government auctions, how often is it held and can I get the up coming auction information on the website?
Look forward to you reply.
Regards,
Liviwell
well done 007
a fine bit of espionage, good to hear how they are selling. was this guy who bought 3 named Kirk ?
regards westanLiviwell,
Just take note though – although the numbers look good, they may be hard to rent out quickly. One property manager told me vacancy rates are about 2-3%. But you must buy in the right parts of the town.
Check out Elders RE for any country auctions.
Weston,
I didn’t get this guy’s name, but he would be an Italian, 30’s, balding and builds carports & sheds for a living. He spent a week in the town working from dawn to dusk putting in carpets, carports & tiling.
He said that the painted walls were OK, but they didn’t bother sanding the architraves & skirtings before painting, so it can easily peel off. Must be govt cost cutting! [
!]The ones at this auction mainly were freshly painted with polished timber floors. But probably need work in the wet areas as usual.
Are you in Adelaide too?
Cheers,
David Paxton
“You Only Live Twice”Hi Westan & Bill,
The guy that bought three is Bill (i think). One of my houses there joins on to one of his. He has heaps of houses there now, and as far as I know, most of them are still vacant and listed in the window of the local Elders office.
Finally got a tenant in that house a few weeks ago. Was only vacant for four months! Must admit that most of that was my own fault – listed it with an agent that had too many similar vacant properties on their list. Then gave them the flick and tried to manage myself, which was too hard from Adelaide. Finally listed it with another agent, who already look after another property of mine, only took them two weeks to get a tenant. So in theory, I could have only had two weeks vacancy if I went with them in the first place!. Oh well, its all a learning experience.
But, as mentioned, location is important. For example, look at http://www.century21.com.au/officerent_list.cfm?grpofcecode=SA34&title=6 . 5 & 7 Hawke St were sold at a SAHT auction back in May for $55K for the pair, and have been onsold since (have found out the price yet). So they’ve been vacant since then. Pretty average location – I was a bit worried about getting out of my car to have a look at the places!
Cheers,
Mike.Hi Agent 007,
i know the area you were talking about, did you go to the actually action or did you do attend the bidding that was also held in some other place in adelaide. Was the investor name Scott, i heard about him purchasing about 18 properties there but im unaware if they are all renting now.
By the way when i was talking to the agent there, alot of those houses needed at least $10k to be spent on them to be fixed up.
Well good luck in that area, but housing prices are begining to move and boom there.
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”hi SIS
Are you talking about Towns or Adelaide?
i was under the impression that prices were starting to level out in the Elizabeth after years of incredible Capital growth. someone who looks very similiar to me bought there in 1997 for 21- 25k for a semi detatched that now sell for 90+
westanHi Westan,
Im talking about a specific town, that i dont want to mention yet at this time, though the auction that was held. Was held at 2 different places at the same time, one actual in the town or nearby, though the agent was telling me they had satellite or some sort of new age technology, were the biddigs were occuring simultaneously between the actual town and bidders who were at Adelaide at the same time.
cheers
s.i.sSave on a regular basis
“People forget that by saving just $3 per day and investing it sensibly over a working life, you’ll end up with around $1 million.”hi SIS
gee Elders are getting high Tech aren’t they.[
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a bit of an improvement from a few years ago when they first took over the contract to sell them, i’m still annoyed, i (with some other investors)wanted to buy a whole street (10 pairs) in Millicent for about 42K a pair, the deal fell over because the agent at Elders was incompetant, never mind, those properties less than 2 yrs later are now selling for over 110k a pair.[]
regards westan
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