All Topics / Help Needed! / Investing in Adelaide/Elizabeth

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  • Profile photo of WorldWorld
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    @world
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    Has anyone purchased any investment prop’s in Elizabeth/South/North/Vale etc?The area’s yeilds look good compared to Perth. The growth has been good in the past. I am after good on the ground info.

    Thanks

    Shaun.

    Profile photo of Fast LaneFast Lane
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    Dr.X is your first port of call for the Adelaide market.

    Let us know how you fare with your research as I know people who too are considering Adelaide in the future.

    Fast Lane- The poster formerly known as g7

    Profile photo of gabsmangabsman
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    @gabsman
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    I am also looking at the Elizabeth area in the near future…so let me know how you go???

    Profile photo of westanwestan
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    Hi Shaun

    i own one (semi) in Elizabeth have done for 8 years. At one stage i owned 4 (semi’s), which i purchased in 1997 of about 21-25K, so i got them at a bargain price. Two of these were in Scott St Smithfield plains.

    My thought are these areas are a bit rough, you must have landlord insurance, i was often claiming on it and ended well ahead of the premiuns i was paying. Expect to have problem tenants !

    Secondly watch out for areas with soil movement , there is a lot of cracking and shifting of homes , it can be very expensive to underpin a home. Also watch for cheap cover ups of more serious problems (paint covers many problems)

    Let us know how you go

    regards westan

    Over 100 deals done in the USA in 2005
    Buy in the USA email me at [email protected]

    Profile photo of mummum
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    @mum
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    Hi Shaun

    The yields are good to cover tenant risk. My PM won’t go north of Salisbury as they have too much difficulty getting good tenants. And it is not just tenants but neighbours. There are some pockets with good prospects (I have a number of clients in the area so I get to see inside some of the better houses) but you have to hunt and I don’t have the time as I live the other side of town.

    Margaret

    Profile photo of milenkomilenko
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    @milenko
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    i thought about buying there, but a friend of the family had two bad experiences with tenants/crime in that area, so i decided against it.

    Instead, I purchased a unit at largs bay, and am currently looking at another in similar area, such as semaphore or port adelaide. I think these areas are great for capital gains in the next 5 years, and no trouble finding good tenants, you can get good working class engineers or whatever , either from the submarine centre, or the upcoming warship center which is going to be at north haven, only a stones throw away.

    I hope this helps, and good luck![fear]

    Profile photo of XeniaXenia
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    The Northern suburbs have experienced alot of capital appreciation in the past years, as Westan has already pointed out.

    I have never invested there, but have heard that tenants can be a bit more of a problem the more North you go.

    I personally like the Western suburbs, they are also affordable, the retuns are not as high just straight off the bat, but I like to manufacture cashflow using lease options.

    Hope this helps.

    thanks fast lane!

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    Profile photo of westanwestan
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    Oh another comment,

    Years ago the Govt was going in and refurbing the whole area, North Elizabeth is an example, its called the rosewood estate (i think, i haven’t been there for ages). The govt spent a huge amount street scaping the neighbourhood and doing up homes. I’d imagine if this was still happening then areas boardering on to these estates would be attractive to investors. I don’t even know if the plans to do up areas are still on the drawing boards but it maybe something worth loooking into.

    regards westan

    Over 100 deals done in the USA in 2005
    Buy in the USA email me at [email protected]

    Profile photo of Don NicolussiDon Nicolussi
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    Quote:
    I personally like the Western suburbs, they are also affordable, the retuns are not as high just straight off the bat, but I like to manufacture cashflow using lease options. [/quote

    Hi Xenia – any in particular?


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    Profile photo of WorldWorld
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    @world
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    Thanks for the feed back everybody.
    Elizabeth seems to have quite a few positive attributes. Low income area. Dodgy tennants and the potential to only improve in the future. Aspect that i have kept in mind in Perth before the boom.

    Thanks

    World.

    Profile photo of allymacallymac
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    Have owned a semi there for a couple of years Have a good rental manager not many problems with tenants.

    Profile photo of jindoujindou
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    There are some good areas in Elizabeth and to a smaller degree Smithfield. Davoren Park is generally quite bad. You really need a good “local” property manager. (I can give you some names if u wish).

    But for that price range… ie. 85-100k for a semi detached 3 br home., there is not much else you can get in Adelaide for the price.

    I have heard a few varying stories..
    1) A landlord had a tennant on a periodic lease in Davoren Park. The tennant not only failed to pay after 3 weeks, but when the landlord went over, he found that the tennant took all the carpets and aircon!!! [biggrin]

    2) There is a guy who owns 20 properties in Eliz/Davoren Park area. He is a bikie (Hell’s Angels) guy. When he meets the tennants for the first time. The only thing he says is “DO NOT BE LATE FOR RENT!” [grrr]
    And he has never had any problems. In fact when the tennants are late for payments, they ring him to apologise!

    Hope this helps?

    Profile photo of gabsmangabsman
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    Hi Jindou,

    Can you let me know more about your experiences in the Elizabeth area, and good local property managers?

    cheers,
    gabs

    Profile photo of jindoujindou
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    Hi Gabs.
    I was actually going to purchase a property in Davoren Park 1 year ago.
    It was a Semi Detached Masionette with 3 br. (Most of them are).

    The asking was 85k with rent at $140-150pw. I can’t believe people there so much in rent instead of buying the friggin house?!?!?

    Anyway I pulled out at the last minute. Can’t remember why but something to do with contract falling through.

    Ken Klose is a local real estate agent. Basically you want an agent that is based in the area! Either look for houses on realestate.com.au and find out which agents are selling the properties and speak to the PM!
    Let them know your fears and find out what they are like.

    By the way, there are “better” parts of Elizabeth as well because the DSTO/BAE Systems workers are there. So, anything around the Elizabeth shopping center is very neat and handy.

    Hope it helps… [blush2]

    Profile photo of westanwestan
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    Hi guys

    Re property managers- i used Ken Klose R/E for 4 of my properties in Elizabeth. I don’t usually like to critize people so let me say i now use LJ Hooker and am very happy i made the change.

    Prices have dropped in Elizabeth recently so there maybe some good buys, If you are prepared to have a few bumps along the way. Elizabeth isn’t for everyone, but i’m glad i bought there when everyone was saying don’t buy in Elizabeth.

    regards westan

    We find deals in the USA with growth potential, with equity and showing at least 14% gross returns. Email at [email protected]

    Profile photo of jindoujindou
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    OOpppsss… Sorry about Ken Klose.. I just thought he was local.
    But Westan your right.. [blush2]

    Hey do you have other property managers?
    Around the prospect area?

    Profile photo of aliandmikealiandmike
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    Not sure how many people are stil looking at this one but thought I’d add my story anyway.

    Me and my wife bought in Elizabeth Downs a couple of months ago, we live on the other side of town and can’t believe people live like that but hey, we don’t have to live there. Anyway, it took about a month for our PM (LJ Hooker actually) to find a decent tenant which was fine but after being vacant for a month someone stole the front screen door and all the fly screens from the windows the day after the tenant moved in!

    As someone wrote previously, landlords insurance is a must in that area (probably anywhere). despite that experience we’re thinking we will look for another property in a similar location soon.

    Cheers
    Mike

    Profile photo of XeniaXenia
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    We can certainly help out with property management.

    We can also help out with setting up lease options for people who want to convert properties into positive cash flow investments. Because of the lower prices, these work extremely well in the Northern Suburbs.

    Xenia Ioannou-Mena
    Property Manager &
    Property Sales Consultant
    E: [email protected]
    M. 0412 437 582

    Profile photo of XeniaXenia
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    @xenia
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    Originally posted by aliandmike:

    Not sure how many people are stil looking at this one but thought I’d add my story anyway.

    Me and my wife bought in Elizabeth Downs a couple of months ago, we live on the other side of town and can’t believe people live like that but hey, we don’t have to live there. Anyway, it took about a month for our PM (LJ Hooker actually) to find a decent tenant which was fine but after being vacant for a month someone stole the front screen door and all the fly screens from the windows the day after the tenant moved in!

    As someone wrote previously, landlords insurance is a must in that area (probably anywhere). despite that experience we’re thinking we will look for another property in a similar location soon.

    Cheers
    Mike

    Hi Mike,

    What attracted you to the area?

    Investment Property Management
    http://www.adprop.com.au

    Profile photo of zerotaxforeverzerotaxforever
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    @zerotaxforever
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    I just brought a property there ( South ) and can see huge potential for future growth. Firstly they are slowly moving out the not so nice people and are putting a lot of work into infrastructure etc. Not to mention the hundreds of new army personel . They all need somewhere to live. So in the next 5 years the socio economic will change completly especially as the cbd gets more and more expensive nice families need somewhere to go. Anyway if you do need an insurance claim at least you got a cheap renovation. Als if people like margeret lomas are buying there you know you are on a good thing.[biggrin]

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