Hi, we have just purchased our first IP in Adelaide and would be interested in any local knowledge of Adelaide’s southern suburbs (Hallett Cove, Sheidow Park, Happy Valley, Trott Park etc). In particular, any areas you’d avoid.
Thanks.Congratulations on your first purchase! My wife and I have recently entered the market ourselves, buying an IP in the northern suburbs of Adelaide.
We actually live in Sheidow Park and of the areas you mention there is not really too much to steer clear of, I guess it all depends on your strategy. Each of the suburbs have their older and newer sections (HC & SP in particular) with houses ranging from brand new to 25-30 years old. I think you would be hard pressed to find a CF+ property in terms of income as your mortgage payments (even at IO) would be much more than any rent received.
As far as capital gains go, they are pretty average surburbs in terms of the Adelaide market. My parents moved to Qld about 3 years ago and sold their house in the Karrara area of HC for $183k, now similar places (4br, 20yrs old) are going for $270k+.
Similarly, we bought a block of land in april 2002 for $60k, when we got it valued to build our house in about june 2003 it had gone up to $90k.
Not sure if that’s the kind of info you are after but it’s a start.
If you have any more specific questions, let me know.
Cheer, Mike
Thanks Mike, we bought in Hallett Cove and am considering purchasing another there in the next 12 mths but I’m also doing research into Sheidow Park and other suburbs. Weighing up the pros and cons of each. As far as +CF goes, I’m more interested in CG at this stage.
Thanks again, Dave
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