hi all,
is anybody doing reno flips in adelaide? eg: buying, renovating and then selling. Any suggestions for areas with great value adding potentil would be muchly appreciated as I am new to the renovating game. I want to make atleast 20k to 30k profit per project but would like to aim for 50k.
Regards
Anthony Clarke
Hi Anthony,
Rather than seeking the sliver bullet answer, in my experience I have found it more benefitical long term to understand how to properly analysis an area of interest if your strategy is renovations. For example, if I said a suburb to you, you would not understand my rationale or the lead indicators I used to come to that recommendation.
Property Trader | Boston West Pty Ltd
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Hi Anthony.
As a local I'd have to say anywhere within the Marion and Holdfast council areas, on 'the flats' between the beach, Marion Shopping Centre and vicinity. It appears to be a hot-spot for retirees and young trendies looking for a first home. A lot of redevelopment is going on with blocks that can be subdivided, but things on smaller blocks and townhouses, units are still in demand. There is fairly good public transport and train for city access, plus close to beach and southern access. You might get something around the $350-$400,000 mark that can be done up and sold again for $500 +, depending on the area. West of Brighton Rd. is a higher price bracket. Best to ask the advice of a few local agents first.
I have heard 'experts' recommending the closer city areas such as Torrensville, Mile End and Cowandilla (flight path!) but obviously the homes are older and may have extra hidden renovation issues.
Good luck,
G
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