Entering the Housing Market

[THE MOLE]

Yeah definately small start. Which is the main problem with some first home buyers.
I read the stories on the Mcmansions in the US, definately not the way to get in front.
After doing all the renovations myself and with a few more to go. Definately a worthy exercise, and will be a handy profit if/when i decide to sell.

[Punk Rooster]

I'm in the housing market, bought my first house for 130,000 in February, basic half masionette 3 bedroom, double garage, upgraded kitchen and bathroom.
I'm selling it now, it's worth 180,000.
I haven't done a thing to it.
That's alot of money in a short time.
I agree, start small, get bigger.
Look to invest in areas likely to boom, coastal or near mining exploration.

What suburb SS?
Or PM me if you don't want to reveal it publicly.

[silicone skyline]

Whyalla Norrie.
Haha, that's what i mean by starting small.
House prices here have gone through the roof (no pun intended) due to the mining boom.
Half housing trust homes (3 bedroom) were fetching 35,000 merely three or four years back.
Eyre Peninsula is on the verge of something big.
Real Estate is the commodity that everyone wants a piece of.
Looking to re-invest in Port Lincoln.
There's a pad there i have my eye on.
This is where the money is.
Coastal or mining, get a piece of it.

[THE MOLE]

Whyalla Norrie.
Haha, that's what i mean by starting small.
House prices here have gone through the roof (no pun intended) due to the mining boom.
Half housing trust homes (3 bedroom) were fetching 35,000 merely three or four years back.
Eyre Peninsula is on the verge of something big.
Real Estate is the commodity that everyone wants a piece of.
Looking to re-invest in Port Lincoln.
There's a pad there i have my eye on.
This is where the money is.
Coastal or mining, get a piece of it.

Whyalla has 3-4 more mines opening up in the near future. Definately a good place to have some real estate in. Quite a few of my mates own houses up there and they have gone up substantially, but still very affordable im comparison.

[Dutchy]

interesting info on the West Coast guys, thanks...im going to look for an investment property shortly and didnt think it might be worth my while looking outside the city...will do now!

[Sojourner]

It is possible still to get into the market, yet on a single income it means looking at suburbs on the outer side of the city for a house that needs work, then spending a massive amount of your time renovating and learning how to do various jobs. You then return the house to the market and repeat the process over again with the worst house in the best area that you can afford.

Alberton was a great suburb to buy in, yet the recent boom has put it out of reach of most first time buyers, yet if you can get into that area as an investor you stand to do well.

My advice to anyone looking at the market as a first home buyer on a single income is to look into the following suburbs, depending on where you are employed. Get one that needs some work, keep the principle loan small and pay for the renovations with cash.

South

Christies Beach,
Christies Downs,
Hackham,
Willunga,

North

Evanston
Gawler
Smithfield (all older areas only)
Salisbury (again older housing trust built homes)

30 mins from Adelaide

Gilles Plains
KIlburn
Modbury
Northfield
Para Hills
Para Hills West
Tea Tree Gully
Valley View

[silicone skyline]

Will those properties go up 50 grand in value in the space of 7 months???
I tell you now, EP is the place to have RE.
Went to a function today where Whyalla opened the largest Industrial site in South Australia.
400 hectares of land dedicated to industry.
The sick part is 75 per cent of that is sold already.
That's alot of businesses coming and quick.
Olympic Dam is sitting on about 25 per cent, IIRC, of the worlds easily accessible uranium.
Whyalla, Port Augusta, Pirie, all likely to be hubs for the mines in the north.
The Desal plant will be built in the upper spencer gulf.
Meanwhile Centrex Mines will begin mining iron ore near lock, and transporting it to port lincoln.
South Australia is on the cusp of something big.
Get a piece.

[THE MOLE]

I agree ss
still plenty of oppurtunity up there. The boom hasnt even started!
Have looked at some land up there, just waiting for something to really grab me, then im on!!!! Maybe even a double block!! Still very cheap

[Dog_ger]

Just get away from renting.

Money down the drain.

Buy what you can afford.

Any suburb.

Hang on to it.

Slowly make it what you want.

Enjoy your life.

Follow Centrals..

[smac]

Sage advice, particularly the last line Dog_ger!

[Pseudo]

Sage advice, particularly the last line Dog_ger!

Yeah, 'coz if you follow Centrals then you're likely to live in an area where housing is cheaper

[smac]

Good to see you woke up feeling all superior this morning mate, we'll all benefit from that.

[FlyingHigh]

I agree with the "starting small" idea and the feeling of achievement by building up over the years, but why should comfortable-ish homes (not mcmansions or Mawson Lakes, etc) be out of the reach of first home buyers because of the demand created by investors who can afford such houses ( and I'd bet my requirements for "comfort" are probably a fair bit lower than most people's)

Recently read an article in North-Eastern messenger and a real estate agent was quoted as saying people/first home buyers were being forced out of the area and should look at other areas because of the increasing prices caused by the demand from interstate investors. To me, that is an absolute disgrace.
Sure, they can look in other areas, but then how about the people in those areas, such as Davoren Park mentioned above, if people come in from other areas with more $$'s?

A recent article in the Advertiser said that real estate in areas like Roxby were lasting less than a few hours on the market, quoting Adelaide-based real estate agents re demand etc. Who is buying these properties? What gives people the right to buy these as an investment in a place they'll never leave, probably never visit, over the top of genuine local residents?

[silicone skyline]

Recently read an article in North-Eastern messenger

There's where you've gone wrong...

[Hondo]

In the Weekend Fin Review, Christies Beach was nominated as one of 12 'hot spots' across Australia

Hot spots meant affordably priced now but with great upside in the few years

All the posters that have said start small / out of the city and then work your way in are OTM

[CENTURION]

Sage advice, particularly the last line Dog_ger!

Yeah, 'coz if you follow Centrals then you're likely to live in an area where housing is cheaper

Just like me. Just completed our house in ROSTREVOR, paid $320,000 & in about 2 months will be worth approx. $420,000.00. I have been in real estate for 16 years now &, whatever you do, get yourself a block, especially somewhere in the Northern suburbs & build. You save a packet on stamp duty, you get what you want (not someone else's problems) & by the time you get the keys you will have enough equity to consider doing it again & getting something a bit better than the last one.
You talk about the Eyre Peninsula. I just sold about 90 acres in, of all places, Stirling North, just before Port Augusta! Have you ever been there? Well, it doesn't matter at the moment. People are just snapping up whatever they can get there hands on at present. I average about 350 vacant allotment sales per annum but I have sold this month about 45 blocks & have been averaging in the last 6 or 7 months around 40 per month! People from QLD, W.A., China & all unseen, mainly through my internet site. Delete this next bit if I am not allowed to do this but my website is landdiscovery.com.au & follow the prompts. if you want to know any more, just PM me. Exciting times.

[Squawk]

So what do you make of all these suggestions Punky? Have you got a way forward?

[Punk Rooster]

it's certainly been a help, hearing other peoples experiences.
I guess the common them is it doesn't matter where you start, just start somewhere.
My 1st priority would be a massoinette in Kilburn.
My 2nd would be a masoinette in Salisbury North.

[Dissident]

it's certainly been a help, hearing other peoples experiences.
I guess the common them is it doesn't matter where you start, just start somewhere.
My 1st priority would be a massoinette in Kilburn.
My 2nd would be a masoinette in Salisbury North.

You shouldn't have a problem then. Plenty around in those areas I beleive.
I guess it depends on your budget.

[MagicKiwi]

Punky they're pulling down a lot of the old Housing Trust in Blair Athol and replacing them if you want something new and more long term. I don't know what the prices are like however and whether they're already earmarked.

Regardless you've got the idea. Start anywhere, just start. Just make sure the anywhere is near public transport in case the day comes when you want to rent it out, while buying your new home with the equity built up from the old.