Sensational-Adelaide.com

Wilfy 2007 wrote:Good morning,

Has there been anymore information about this project?

Any news on what the Gawler Council has decided about Public Transport for this development?

Seems to have gone quite all of a sudden.

Regards,

Yes, a few tidbits of information gleaned from contacts here in Gawler.

- Delfin have been trying to sell the house and land packages in Gawler East with the attitude that it is definitely going ahead. My sources inform me that the development is yet to be fully approved, however.
- The land will cost about 300k per block. That's even before a house is built.
- The development minister has neglected to sign a paper that would have allowed community consultation. The first consultation between Delfin and the residents of Gawler is supposed to take place in December but may only allow for residents to choose the types of landscaping they desire.

Gidday,

This project seems to have gone quite, although there has been an article in the Herald or the Bunyip, can't remember which.
Has anybody heard if anything is happening.

Regards,

Wilfy 2007 wrote:Gidday,

This project seems to have gone quite, although there has been an article in the Herald or the Bunyip, can't remember which.
Has anybody heard if anything is happening.

Regards,

We have recently discovered, here in Gawler, that the parcel of land for Delfin is going to be bigger than originally stated. Not sure just how big, but there is quite a bit of continuing social opposition to the development in general. People here feel that the needs of the community, such as public transport links, main roads, small business survival, are not being listened to and that Delfin/State Govt are pushing it through at all costs. This, of course, strikes a chord when you also consider that the planning minister has neglected to sign a paper which will allow for full community consultation. There is supposed to be a community meeting with Delfin in December, but this will likely only allow for residents to pick and choose superficial trappings for the new development like landscaping.
All in all, we feel what none of it has been handled well and that the State Govt are all too happy to sell off valuable land and collect the profits along with Delfin.

$300k for a block of land sounds rediculous, given that blocks in Mawson Lakes, which is much closer to the Adelaide CBD, were selling from 91,000 only a year ago (not sure how much they are now but there's hardly any left anyway).

pushbutton wrote:$300k for a block of land sounds rediculous, given that blocks in Mawson Lakes, which is much closer to the Adelaide CBD, were selling from 91,000 only a year ago (not sure how much they are now but there's hardly any left anyway).

Especially given that our real estate bubble is bursting, and elsewhere in Adelaide (for established houses) you are going to see declines of up to 30% in price if the trend everywhere else is anything to go by. Blocks have a lot of fixed input costs that set the price (of course along with developer land banking, speculation etc) so they will just need to find ways to make it cheaper if they want it to sell.

Well frankly for $300k I would absolutely expect that the house be included, not just the land, and that it be complete with home management system, solar panels, fencing, all landscaping to owners specs, all floor coverings to owners specs, fitted wardrobes, top quality kitchen with all s/s appliances, plus window coverings and that all of this be included in the $300k.

Even then it's a bit more than I am able to pay right now but at least it would seem like a fairly reasonable price.

$300k for just the land though is outrageous.

how many m2 do you get for $300k?

Sounds like 500sq m - cafe blocks.

Reasonable price - probably - if you get all the extras someone else just posted and don't want a big yard.

I arrive at the above conclusion through perusal of the AFR on Oct 10 2008. Average house prices in Adelaide are now about $391000 after the big hike up in the 12 months to Aug. this year. By contrast Bris $428000, Syd. $510000, melb. $424000, Perth $476000, Darwin $388000, Canberra $451000.- Source AFR P7 'Expert Tips Housing Rebound'.

This abovementioned rebound would also be enhanced by recent Ruddisms in the financial sector such as $21000 given towards the purchase of a new house - in such places as Gawler East.

ADELAIDE - CITY ON THE MOVE

skyliner wrote:This abovementioned rebound would also be enhanced by recent Ruddisms in the financial sector such as $21000 given towards the purchase of a new house - in such places as Gawler East.

House prices are crashing worldwide. They will not be this expensive again in real terms for a lifetime.

muzzamo wrote:

skyliner wrote:This abovementioned rebound would also be enhanced by recent Ruddisms in the financial sector such as $21000 given towards the purchase of a new house - in such places as Gawler East.

House prices are crashing worldwide. They will not be this expensive again in real terms for a lifetime.

House prices in Australia aren't exactly plummeting at the moment. In fact, they've been some of the more rock solid assets in the current financial crisis. Combine the factors of the increasing number of skilled migrants arriving to settle in Australia (about 200000 in the past year according to BRW 16-22 Oct) and the shortage in the construction sector, and you have conditions that simply don't add up to plummeting property prices, they may continue to drop a bit as they currently are though.

Neuropolis wrote:

Wilfy 2007 wrote:Gidday,

This project seems to have gone quite, although there has been an article in the Herald or the Bunyip, can't remember which.
Has anybody heard if anything is happening.

Regards,

We have recently discovered, here in Gawler, that the parcel of land for Delfin is going to be bigger than originally stated. Not sure just how big, but there is quite a bit of continuing social opposition to the development in general. People here feel that the needs of the community, such as public transport links, main roads, small business survival, are not being listened to and that Delfin/State Govt are pushing it through at all costs. This, of course, strikes a chord when you also consider that the planning minister has neglected to sign a paper which will allow for full community consultation. There is supposed to be a community meeting with Delfin in December, but this will likely only allow for residents to pick and choose superficial trappings for the new development like landscaping.
All in all, we feel what none of it has been handled well and that the State Govt are all too happy to sell off valuable land and collect the profits along with Delfin.

Neuropolis, it would be good to hear how the public consultation issue pans out. I'm starting to feel really angry about this. Surely they can't get away with neglecting community consultation? Don't let them!! Your community's concerns about public transport and small business, etc, are terribly important and they simply must be addressed.

The more I see of America's senseless, soulless, beige sprawl, the more I despise it. The next thing you know, we will be completing this picture, that is being painted in Gawler, with the addition of a nice Walmart just to make sure we really ruin things

House prices havent really been falling YET but we are yet to enter a RECESSION here and
the expected 200,000-400,000 job losses. So you can bet that there will be a house
price correction sometime next year and the year after. Australia was in a better
position than the others that the reason for it lagging behind, but it will not be
able to weather the storm of the global crisis. Even China is tipped to slow down....

AG wrote:House prices in Australia aren't exactly plummeting at the moment. In fact, they've been some of the more rock solid assets in the current financial crisis. Combine the factors of the increasing number of skilled migrants arriving to settle in Australia (about 200000 in the past year according to BRW 16-22 Oct) and the shortage in the construction sector, and you have conditions that simply don't add up to plummeting property prices, they may continue to drop a bit as they currently are though.

I don't think you appreciate just how big the bubble really is. Unfortunately the people who spin these arguments (migration etc) are usually real estate agents or other commentators that have a vested interest. The UK had a record migration and it didn't save them. House prices have a VERY, VERY long way to fall.

I guess the other way of thinking about it is that it is definately not normal for house prices to double in real terms over 4 years, but there is something very bubbly going on (due to basically unlimited credit). Up until about 98 house price growth tracked wages growth pretty closely, then it went completely off the radar.

ozisnowman wrote:House prices havent really been falling YET but we are yet to enter a RECESSION here and
the expected 200,000-400,000 job losses. So you can bet that there will be a house
price correction sometime next year and the year after. Australia was in a better
position than the others that the reason for it lagging behind, but it will not be
able to weather the storm of the global crisis. Even China is tipped to slow down....

I saw this thing on CNN for like 5 minutes last night about all the financial doom & gloom. The guy on screen was saying that the Chinese economy is expected to slow down to 9% growth p.a (outside double-digit figures), which apparently by their standards is a recession.

Should I start saving my money now to set up a deposit fund to purchase a house when the real estate market correction occurs? I know I'm only 19...

muzzamo wrote:I don't think you appreciate just how big the bubble really is. Unfortunately the people who spin these arguments (migration etc) are usually real estate agents or other commentators that have a vested interest. The UK had a record migration and it didn't save them. House prices have a VERY, VERY long way to fall.

I guess the other way of thinking about it is that it is definately not normal for house prices to double in real terms over 4 years, but there is something very bubbly going on (due to basically unlimited credit). Up until about 98 house price growth tracked wages growth pretty closely, then it went completely off the radar.

But how does one actually "know" that there is currently a bubble? You won't know for sure until property prices have dramatically decreased, and that process could take months or years to occur. Property may be overpriced, but several bodies including the IMF recognise Australian property prices being overvalued by around 15%, hardly an amount to call a crash. And unlike the US, there hasn't been a huge increase in the number of borrowers defaulting on repayments that could result the excess dumping of property on the market to cause an oversupply.