Buying in the CBD

[duke]

Hello all.

I was wondering if anyone can give me any things to look out for when buying in the CBD.

What would be ideal is a 3 bedroom Townhouse with 1-2 car spaces for around $300,000. Yeah I am probably dreaming right?

I am also considering things like the Windsor Apartments on Carrington.

Whats the deal if the place you buy doesn't have a car park. Is it easy to get a permit for on street parking. Is there anything I should know?

Are there any new townhouse developments? It seems most developers these days are more focused on Apartments these days.

Oh one more thing,, Why are the Savile Apartments on Hindley Street so cheap. Whats wrong with them?


Thanks all..

[Howie]

Hi Duke,

Are there any new townhouse developments? It seems most developers these days are more focused on Apartments these days.

In and around chinatown area you'll see some townhouse developments.

Oh one more thing,, Why are the Savile Apartments on Hindley Street so cheap. Whats wrong with them?

Don't quote me on this, but I believe you rent them back to to the Saville hotel at a price.

[omada]

you can often see some nice little cottages, 2br around hutt street precinct, my parents paid 200k for a two 2br un-renovated one about 3 years ago.. but yes i'm not sure what 300k would get you these days, are you prepared to do some renovating? Only prob with some of these cottages is parking, but the council will grant you a 1 permit for on street parking for free..

there are a stack of 80's townhouses around this area.. keep an eye open, I know there was one for sale for ages along Gilles street, had its own parking spaces etc

[duke]

If the price is right I am happy to do renovating. If only I had $200,000 three years ago hehe.
I would prefer off street parking. But all I really need is at least one park, on or off street.

I keep checking realestate.com.au and domain.com.au. There never really seems to be much available. May have to start checking the old fashioned news paper

[Pistol]

Duke, I bought an apartment in Bent St Apartments 2 1/2 years ago and seeing the prices today, city living is way over inflated. My girlfriend and I also bought an investment unit in the UniSA building on the corner of Pultney and the Mall 12 months ago so I know a couple of things about living in the city:
1. Only houses built before 1927 are allowed to receive one car parking permit.
2. ACC rates are probably the most expensive in Adelaide (remember you are paying for all of those people that come into the city and use and abuse it - mainly weekend revellers).
3. The ACC has a rebate on stamp duty if you are a owner occupier in city accomodation.
4. If buying an apartment (and to a lesser extent a townhouse) you have to take into account the strata fees which can really add up if you have pools, gyms etc. This is worked out by the total square metres of your apartment (car park is included in overall size). Townhouses (like those on Halifax) have a community fee which is no where as expensive as strata but what do you actually get for that money?

My apartment does not have a car park (because I bought it as a future investment) but I rent a space in my building for $180 per month which is an average rate for parking in the city.
You will not find a townhouse for that sort of money in the city. Even if you did, you would need to spend a lot more to make it comfortable to live in.
There is not much on realestate.com at the moment, but that is due to the end of financial year... There will be more.

One big piece of advice is wherever you buy in Adelaide, keep away from Whitmore Square!

[duke]

One big piece of advice is wherever you buy in Adelaide, keep away from Whitmore Square!

Dare I ask,, what is wrong with Whitmore Square?

[Pistol]

I have nothing against the indigenous community of this city, but I do have problems with alcoholic bums that have nothing to do but sit in squares (Whitmore Square) and decide to hassle passers by. Plus most of the night shelters are scattered around Whitmore Square so I personally don't think that it is one of the safest places in the city.

[duke]

Ah, thanks, I had a feeling it would be something like that. Thanks for the heads up.

I like the side over near Hurtle Square, Carringtion and such. Actually, anywhere east of King William seems nice.

[jk1237]

Hey pistol, I was at one stage looking at the those Bent St aptmts, but silly me, found a little 2 bedroom unit in St Peters, which I do like though, but the city is my next location. But my question is do Bent St ones any come with a car park, and is there any facilites such as pool. I do know that the strata rates for apts that have pool, gym facilities are quite high.

[Pistol]

There are apts with car parks but you are looking at about 50k more. We chose not to buy one with a carpark just cos we intend to rent this place out to overseas students that are willing to pay $360 p.w. to live here and what do they want with a car park? And like I said previous, the strata company takes the area of the car park and adds it to the apt to work out the strata amount. Strata for my apt is around $600 per quarter and includes water and gas rates. Strata for a 1 bedroom in The Embassy is around $880! That is what you pay for the privilege of a pool and gym.
I paid 230k 2 1/2 years ago for my apt and have just had it valued by the bank (conservative bastards) at 310k. Not bad eh? Think that most of the valuation is based on available income. Anyone that is interested in investing in the city should look at possible student accommodation apts cos they will pay anything atm.

[jimmy_2486]

Let me get one thing straight here....

I see on real estate websites, apartments in hotels for sale.

You would obviously have full hotel facilities (at the extra cost) involved while you live in it?

Now if I was to temporarily move interstate or something I could rent them back to the hotel??

[jk1237]

Let me get one thing straight here....

I see on real estate websites, apartments in hotels for sale.

You would obviously have full hotel facilities (at the extra cost) involved while you live in it?

Now if I was to temporarily move interstate or something I could rent them back to the hotel??

No No, dont quote me on this but those hotel aptmnts for sale are on the condition that you lease them back to the hotel. Some advertise that you can stay there for only 2 weeks a year. They're purely for investment purposes for the owner, and for the hotel/developer to outsource to lower costs. Pistol was thinking of buying one of those uni aptmnts in the old state bank building at Rundle Mall - I think they work on the same condition, is that correct

[Pistol]

The UniSA apt building on Pulteney and Mall is the same. With those specifically, you are basically buying rental income. The apts are SO small. Even if they offered me two weeks in there I wouldn't take it.
Places like The Embassy, Horizon, and the apt building on Hindmarsh Square all give you the option of either renting it back to the hotel chain associated or occupying the apartment. There is no half half.
Places like the Directors Suites, Savilles on Hindley etc. are all specific hotel accommodation and you have no choice.

[bmw boy]

Whitmore Square would be a cheaper area of the city to buy in... and I think would be good investment wise (wouldnt really like to live near there at the state it is now). Give it a few years and that part of town will be alot better.

I think the square itself needs abit of fixing up though.

[jimmy_2486]

The UniSA apt building on Pulteney and Mall is the same. With those specifically, you are basically buying rental income. The apts are SO small. Even if they offered me two weeks in there I wouldn't take it.
Places like The Embassy, Horizon, and the apt building on Hindmarsh Square all give you the option of either renting it back to the hotel chain associated or occupying the apartment. There is no half half.
Places like the Directors Suites, Savilles on Hindley etc. are all specific hotel accommodation and you have no choice.

Hmmm....ok then so for example we buy an apartment in the embassy, live in it, and then decide to temporarily move for half a year say.

I could lease my apartment back to the hotel for the time im away??