Here’s a great pick in Adelaide market for those who are interested in entering Adelaide!
Our pick of the month this week is 7 Folkstone St, Modbury Heights SA 5092. Recently purchased by our client at $338K, this 3 bedroom, 1 bathroom 1 garage house sitting on 770sqm block presents great value for money in the growing Adelaide market:
- Location – situated in pure residential part of Modbury Heights and is a stone throw away from Tea Tree Plaza with easy access to TTP Interchange or into city.
- Building – Brick veneer structure house with solid bones.
- Value Add Potential – short term a cosmetic renovation would lift the intrinsic value up and subdivision potential in longer term
- Yield – rental appraisal conservatively at approx. $310 to $340 per week so about 4.55% gross rental return. Once cosmetic reno is done then should be able to achieve better rental return.
A slight change this week with an Adelaide property in the scene oozing for value! At such a low purchase price it’s suitable for any investor who is looking to purchase a block of land ripe for subdivision – as a matter of fact next door 9 Folkstone has already completed the subdivision with a 9A at the back (9A sold for $385K back in 2017)! In the short term client will be doing some cosmetic renovation in order to bump up the rent, making it even easier to hold in the current low interest rate environment. A great addition to any investors’ portfolio so well done!
Modbury Heights is located about 16km north east of Adelaide CBD. The North East corridor of Adelaide has recently benefit from the continuous O’Bahn busway upgrade reducing hours of travel, in particular the project has triggered urban development around north eastern terminus at Modbury. As you can imagine the area is attracting more and more young families and professionals so there are a lot of gentrification going on around Modbury – knock down and rebuilds. The Tea Tree Gully council are also committed to ongoing improvements to lifestyle and community events for the residents so these suburbs will only continue to thrive from this point.
Contact us today if you need assistance to find similar investment properties!