Would you pay $449,000 for this?

[Anne B]

It is well known that Australian housing is highly over-valued, but this property is taking it to extremes!

They are asking $449,000 or £300,000.

 

I also appreciate that Henley Beach is a desirable area, and this building (not sure whether to call it a house or a shed) is near the beach, but the land size is tiny - so you can hardly justify the price based on the land value.

 

No wonder most migrants are choosing to settle down south!

 

http://www.realestate.com.au/property-house-sa-henley+beach-113744911

Edited May 6, 2013 by Anne B

[erobertson]

That is ridiculously expensive, but considering the one bedroomed flat my husband and me rented in south west London was worth about £500,000 it suddenly doesn't seem so bad! Henley is a lovely area and we are intending to buy either here or Grange as we have decided its worth it :-)

[jimmyskinner]

Close to the beach and the city, you pay the price.

[Anne B]

But you can get a 2 bed unit on Seaview Road in Henley Beach for half the price!!!

 

http://www.realestate.com.au/property-unit-sa-henley+beach+south-112732587

[Guest peter.morton.7543]

It's worth exactly what someone will pay for it. I've become more aware of the rapid increase in property values in Adelaide, especially in the desirable inner suburbs, since our son returned from Sydney. A million dollars is now nothing special for a decent family house around say Norwood, Dulwich, Hyde Park, Unley. Our son is a cardiologist and he's renting for a year near Glynburn Road for $775 a week. Our first house when we came from the UK, near Flinders, cost $17k. Our second, two years later, in the city, cost $49k. Our present apartment cost $1.2m. Moral: Buy as soon as you can.

[jimmyskinner]

But you can get a 2 bed unit on Seaview Road in Henley Beach for half the price!!!

 

http://www.realestate.com.au/property-unit-sa-henley+beach+south-112732587

Thing is you can't knock down a unit and rebuild, like you say its land value and just because its that price it doesn't mean it will sell for that.

[Ian&Beth]

It is well known that Australian housing is highly over-valued, but this property is taking it to extremes!

They are asking $449,000 or £300,000.

 

I also appreciate that Henley Beach is a desirable area, and this building (not sure whether to call it a house or a shed) is near the beach, but the land size is tiny - so you can hardly justify the price based on the land value.

 

No wonder most migrants are choosing to settle down south!

 

http://www.realestate.com.au/property-house-sa-henley+beach-113744911

 

 

 

 

 

Simple answer, no.......it looks like a shed because it is. Be a brave man or a fool to fork out $449,000 for that.

[Guest Guest5035]

location location location, buy for $440k, fees $30k demolish/plans $20k, build 2 storey $350k, worth $950k+ if sell, or priceless to live in.

 

stevo

[Anne B]

But the land size is only 278 sq m - smaller than many houses.

[Jessica Berry]

We were sat outside having a bbq the other weekend at some Aussie friends house and their neighbours were parking their new caravan on their drive. My friends were admiring this all singing all dancing new caravan and I asked them how much it would cost. They said it had cost $85,000! I replied "you could buy a house for that in the UK where I am from". I found a 3 bed semi detached house for $6k (4,000 pounds) more than the caravan!

[zebedee]

I know the exchange rate is a big factor (especially with regard money brought over for a deposit) but with house prices I am kinda comparing them more on the 2 - 2.5 rule, i.e., my salary is about 2.5 times what it was in the UK but everything is about 2 - 2.5 more expensive. So I'd compare $449,000 more at £200,000.

 

I'm still fairly fresh off the boat though - 9 months in Adelaide, but I've found that comparison works better for getting my head around the real cost of stuff.

[Guest Guest5035]

But the land size is only 278 sq m - smaller than many houses.

 

didn't see that in the ad.

 

stevo

[Anne B]

didn't see that in the ad.

 

stevo

 

No it wasn't in the ad, I thought the land size looked tiny so I looked it up on http://www.onthehouse.com.au

[Guest Chelseadownunder]

I remember going to an Auction in Glenelg recently and the house was wowful. I was amazed when we hit $400K and the guy said "We are getting near land price now" so probs the same for this "character cottage" that has its "quirks" Fabulous Kitchen with wood effect walls Lovely. Hamock and crazy paving

[Guest Guest5035]

No it wasn't in the ad, I thought the land size looked tiny so I looked it up on www.onthehouse.com.au

just used the link and checked my house........I've got 5 bedrooms....just been outside cannot see the other 2 anywhere

 

stevo:err:

[Jessica Berry]

just used the link and checked my house........I've got 5 bedrooms....just been outside cannot see the other 2 anywhere

 

stevo:err:

 

 

we should have another bedroom somewhere in the house as well ha ha

​

[xzibit]

We were sat outside having a bbq the other weekend at some Aussie friends house and their neighbours were parking their new caravan on their drive. My friends were admiring this all singing all dancing new caravan and I asked them how much it would cost. They said it had cost $85,000! I replied "you could buy a house for that in the UK where I am from". I found a 3 bed semi detached house for $6k (4,000 pounds) more than the caravan!

 

But where are you from in the UK? Yes you could buy a 3 bed house for that in the UK but its usually up north and cheap for a reason (it's up north).

 

With regards to the house in Adelaide, it's worth what someone will pay for it, and I doubt it'll be for sale for long.

[srg73]

[Jessica Berry]

[ATTACH=CONFIG]6337[/ATTACH]

 

 

That is funny. I know of people here that have all got sucked into buying properties through these property investment companies that advertise on the radio and now they are already worth loads less than they brought them for and have got massive mortgages to cover and as well in the current climate they are freaking out about the possibilities of losing their jobs and not being able to cover the mortgages. I tell the Aussies I have seen it all before in the UK, friends and relatives who think they are going to make millions from property but the trouble is they don't buy and sell at the right time and they get greedy. Timing is everything.

[Guest Nick Tuck]

There is an obvious debate here but location is everything. If someone wants a lifestyle they will pay for it.

 

And there's a HUGE difference between buying a free standing torrens title house (albeit a small one) compared to a unit in a group with neighbours all around, strata fee's and rules and regulations to abide to.

 

There are very few torrens titles houses that sell for less than $450 in Henley purely because of the suburb and location.

 

I know as an agent what people like & don't like, and also as someone looking to buy at present I know I will NOT sacrifice location, NOT buy a unit, but WILL sacrifice some space within my budget.

[adelaidenow]

It is well known that Australian housing is highly over-valued

 

When did this happen? I wasn't aware that was the case.

[Diane]

just used the link and checked my house........I've got 5 bedrooms....just been outside cannot see the other 2 anywhere

 

stevo:err:

 

Apparently we have six bedrooms, but no bathrooms or car parking - I reckon they think we've got a couple of bedrooms in our garage! Oh, and apparently it was sold in 2007! Does this mean I am living in someone else's house?!!

[adelaidenow]

I am feeling left out, I only have one extra bedroom!

[Guest Guest12727]

We have an extra bedroom too - that would be handy.

​Also, the 12 year old house next door is.............a block of land!