A Nelson St property in Kilburn has been listed for $1.1m but is struggling to find buyers
At first glance, this inner-north property appears to be the perfect investment – but one sad twist could see it sell well below the vendor’s price hopes.
It’s a property on the street that a former child soldier who lives there says is “almost like a war zone”, where homes have this year been targeted in a drive-by shooting and a machete attack.
Where many Housing Trust homes have been demolished and remaining vacant ones have smashed or boarded up windows, and residents fear to let their children play outside for fear of stepping on needles used by squatters.
Yet in another sign of Adelaide’s hot market, a property on Nelson St, Kilburn – whose residents told the Sunday Mail last week they were desperate for an end to government neglect of the area – commands rent of $1380 a week across two homes on it and has an
asking price of $1.1 million.
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The state government has announced plans to demolish 16 more uninhabitable properties on the Housing Trust-dominated road and says it has plans for the rejuvenation of the area.
Selling agent Adam Humzy of Ray White Prospect said, with fewer homes available for squatters and criminal activity, he expected to see the road once again become a safe neighbourhood for young and old.
“People that live there are just wanting to live a good life,” he said.
“If we go back 20 years and look at (nearby) areas like Blair Athol and Greenacres and you look at Housing Trust homes … try and find a house there now for less than $1m.”
Mr Humzy said the sale of 4 Nelson St could mark the start of a new era, but admitted the current stigma about the street meant it was a more challenging sale than some.
The property has been on the market for 55 days.
“We’ve had (two) offers of around $800,000 but (the vendor) is adamant that he wants offers over $1m because of the rent return he’s getting,” he said.
“Right now, he’s getting $1380 in rent (for both houses).”
According to PropTrack, the average Kilburn home leases for around $550 a week, meaning potential buyers could pocket an additional $140 a week per house if lease agreements were to stay in place.
Mr Humzy said the homes were leased to separate families, with the main residence featuring four bedrooms, a central living, dining and kitchen area, along with a bathroom and separate toilet.
Awaiting at the rear is a newly established dwelling with three further bedrooms and open-plan living spaces.
Mr Humzy said the property was likely to be sold to a migrant family, with people of Afghan origin accounting for the bulk of buyer interest so far.
“What we see in terms of investors is 100 per cent migrants,” he said.
“All of them are good family people that came here for a better life … and for $1.1m would want to get people in there pretty quickly.
“But if there’s s*it going on, then it’s going to be a bit harder.”
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Originally published as A Nelson St property in Kilburn has been listed for $1.1m but is struggling to find buyers
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