WA 2x1 duplex in good suburb vs 3x2 unit 11km from cbd

Discussion in 'Where to Buy' started by jollykeen, 19th Jul, 2021.

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Which property is a better choice for FHB with 400k (both in good quiet location)

  1. 1 East Vic Park 2x1 old & dark duplex (attached to rear unit)

    2 vote(s)
    22.2%
  2. 2 Cannington 3x2 unit, No strata fee

    3 vote(s)
    33.3%
  3. 3 Either will be a good choice

    0 vote(s)
    0.0%
  4. 4 Neither - Look for something else

    4 vote(s)
    44.4%
  1. jollykeen

    jollykeen Member

    Joined:
    12th May, 2021
    Posts:
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    Location:
    Perth
    Hi all,

    I'm a long time reader, first-home buyer here. I would really appreciate your input from you all.
    Found two properties in the similar price range. Not sure which one to go for. So confused :(

    Budget: 400k
    Me: FHB, I will live in the property for a few years; may rent out spare room to help repayments..
    could sell at some point, if numbers make sense.

    Properties:

    1 East Victoria Park - 2x1 attached duplex; Front facing; Liveable but dark and maybe unpleasant :/
    Quiet street; Common insurance; 6km from CBD

    2 Cannington - 3x2 stand-alone single story unit; Neat and tidy, livable; No strata fee;
    11-12 km from CBD

    Locations:
    both are in a fantastic location - shops, public transport etc.

    Please, could someone share your thoughts and help this novice?
    Many thanks in advance.
     
  2. Shogun

    Shogun Well-Known Member

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    Land at areas?
    Is the Vic Park block developable if other owner agreed?
     
  3. jollykeen

    jollykeen Member

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    Hi Shogun, thanks for your reply.

    It's R40, a survey strata block 273sqm with building 82sqm (see attached).

    The rear duplex (PT4) is 188sqm, and PT5 is a newish stand-alone property. Its owner bought it for the similar price 5 years ago...

    I read below zoning info about R40:
    • R40: average site area of 220m2 per dwelling and minimum of 180m2
    so, if the other owner agrees, it can be developed... Am I understanding correctly? :)

    BTW, the Cannington unit is about the same size. 270sqm
    upload_2021-7-19_14-34-53.png
     
  4. Shogun

    Shogun Well-Known Member

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    To me a duplex is a joined property on a large block (2 owners).

    No idea in this case. I don't like properties joined to other buildings.
     
  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Depends on your strategy incorporating short, medium, and longer-term goals.
     
    LROB likes this.
  6. thatbum

    thatbum Well-Known Member

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    Perth, WA
    Probably neither. It's not clear what your goals are though.

    Are they purely financial? How much do you care about where and what you live in for the next few years?
     
    Colin Rice likes this.
  7. jollykeen

    jollykeen Member

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    Perth
    This must be just a survey strata unit, not a duplex, then...

    just wondering if it has a better value over a strata unit, since it's a survey strata, and the suburb is better...
     
  8. jollykeen

    jollykeen Member

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    Honestly, I'm trying to take advantage of Stamp Duty Exemption.

    Also looked at above 500-650k range as well, and banks will lend me sufficient amount.. but I couldn't justify that spending, considering the amount of interest that comes with it...

    I guess this is because I can't get my head around using debt as a leverage... yet..
     
  9. jollykeen

    jollykeen Member

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    what does this mean?
    if my goal is long-term, would the EVP better?
    if my goal is short-term, would the Cannington better?

    Apologies, if I sound too stupid!
     
  10. Colin Rice

    Colin Rice Mortgage Broker Business Member

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    Perth
    A plan that makes sense of what you are doing in line with what you would like to achieve?

    What do you desire most, lifestyle or capital growth?
     
  11. Shogun

    Shogun Well-Known Member

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    Last edited: 21st Jul, 2021