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WA Buying in Perth

Discussion in 'Where to Buy' started by rhinsor, 8th Jul, 2015.

  1. rhinsor

    rhinsor Well-Known Member

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    Location:
    Perth
    You know the market is quiet in Perth when their isn't a proper thread on this site yet.

    So has anyone purchased recently or will be purchasing soon?
    Are you asking for discounts and getting them?
    What type of properties are you looking for?
    What's your plan for it in the short and long term?

    Are you waiting until later in the year or next year hoping prices will lower?
    Are you not considering buying in Perth for a while?

    I've been looking at a few dozen suburbs mostly north the river.
    Not a lot of price drops yet even though properties are sitting on the market longer.
     
  2. stumpie

    stumpie Well-Known Member

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    Paradise
    I wasn't quite looking to buy in Perth but came across a vacant development block that had water views, in my price budget and bought it for 10% less than asking price.
     
    MTR, Duff and Westminster like this.
  3. HD_ACE

    HD_ACE Game-Changer Premium Member

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    Watching and waiting. There will be some good buys on the horizon.
     
  4. tess_

    tess_ Active Member

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    Location:
    Sydney
    I plan to fly over in Sept to have a look around. Been talking to locals around the area and things seem pretty depressed. I like to invest counter cyclically but depends on just how much you think Perth is propped up by mining. for now I'm keeping options open until I get there.
     
  5. MTR

    MTR Well-Known Member Premium Member

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    I suggest prior to flying over to some research to work out whether its even worth coming over because I think we are going to see further drops in this market over the next 18 months.

    Have a read of Gavin Hegney report one of the largest valuation companies in Perth. Review property outlook reports for Perth, its one thing buying on a low, its another if its still dropping, that means you are losing money, just my opinion.

    MTR:)
     
  6. tess_

    tess_ Active Member

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    Thanks for your input MTR, I know you have a wealth of knowledge with Perth.
    I'm coming over regardless for a holiday and to see family & friends. Trust me to plan holidays and stuff around IP prospects... (!)
     
  7. rhinsor

    rhinsor Well-Known Member

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    I can not see anything that'll increase the average price for a long time.

    What areas do people think will increase and decrease?

    I'm getting finances sorted now just in case a bargin appears.
     
  8. stumpie

    stumpie Well-Known Member

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    there are still suburbs in metro perth that have no more than 1 page of listings... demand > supply
     
  9. MTR

    MTR Well-Known Member Premium Member

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    Good for you

    MTR:)
     
  10. Jamie_

    Jamie_ Well-Known Member

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    Location:
    Perth
    But there already is like 4 other Perth threads zz
    One for development sites: https://propertychat.com.au/community/threads/perth-development-sites.82/
    Main Perth Thread: https://propertychat.com.au/community/threads/perth-market.112/
    NOR Thread: https://propertychat.com.au/community/threads/perth-northern-suburbs.458/
    & some other **** one

    This is why we need to have the Where To Buy sub forum split into state splits
    I'm glad you worked out how to use the tags though for state :D
     
    Last edited: 8th Jul, 2015
  11. mrdobalina

    mrdobalina Well-Known Member

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    Location:
    On the ski slopes
    We just purchased a large development site. Picked it up for about 20% less than the average $/m2 for development sites sold in the area in the last 12 months. It is a large site, so out of range for most regular investors. Parts of it has a slope, so will add some costs for retaining and site works.

    Should keep me busy for next few years :)
     
  12. MTR

    MTR Well-Known Member Premium Member

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    Really

    That's OK MrM you are now retired sort of? Let the fun begin:)
     
  13. 1stepcloser

    1stepcloser Member

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    I bought a 4 by 2 last month 640 sqm. good size block 9 years old in Caversham, person next door house is 16 years old 4 by 2 and they have dropped 45k in 6 weeks I believe they where dreaming and it was way over priced.
     
  14. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I was seriously thinking about buying this http://www.realestate.com.au/property-house-wa-coolbinia-120009829 if the price was right, we were verbally discussing an offer around the $750k mark with REA. It's now under offer.

    On the surface a tight block with a 10m depth and 40m width thanks to 3 frontages but it had some unique possibilities in my feaso
    - duplex (no go too little profit at 10-15%)
    - 4 apartments (too little profit around 15-20%)
    - triplex (on the money at 20-30%) but risky as subject to WAPC granting 3 titles
    - FIVE single bedroom dwellings (on the money at 30%++) but relies on Stirling STCA

    Excellent area, very little development as mostly ULTRA low density R10 etc but close to good amenities and universities.
     
  15. R377

    R377 Well-Known Member

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    Adelaide - Southern
    Rockingham which has one the largest sales per year in the state has recorded 3.6% on the quarter and 8% growth on the year.
     
  16. JDP1

    JDP1 Well-Known Member

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    Yeah. Neither can I...I think perth might be in for more pain. China and iron ore demand is problematic and uncertainty and high volatility leading to lower demand for the reddish stuff will hit WA the hardest.
    Perth desperately needs to build more significant non mining businesses...and if it can't organically, then they need to look at inorganic growth of these industries via reducing costs etc to attract those companies.
     
  17. rhinsor

    rhinsor Well-Known Member

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    Perth
    I was looking at this one for sale, i used to live in the suburb a few years ago.
    Do you know why this suburb hasn't been developed much?
    Most of the border properties near yokine shops should allow for multistory developments.
     
  18. MTR

    MTR Well-Known Member Premium Member

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    Thanks for sharing this, so interesting
    I know this pocket well, Coolbinia is a no go for development, this was a very unique site and anywhere in Coolbinia is brilliant IMO.
    You have no competition and demand would be great for all products you mentioned, do you know what it sold for?
    Just proves there is stuff that stacks up.

    MTR
     
  19. Jamie_

    Jamie_ Well-Known Member

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    @Westminster pointed out the issue why the suburb hasn't been developed, It's got TERRIBLE zoning in relating to rcodes, unlike some of its surrounding suburbs.
    It's almost like one of the typical Western Subrubs where they are great blocks, decent size, terrible zoning so all still old and ****y even though they are 5-10km from CBD
     
  20. sanj

    sanj Well-Known Member

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    Perth
    I obviously haven't done a feaso but I just don't see it with this site. Maybe 20%, 25% at an absolute push and in a declining market, while relying on stirling seeing sense.

    I wouldn't buy it personally but that's just me. I've missed plenty of good sites in the past