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Dawesville WA

Discussion in 'General Property Chat' started by LifesGood, 15th May, 2016.

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  1. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Saw this stunning block for sale today. "Urgent sale before eofy, 399k +."

    It was purchased in 2006 for 870k. Ouch! Not an uncommon story for Dawesville/Mandurah region tho.

    Is now the time to buy in his region?
     

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  2. mrdobalina

    mrdobalina Well-Known Member

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    Interesting. If you build a two story water front house on that block, is there a market to rent out the property? Or would it be purely suited to PPOR?
     
  3. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Rental market is pretty flat, and holiday rentals even worse. PPOR only for this one I'd say.
     
  4. MTR

    MTR Well-Known Member Premium Member

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    ouch, and double ouch

    You may be surprised what you can find at the moment with water front views and perhaps even better buying?? There are many distressed sellers in Mandurah been like this since 2007, 500K+
     
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  5. MTR

    MTR Well-Known Member Premium Member

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    I can confirm this.
    Also there is so much choice in Mandurah.

    Whether its time to buy or not is another story, as I said market has not recovered sine 2007.

    I don't see amazing growth happening in the near future, fundamentals are not right. When you have way too much stock its pretty difficult to achieve growth.

    However, if it were a primary residence/holiday home then that's a different scenario, you can buy my holiday home if you like... LOL

    MTR:)
     
  6. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    Haha @MTR we've got one in Halls Head! Currently a long term rental though so we don't use it.
     
  7. MTR

    MTR Well-Known Member Premium Member

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    This is the old Halls Head? I think has most potential in Mandurah, that just my biased/opinion.

    We purchased in old Madora Bay, beach views around 2001. However similar scenario, we stopped using it and when we did, spent the w/end mowing lawns etc. It is now rented out.

    Holiday homes are great but I wonder whether we get stuck, there are so many places to travel and visit. Lots of money tied up in a holiday home, I think I would rather be going to Greece, Spain. All to their own I guess.
     
  8. LifesGood

    LifesGood Home Building & Development Consultant Business Member

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    I agree, I'd much rather be travelling. Our is in old Halls Head about 500m from the beach where Dome Cafe is, if you know it.
     
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  9. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    I don't think the return would be good enough to rent out waterfront. You'd either build the wrong house to make the return okay, or be seriously negatively geared and I'm not sure the demand for rentals in the $700/wk+ space.
    I'd say PPOR only.

    That said, it's a good value block! Beachfront here in Old Madora is going for $600k plus with an old shack to demolish. And they're selling quick, too.

    Where's your's @MTR? I might be interested ;)
     
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  10. MTR

    MTR Well-Known Member Premium Member

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    OMG, this would be close to $1m in 2005/6.

    Mandurah definately feeling the pain
     
  11. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    There's an elderly lady with the weirdest shack you ever saw, right on the beach. Selling privately, wants $800k after being told it would get $1.1M in the boom. She's not selling until she gets enough cash to move to Dalkeith....
    She'd be lucky to get $600k at this point, especially with the asbestos on site. Corner block though.
     
  12. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Wow that is some ouch. I always wonder why people never build on these blocks after buying them.
    If you liked golf, surfing and watersports it would be a great place to live. Def PPOR type place.