Hi. Long time lurker, finally decided to post. We are a couple looking to purchase in inner Perth. Ideally looking at Wembley or West Leederville if our budget allows! Finding it hard to buy and the market has performed pretty well in this neck of the woods over the past year so it's hard to find any bargains. Thanks for reading!
Hi ...and welcome to PC Yes, inner city is starting to hot up Whats your budget Mt Lawley similar scenario not enough stock, demand is period homes
Wow that was a quick reply! Budget ideally is $900,000 for a nice block in Wembley (south of Grantham, east of Jersey) with rear access and then would build a new place on that. We saw 71 Tate St in West Leederville (~600sqm) go for $1,208,000 last week and thought that was a pretty good buy but that was beyond our budget. Happy to buy a nice fully renovated character place in Wembley around the $1,500,000 mark as well, but the wife is pretty picky on what she likes.
Welcome to the forums! I take it you're looking to buy a home? Buying a doer-upper will probably work best for you, it's hard to buy something fully renovated that ticks all the boxes when it's for you to live in. You might find you pay the 'all done' premium, only to find your wife isn't quite happy. There's something special about creating a home just the way you like it - we love renovating our houses, the evolution is a large part of the fun.
Renovations do seem like a bottomless pit of money (I've seen the TV shows) but then so is building a new house especially when the wife has fancy taste. There was an auction at 106 McKenzie Street a few months back that was pretty close to what we were looking but on the day bidding got away from us. So buying established is the priority at the moment, but if we see a parcel of land that is smartly priced we would definitely consider that too!
They can be a bottomless pit - you just have to decide where to stop We did our kitchen last year, and now have a big hole in the flooring where we moved cabinetry - we could have ripped up all the flooring and replaced it, but we just covered it with a rug instead.
Welcome to the forum David @Pigey We did a few rono as well, need to stick to a fixed budget, very easy to go over budget when seeing the nice fitting and fixtures in the shop,
Hi David, welcome to the forum! I've noticed a few new blocks pop up this week, but they appear outside of the pocket you're seeking. I recently purchased this one: 43 Simper Street, Wembley, WA 6014 - Property Details I'm not too sure what your question is, I guess you're seeking some guidance on buying in this market? The property I mentioned above is not the same product/locality you're targeting, but I noticed a few things from researching the property above, this included: Many of the full sized block sellers are serious. I gather the drives relate to the ageing demographic, tightly held nature of the market and consistent price growth. I didn't see a property that was withdrawn and returned to the market. If it comes on the market, it sells. A large buying portion of the market was mid-30s and looking to trade up into the area. A secondary buyer (for newer stock) was the downsizers who lived nearby on larger blocks seeking a slightly smaller home on a half sized block. Considering the points above, I'd suggest clean up your offer as best you can. Remove the need for finance (if possible), try to get rid of a subject sale, or as many other contract conditions and act quickly. Don't be afraid to put forward an offer before a closing date. A strong offer may bump off the subject to finance/sale offers. If the Seller is serious, they may be happy to do a fair easy deal over waiting/hoping for a higher offer. Finally, if a seller is keen to play games and start leveraging one offer against another don't be afraid to walk. Hope that helps!
Hi Kent Thanks for your reply. We're actually now open to being North of Grantham, so there are a few that are now within our scope. Yes, definitely noticed a bit of supply now. Not sure if it is actually oversupply or just seasonal oversupply. Thoughts? 90 Daglish is nice, but feel there is a bit of value in the existing house that we would be overpaying for. Yes, I am in my mid-30s, with a 9-month-old, so thinking future High Schools as well. North of Grantham goes to the new Inner City college, south is Shenton College. Both good options. We have pre-approval and wouldn't be placing any conditions on any prospective bid. What are your intentions with your block? Are you splitting into two or building one big house with a nice yard?
It's a popular area and is one of the postcodes I watch. If you're going to build then you don't want to pay for something pretty or someone's renovation so it's harder to get something Is Leederville outside of your area? I think this will go for $850-900k but I'd hate to demolish it 5 Salisbury Street, Leederville, WA 6007
The is some seasonality to the stock on market, REIWA suggests we are at 15,000 which is a high point that we haven't seen in a while. In terms of the Wembley market, there are 90 dwellings actively advertised (108 if you include under contract) to a total dwelling catchment of 4,883. This represents a supply of stock on the market ratio of 1.84%. I wouldn't consider this a healthy level of supply. In terms of the block, the plans are for two survey strata lots (no common property) in a battleaxe layout. The homes are going to be high spec and built by the same builder who completed another one of our projects: 4(B) Keane Street, Wembley, WA 6014 - Property Details
We live in Leederville at the moment and love it, but I think for a family Wembley is better in terms of schools and is slightly less busy as well. I'm going to say $914k for 5 Salisbury Place. Nice location with laneway access too.
What would you consider healthy? My friend bought on Keane as well and split it right down the middle for 10m frontage each. Made a nice little profit just selling the other plot, was in a rising market in 2015/16 though. Nice house. Will need to find a builder later if we go down the build route, one step at a time though...
Went to the auction over the weekend. No one opened the bidding. Auctioneer then placed a vendor bid for 775k, then 800k, then 825k, then passed in... I was shocked.
"We had three bids and it was passed in at $825k." Such a snazzy sounding bit of dialog for a prospective buyer.
Happened at 5 Lake Monger Drive, West Leederville an hour earlier as well. No one opened the bidding. The auctioneer started at 900k and then placed another bid at 1.05m and passed it in...
So was the REA. He auctioned off 73 Lawler North Perth and hour earlier and it had plenty of bidders and a lively auction. The only thing I can think of, is that Lawler was subdividable and you could build a house behind whereas Salisbury was purely PPOR only with it's lower zoning.
