Hello from Perth

Hi everyone

I am glad to join this forum. I am enjoying reading about everyone’s experiences, challenges and successes.

Our family is just starting in property investing and we are quite excited (although are still adjusting to the thought of having considerable debt!). We have bought a property (through a buyers agent) in the southern suburbs of Perth and plan to develop into a triplex and rent it out. Looking forward to sharing our progress with you.

 

Congratulations - massive first step straight into developing! How exciting.

 

Thanks Westminster!

It is a big step for us (though we are going through a company and not doing it personally). We don’t have the knowledge/skills at this stage to manage it ourselves. Hopefully we will learn along the way.

It is a bit out of our comfort zone so fingers crossed all goes well. We are both interested in property though and are feeling generally optimistic

 

I hope you make money out of it. I am sure the "managers" will

 

Thanks Shogun. We hope so too! I think we are in a growth area and the numbers look good so we are feeling good. Time will tell - will update on how we go

 

As long as you have finance for construction under control and that experienced assistance along the way it can be a great way to kickstart your portfolio.

 

Great to hear and the rental market is continuing to improve. What suburb did purchase in?

 

Thank you. The suburb is Willagee (City of Melville)

 

Which company did you use?

 

Hi Jess - I would rather not say the name of the company at this stage but we have been very happy with them so far

 

Welcome to forum

my development project also in Willagee

Great area, gentrifying

 

Thanks MTR! It’s a small world.

I hope your development is going well. What stage are you at currently?

We think it’s a great area too and have noticed the renewal and love how close it is to everything. From our block it is easy to walk to the shops, playgrounds, the library etc. We feel it’s likely to be a good investment for the future.

 

Definately solid area
Its currently with council
Looking at starting to build in early 2021

what about you?

my nephew just sold all 3 villas in Willagee within the first week, they went for way above asking price too

 

That’s great MTR! We are not yet at that stage. There is still a house on our block (the plan is for it to go late October); a person is currently working on the subdivision and we will be discussing design options shortly.

Wow, that’s wonderful regarding your nephew!

 

Congrats to you

 

Thanks MTR. Congratulations to you too

 

Wow, that sounds interesting. First investment and you are developing, that is brave. What made you choose Perth? Is it a growth area?

 

Hi Zara - I understand there is some variance in performance between different Perth suburbs. We live in a suburb of Perth that is not that close to where we invested. The suburb we invested in is going through a renewal, has factors that suggest there may be growth in the future and was recommended to us by a buyers agent based on the area, our budget etc.

 

Morley another great area to look at, if you can source development site. Close to good infrastructure and new train station

 

Thanks, MTR for your reply and insight into that area. I have never been to Perth, although it was on my cards for this February gone and no friends in Perth to ask about. Basically doing the analysis through data available online. In the past, I have heard Perth having a reputation of not picking up well as far as growth is concerned. I am going to start looking into the Perth area now and Morley, thanks for suggesting that as well