Hi all Just joined the forum, lots of interesting information! I'm an architect with a couple of properties in London. Moved to Perth a couple years ago and hope to get into a small scale development opportunity in Perth. Currently have a max budget of 600k, just started looking into this in a bit more detail to see what's feasible, worth pursuing etc etc. Wondering with that sort of sum (for purchase only not future development plans) any recommendations on areas worth keeping an eye on for a decent sized block with existing house with some future potential due to area plans or more expensive neighbouring areas etc? Something reasonably close to the city so could possibly use as PPOR depending on the opportunity. Long term I'd like to subdivide and add another property/properties. Don't have a crystal ball but seems not a bad time to enter the market... Famous last words! Many thanks
It's not a bad time to enter the market. Is there a side of the river you prefer? SOR I'd seriously look at Vic Park and East Vic Park NOR I'd look at Bedford, Bayswater, Maylands $600k won't get you the best place but it will get you a place that is more ripe for a reno and future growth.
Not hijacking tha thread but which are the cheaper markets to enter which has potential and room to grow? Any land and house areas in Perth? Regards
You'd be looking for land which is enclosed and has some scarcity and bound by other established areas. New new land estates have lots of supply and can just keep going and going but estates where they are bound by others can't do that so tend to go up more. Depends how cheap is cheap to you? Sydney cheap? We can do anywhere
Just mentality. Many people stick to one side of the other but if your work was SOR and it was going to be PPOR I'd probably stick to SOR.
Cheapest say 350k to 420k markets. Any idea on such suburbs? which are the areas in Perth similar to western Sydney before start of boom or west Melbourne? Regards
We have similar demographic markets but I wouldn't be able to say "these markets are just like those therefore they will be the next boom". If you are looking at that price bracket then look for something with mature ammenities, good infrastructure (it's likely to be around 25km+ from city so train would be nice) and not too much supply. They are good markers for growth but I wouldn't be confident recommending suburbs for that price bracket simply because it's the outer outer areas. If I was to pick then it would be a suburb with a train station like Clarkson, Currambine, Wellard, Success
Following up on my post and suggestions on areas to keep an eye on, wondering is the sentiment that there is not huge choice at the moment perhaps due to general housing downturn? Admittedly hasn't been a long period for new offerings to appear. Just wondering if the likes of realestate.com are the best routes to finding opportunities or are there other better alternatives for sourcing suitable properties?
I use realestate.com.au (and reiwa etc) for finding deals. Very very rarely do I hear of something before it comes on market and that deal is something that stacks up. Most "deals" are usually fresh on market and priced well so need to be picked up quickly OR they are old and stale and priced badly from beginning and now coming to real terms and everyone has lost interest so they are a bit more of a bargain. For example there is a house currently on market for $675k which I think is a good price but it started 6mths ago at high $700s, then from 770 then mid 750s then from 725..... you get my drift. It is so far down the listings that everyone has forgotten it and the price field is actually listed as now EOI but buried in the advert it is now says $675k. They are doing themselves a real disservice.
