WA Perth bottoming out?

Discussion in 'Where to Buy' started by Paterson00, 7th Feb, 2016.

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  1. Paterson00

    Paterson00 Well-Known Member

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    Thank you. Offer made and hopefully accepted on paper this morning.
     
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  2. big max

    big max Well-Known Member

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    Awesome. Gold Coast is really looking positive next 3-5 years.
     
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  3. Paterson00

    Paterson00 Well-Known Member

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    This place has grown around $30k over the last 14 months so fingers crossed for something similar consistently for the next 3 - 5 years.
     
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  4. Mike Valetta

    Mike Valetta Member

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    Wheatstone construction winding up at years end and no major mining projects in the pipeline. We ain't hit bottom yet
     
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  5. Paterson00

    Paterson00 Well-Known Member

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    I have to agree although i do see better times ahead albeit in a few years. I still work fifo thankfully and hear about a few projects in the pipeline which could make huge differences to the area and employment. One in particular will see the largest port on Australia built from scratch indulging the rail network and mines that it will service. Ankatell project at Cleaverville.
     
  6. JDP1

    JDP1 Well-Known Member

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    Supply and demand.
    Supply is increasing with new stuff.
    Demand- dont see commodity prices nor non mining economy improving .
    Id say at the least wait till end of this yr and re evaluate .
     
  7. Paterson00

    Paterson00 Well-Known Member

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    After spending the weekend in the gold coast alone doing nothing but driving around studying how the machine there operates and how the gold coast is you can see the huge difference after returning. Your right, the amount of supply here is crazy now that I've stepped away from it and seen elsewhere. This had become the norm.

    Development is happening here everywhere you look but the supporting demand isn't there due to the huge wind up of all the north west projects etc. It will come back but not just yet. I came to Oz in the height of the boom so again, that was the norm to me. Not nice to see so many people hurting. The flip side to that is that there are a large amount of people who did, and still do spend like the tap will never be turned off mostly the younger guys who try to act like "of course i drive a $70k car... don't you? " It's so so very very laughable and yet I'm the weirdo for "splashing out" on my $6k 4x4. It's a messed up situation.
     
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  8. JDP1

    JDP1 Well-Known Member

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    Im referring to perth.
    The gc is different in terms of drivers.
    What im saying is perth likely has more to fall thus wait and reevaluate. Gc - now is a good time o buy. Its a rising market in gc driven by several factors including those that come about with the low dollar.
     
  9. Paterson00

    Paterson00 Well-Known Member

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    Sorry, I wasn't clear. I'm referring to Perth also when in talking about the amount of development here and supply
     
  10. euro73

    euro73 Well-Known Member Business Member

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    I've just had 4 different developments valued by HTW and Opteon and MVS in metro Perth. 3 Bed house and land in Hocking at 445K, 3 bed house and land in Madeley at 475K, 3 bed villas in Gosnells at 315K and 3 Bed townhouses in Brabham at 370K . All of them have come back on the button with all 3 valuer firms - without exception. Seems to me that's fairly clear evidence that the Perth market isn't quite as unhealthy as many are saying.

    Coupled with $11K + in tax free credits and the ability to hold for a very long time without any out of pocket costs whatsoever .... pretty compelling maths
     
  11. Sackie

    Sackie Well-Known Member

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    @Paterson00 Thanks for starting this fantastic thread. Will be following closely.
     
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  12. Big Daddy

    Big Daddy Well-Known Member

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    This is not what i am seeing or hearing. Dev sites and dwellings that are unique or landlocked are holding up well. Everywhere else is a bloodbath.
    My wife works in land sales and they are having a heap of finance declines due to the valuations. Maybe this is just Brabham but im still seeing alot of 'Price changes' on RE.com.au. I have not spoken to any other RE agents for a while so can anyone else comment?
     
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  13. Perthguy

    Perthguy Well-Known Member

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    Yep. I am seeing more 'second chance' advertisements in the listings. One place I am semi-interested in is back on the market due to a low valuation… at the original price. Ridiculous situation IMO.
     
  14. euro73

    euro73 Well-Known Member Business Member

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    I guess that just means that once again, I have put together excellent NRAS deals.
     
    Last edited: 11th Mar, 2016
  15. larrylarry

    larrylarry Well-Known Member

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    Did you secure the property? This thread got me interested. I was in Perth from 95 to 97 and lived in Murdoch /Karinya area with lots of Asians. What's the market like that? Or areas generally south of Perth?
     
  16. sash

    sash Well-Known Member

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    Yep spot on...lots of specufesters were in those suburbs..so probably a reason for major drops.

    I like those suburbs...but you are spot on.....not floor yet.

    Good post.
     
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  17. R377

    R377 Well-Known Member

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    I also been looking belmont and beckenham. Have also seen embleton drop
     
  18. sash

    sash Well-Known Member

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    The other opportunities are in beachside suburbs...in the South and North. Interesting times indeed.
     
  19. MTR

    MTR Well-Known Member

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    These are high demand areas and possibly faired better than many areas in the sticks due to infrastructure, Fiona Stanley Hospital, Uni and of course older area with limited land. However the Perth market is still not a BUY with job losses, economy on the slide etc

    I sold 2 lots of land in Kardinya 18 months ago (corner lots I cut up), prices then had fallen back perhaps 5-10%
     
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  20. Paterson00

    Paterson00 Well-Known Member

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    Hi. I did secure the property and now also have tenants in there too. All going well so far. The property i bought was in the gold coast though not perth. I own in Mandurah and bought in Dec 2014... that'll be at the top of the recent graphs on prices i expect. . Badly timed i think but hey. . At least I'm not renting any more.

    I think Perth will recover but i don't think it's going to happen until that iron ore price returns to greater levels and another large project kicks off in the Pilbara. Just my opinion but it seems that it's a huge driver in WA. Population will increase and that'll have an effect but nothing stunning i think. Gradual over time. A good time to haggle some great deals in my opinion. I'm no expert but they say that a good investor makes more money in down markets than up markets. ..
     
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