WA Perth bottoming out?

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

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  1. JDP1

    JDP1 Well-Known Member

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    yeah i would agree with this. I too dont see then, macro-economically, being close to a solution to this. Im guessing that the bottom will be when they start some significant non-mining projects- i dont mean the odd big aoartment tower here and there, I mean a meaningful shift from resources ( not ditching resources however) to non resources like brisbane has. There is a reason why brisbane has not done a perth when it could have very easily over the last 2 years- instead , prices there have grown for the last 2 yrs...
     
  2. Aaron Sice

    Aaron Sice Well-Known Member

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    While I share your caution I don't see it being all bad.

    Some area will hurt just like they did in 2008/2009; just like then, properties with good fundamentals will shine.

    42,000 new school entries since 2008. Less housing in these areas than required.

    $20m dropped into Arena Joondalup.

    New state secondary school in the Western Suburbs.

    2016-2017 WA State Budget Summary
     
  3. JenW

    JenW Well-Known Member

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    Isn't the delivery date for the school something like 2024?
     
  4. Aaron Sice

    Aaron Sice Well-Known Member

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    Unsure...! If so, kinda does away with it being a 'plus' point!
     
  5. JenW

    JenW Well-Known Member

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  6. catsteve

    catsteve Active Member

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  7. mrdobalina

    mrdobalina Well-Known Member

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    It's ridiculous how the state government closed down some high schools to sell off as resi land, then overloads the nearby schools.
     
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  8. MTR

    MTR Well-Known Member

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    what is it robbing Paul to pay Peter
     
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  9. property world

    property world Well-Known Member

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    Anyone know with the FHOB grant 10k i can buy land and subdivide it? and still get that grant after my build?

    Also where would people think a good area is to look for FHOB land? Aubin Grove/Honeywood estate, West side of Wanneroo road - Woodvale there? Catalina?

    Maybe Craigie new estates?
     
  10. sanj

    sanj Well-Known Member Premium Member

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    From memory you do not qualify for the grant if you are buying land. House and land package probably would from a logical pov (but id recommend checking) but im pretty sure land would not. If youre buying a completed, new property you should be able to apply for the 10k immediately but i think if its a house and labd you will need to apply within 6 months or a year of completion of the build.

    Subdivision could be done after but the only way i see it happening is if you find a lot large enough for 2 homes that a builder has for sale, design it so 1 is built now and contracts for house and land purchase signed by you. To be honest i think your chances are slim as its going to be a lot more work than normal for the builder who is probably more set up for copy and paste type product.

    Not impossible, you just need to find the right builder who is willing to look at it, assuming you confirm that this will work fron a grant POV. If you can make it work its certainly worth considering, no stamp duty+10k grant+add value potential+maybe a cgt free sale in the future.
     
  11. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    The grant gets paid on slab down, so ideally you'd have to build prior to subdividing. Otherwise you may not qualify for the Stamp duty exemption.
    For house and land, you can apply straight up but it won't get paid until slab down. For land only, you don't get anything FHBG-wise, but if you buy land, pay stamps then build later I believe you can apply to get the stamps rebated.
     
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  12. property world

    property world Well-Known Member

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    So it could potentially get done if i paid stamp duty up front and get rebated at a later date?

    So the FHBG is 10k and no STAMP DUTY?
     
  13. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    No stamp duty under $430k I believe. And then it gradually increases until $530k when you start paying the full rate. It might be $420-$520k can't remember off the top of my head.

    The $10k is only for new homes.
     
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  14. JohnPropChat

    JohnPropChat Well-Known Member

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    For house and land, you only pay(exempted) stamp duty on the land. I think the limit is $300k or something and then becomes full rate at $400k but double check.
     
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  15. Mikasa

    Mikasa Member

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    Some areas in Perth are still expensive.

    I was looking at a corner block in Booragoon tried to get it below list but it didn't happen. It sold for above list instead: Sold Price for 60 Allerton Way Booragoon WA 6154

    At this price it does not look like good value to me. What do you guys think any ideas?

    Another one I looked at was in Myaree the seller wanted 900k at the time, not sure how much it sold for yet. reiwa.com - 415 Marmion Street, Myaree

    Seems really expensive. Is this a value buy at 900k?

    Any one have any idea on the prices/value of properties of city of Melville area? Any indicators, insights to share? Any room for prices to come down further?
     
  16. wogitalia

    wogitalia Well-Known Member

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    There are certainly a lot of zoning changes in that area as the city of Melville is trying to increase the density around the Garden City area so could make sense that developers would be looking at good prospective sites before the changes go final?
     
  17. Mikasa

    Mikasa Member

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    yeah could be.

    Also seems like 750m development going towards garden city.
    Also read something about the canning bridge development.

    The surrounding area - Mount Pleasant, Brentwood, Ardross, Alfred Cove, Winthrop, Myaree all still seem to be very expensive IMO despite the bad economic conditions. Any thoughts on prices around these areas? seems good value or still too expensive?
     
  18. Propin

    Propin Well-Known Member

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    And TAFE sites.
     
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  19. Propin

    Propin Well-Known Member

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    Woodvale High is sought after. I'm not sure how it compares but may be worth researching. I would get as far away from Wanneroo Road as possible. I'm going to check out some of the display homes in next week to get some building/decorating ideas. Would be interesting to see how noisy it is. Woodvale Display Village | Chianti Private Estate
     
  20. sanj

    sanj Well-Known Member Premium Member

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    the booragoon one seems better value than the myaree site, assuming rezoning actually is going to happen soon. I haven't looked into it at all so that's a big assumption