WA Perth Coolbellup for PPOR - are we crazy?

Hi everyone

So I've been lurking here for a while to learn. We're mid 30's professionals and looking to buy our first home. Bad timing, I know, but that's just the way it is.

We currently rent in Victoria Park, and absolutely love the convenience and access to the river & city. However, we really want a larger property to have distance from neighbours, and space for a workshop to ensure we can pursue the hobbies that make us happy. We are not going to have children, so schools are not an issue.

The banks are willing to lend us an obscene amount of money, but our deposit allows us to stretch to buy a 3x2 450m2 survey strata type property in areas like Mellville, Palmyra, Manning etc. Alternatively, we could stretch to buy a larger property in areas like Kardinya, Bull Creek, Winthrop.

This forum advices to buy in the best area you can afford, and to stretch yourself for your PPOR so that you can start building equity. But recently we've been having a look at Bibra Lake, and most recently Coolbellup. The area seems under valued considering that a similar property in Kardinya across the road would be $200k more. In Coolbellup, we can buy a nice house on a large property, with space for all our hobbies, for a price significantly below budget. That'll help me sleep at night, and allow us to pay off the house in 5 to 7 years, and perhaps upgrade if we see a need to.

The downsides that I see is that it is a lower income area (handy insight provided by microburbs.com.au). I imagine some neighbours might have a propensity for car parts in the front yard. Frankly, as long as it's quiet at night, I can put up with a lot.

I can already hear my older colleagues, who live in areas like Bicton and Mount Pleasant, gasp and shake their heads at what a bad decision it is. But I am drawn to the size of property we can get, how comfortable we'd be with such a small mortgage, and having more money free to invest elsewhere or start a business.

When we can afford to buy in a "better" suburb, are we crazy to consider Coolbellup?

 

Not crazy, but Coobie is somewhere that you want to make sure you buy in the better parts of the suburb, and not next door to state housing.

Otherwise for not much more, I would probably consider Bibra Lake or Samson.

 

whats your budget?

if you can afford Willagee you will kill it as market just keeps going up.

 

Current budget 800k, but as we save more each month for a deposit, this keeps growing. But I'd rather spend less, if I can.

There were good properties in Willagee a couple of months back, but since then there's been a bit of a dry spell, and prices have definitely gone up. Coolbellup is cheaper than Willagee, but Willagee is much better located (closer to the city).

You've probably helped me answer my own question, will need to be patient and wait for a better compromise. Buyer's fatigue is setting in.

 

Yep, you're right, good to consider those areas.

 

If you like Victoria Park then I would consider East Vic Park and Carlisle. You can occasionally pick up something in your price point on a large block like these
https://www.realestate.com.au/property-house-wa-east+victoria+park-136036930
https://www.realestate.com.au/property-house-wa-east+victoria+park-136329854
https://www.realestate.com.au/property-house-wa-east+victoria+park-135483254
https://www.realestate.com.au/property-house-wa-east+victoria+park-136342258
https://www.realestate.com.au/property-house-wa-east+victoria+park-136213834

 

Thanks, will keep an eye. Have also considered Lathlain.

 

Dry spell in Willagee is due to strong demand, not enough stock….low supply…. Boom. But there are no signs of this stopping

why I say, get in while you can as the attraction is also that it is in the Melville high school attachment area.

median price is much lower than Melville and Palmyra. Its only a matter of time that we will see this shrink

Its attracting home owners and investors as great development potential

Cooby has always been lack luster, I am not sure why. The developments seem to come in short. Its so it is hit and miss, why I never purchased here

what about

Hammy Hill
Spearwood
Hilton
Coogee

 

We originally aimed to buy closer to the city, but decided that Hammy Hill will be our fallback plan if nothing else crops up by the end of the year. Spearwood a bit too far, but we have looked at Hilton. Haven't seen a good larger property there in a while.

There is low supply in general. Lots of new home and land packages, but not interested in those.

 

I saw a nice character home in Hilton, it was not livable, needed a full reno, multiple offers
Just have to be patient, connect with the right agents. There are a few that will sell prior to hitting market

 

That's something I've heard we should be doing, and have tried, but probably too low key. We definitely need to contact more agents for off market properties. I made a list of the active agents in a couple of areas, which turned out very long. It could turn into a part time job. Need to bring in something like home buyers leave

 

I think if dealing with male re agents, females will have more success because men have big egos, so just stoke and you are a shoe in oops

Sorry Woke police

 

LOL, that's something to consider