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WA Perth Development Sites

Discussion in 'Where to Buy' started by BLAIR_, 18th Jun, 2015.

  1. BLAIR_

    BLAIR_ Member

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    Development sites still seem to be pretty hot in perth and still good demand for them but now that there are more listings in the market i m seeing some better opportunites show up.

    Im looking to pick up a ppor with development potential end of year/early next year. Could be good timing.

    https://m.realestate.com.au/property-house-wa-bayswater-120029233

    Something like the link above, numbers still not stacking up but hopefully by end of year there will ve more supply and better chance to snap up a bargin.

    Ive been looking at areas like bayswater which i think could be a good spot if they link up the perth to city rail at bayswater station. I imagine it would be good for the area.

    Rivervale also interests me, cheap for its proximity to the city and the burswood stadium could add value to the suburb. Have heard people saying the area could have limited cap growth with the new supply of apartments etc coming to tge market?

    https://m.realestate.com.au/property-house-wa-rivervale-119089599

    Something like that is what id be after in rivervale.
    Both links have scope to add value and potential to retain and build.

    What are peoples thoughts on short term future for perth deve sites and also potential locations for a good retain/build site within 10km to city?

    Doubleview was also on my radar but maybe a bit out of price range.

    Cheers
    Blair
     
  2. HD_ACE

    HD_ACE Game-Changer Premium Member

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    My recent project has come to a close so will be on the look out again. Im thinking the next 12-18 months will throw some oportunities our way.

    I like bayswater, and also have my eye on this suburb and surrounding suburbs.

    Just going to take some time to find a gem that adds up.
     
  3. BLAIR_

    BLAIR_ Member

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    Have you developed both cloverdale and morley places chase?

     
  4. HD_ACE

    HD_ACE Game-Changer Premium Member

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    Have just had handover for cloverdale so the tenant hunt begins. I will sit on Morley with a long term lease locked in and look to purchase another site that adds up wh3n something comes along. Still making a shortlist of suburbs that will suit my next project and then will go from there :)
     
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  5. BLAIR_

    BLAIR_ Member

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    https://m.realestate.com.au/property-house-wa-doubleview-120060169

    Something like this would also be good buying. Not sure what it went under offer for but with the granny flat on the site you can get that bit extra when renting it. The extra cashflow helps when holding a deve site. I also found a duplex pair in belmont the other day that was sitting on a 4 unit r40 site, stuff like that you can just sit on and keep the development potential there as a bonus.

    Keen to here about your progress and next purchase hd_ace!
     
  6. TobyRichardson

    TobyRichardson Active Member

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    There probably will be more good opportunities in 6 months time but there's still some fantastic deals at the moment.
     
  7. Shahin_Afarin

    Shahin_Afarin Residential and Commercial Broker

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    What does the oracle say (AKA MTR)? :)
     
  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I like Bayswater too, it has the train station, mature infrastructure and some nice potential with some retain and builds or knocks downs. There's not much R40 but if you look near the train station you can find some - even some with a rear laneway like Hamilton St.
    Anything along that train line is very attractive, I'm a big fan of trains and think they will become more and more important.
     
  9. HD_ACE

    HD_ACE Game-Changer Premium Member

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    Target your market.

    I am seeing in bayswater knockdown and big houses or subdivide into two are selling well. I see smaller blocks ie sites subdivided into three small blocks are sitting. People dont want small blocks in this area so do your research.
     
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  10. MTR

    MTR Well-Known Member Premium Member

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    This is what buyers look for, proximity to rail/transport in Syd/Melb, I think Perth will follow this trend and it certainly makes properties easier to sell, a winner I think.
     
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  11. MTR

    MTR Well-Known Member Premium Member

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    I have not looked too closely at Perth development sites recently, though I have heard prices are starting to fall back, perhaps less competition?? not sure.

    Even if the figures stack up today because the market has softened we need to buy in areas that perhaps provide less risk. I would try to target markets that perhaps stand out in terms of less stock and possibly less chance of falling further back in price, no guarantees but at least you are mitigated the risk . Blair mentioned Doubleview, this may be one of those areas, if it stacks up.



    MTR:)
     
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  12. BLAIR_

    BLAIR_ Member

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    Yip i think perth has a major traffic problem it needs fixing. The best way to help solve this would be by increasing living density around exsisting train stations to encourage public transport.

    This can only mean positive things for blocks around train stations.

    Forrestfield i think has down very well since the proposed new train station and future rezoning. That was part of my logic as to why i think bayswater will be a winner for long term growth. The airport line links up too baywater station on the midland line and i imagine could mean increased density and development in the area?
     
  13. TobyRichardson

    TobyRichardson Active Member

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    Just look at the new scheme amendment around Queens Park train station. From R20/40 to R160.

    I imagine Bayswater train station will do something. Possibly also near the Maylands station where the new bridge has gone in.
     
  14. TobyRichardson

    TobyRichardson Active Member

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    Has anyone looked at the scheme amendment for Forrestfield? It's awesome.
     
  15. HD_ACE

    HD_ACE Game-Changer Premium Member

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    How do you think forrestfield will react in general to the higher density Toby?
     
  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Yup. It's pretty full on change for an area that has long been considered outer metro. It will bring a lot of new life into the area
     
  17. paper

    paper Well-Known Member

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    anywhere close to the city will be a good choice
     
  18. TobyRichardson

    TobyRichardson Active Member

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    Sorry for the late reply guys.
    I think it will create an initial loss of value for sites that currently have development potential. It's hard to say when everything will balance out because there will be a combination of land price jumping up because it has better potential and then a later stabilisation because there will be a spike in land/units/villas that are all of a sudden on the market. Although I think/hope this will be at a time when the market is stronger and there will only be stabilisation and not negative growth. I'll make it no secret that I'm trying to secure sites there right now.

    I don't see any downside at all if you're in it for the long term.
     
  19. nevernotspurs

    nevernotspurs Active Member

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    Hi Toby, interested in some more detail on properties in the area and your views as I have purchased my first IP here, a 700sqm property in average condition just north-west of the shopping centre earlier in the year for $430k. Main reasons I chose the property was it's average condition(all original interior with no renovations), wide driveway with plenty of room from eaves to boundary, location of North-west side of Hale Rd.
    • I am personally seeing a lot less of the low 400k's original 80s on 700sqm, more high 400ks which have been renovated, would you agree? Which would you be more interested in and why?
    • What do you think of some of the new 3x2 stock coming on the market, eg - 75 Hartfield Road?
    • Do you have a preference to location in Forrestfield? North west of Hale Rd for example? Why?
    • What would be your ideal property in the and the fair price for you to be interested?
    • High Wycombe?
    • Have you purchased or attempted to purchase a property in the area yet?
     
  20. Big Daddy

    Big Daddy Well-Known Member

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    I saw them today, 8 unit site? Pretty cheap at 1.3M for 5000sqm site