WA Perth Development Sites

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

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  1. sanj

    sanj Well-Known Member Premium Member

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    Dont see worthwhile profit even if you were allowed to demolish abd develop.

    Right now the better buying in inglewood and surrounds low/mid price rabge is in getting good, sometimes near new or newly fully renovated single storey homes significantly under replacement.

    I saw a way over specced but nicely done brand new standalone dianella duplex that would have cost someone over 300k in holding, planning, construction costs etc asking 600k, people paid more in places like willagee for worse product in worse area.

    Vanilla sites like this wont stack up as long as there remains a lot of stock fron people who tried upseccing or being extra design focused as a means of trying to make money a year ago and only threw more good money after bad
     
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  2. Perthguy

    Perthguy Well-Known Member

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    Any Perth development sites stacking up now? I haven't been looking but have noticed a lot of retain and build, duplex potential, triplex potential and even some 4 unit sites popping up as I search for other things. I do wonder if any of those "potential" sites are actually potentially profitable though.

    For example, 1011sqm of land and Zoned R25 on a corner block in Bayswater. No brainer? Maybe not at $749k?

    39 Hudson Street Bayswater WA 6053 - House for Sale #124448658 - realestate.com.au

    Or 1012 sqm of R30/R40 land in Gosnells. Advertised as a triplex but R40 and 1012 sqm could potentially be a 4 unit site subject to DD. Seems cheap at $320,000.

    119 Wheatley Street, Gosnells WA 6110 - Vacant Land For Sale - 2012498515

    End values aren't a mystery

    4/228 Hicks Street, Gosnells WA 6110 - House For Sale - 2013106061
     
  3. Big Daddy

    Big Daddy Well-Known Member

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    Last edited: 24th Jan, 2017
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  4. Perthguy

    Perthguy Well-Known Member

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  5. JohnPropChat

    JohnPropChat Well-Known Member

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  6. Perthguy

    Perthguy Well-Known Member

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    Renovate or detonate? I would like to do a walk through of it. That sunroom out the back is quite strange with the artificial turf! o_O
     
  7. Perthguy

    Perthguy Well-Known Member

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  8. JohnPropChat

    JohnPropChat Well-Known Member

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    Unless you have deep pockets for a R60 development at that scale, you have to stage it. Change the back of the house a bit to get a chunk of space. Subdivide, build 2 and then do the rest.
     
  9. JohnPropChat

    JohnPropChat Well-Known Member

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    Not too familiar with Hami Hill. Looks like the block is sloping down, house in reasonable condition to rent out so a retain and build maybe? Not to sure of the end values in that area. Hami Hill has stigma to it but nevertheless grew quite a bit in the last boom.
     
  10. sanj

    sanj Well-Known Member Premium Member

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    No money in it IMO, or rather not enough
     
  11. Big Daddy

    Big Daddy Well-Known Member

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    Detonate.
    Its on a hill (i think) and should have city views
     
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  12. Perthguy

    Perthguy Well-Known Member

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    My mate is looking for a long term PPoR with CG potential. Could be a good project for him

    I think you are right.

    R60. It should have apartments! :p
     
  13. mrdobalina

    mrdobalina Well-Known Member

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    Rezoning is far from guaranteed. At the moment, it's only a concept proposal from one of the land owners.
     
  14. Big Daddy

    Big Daddy Well-Known Member

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    PinDan? They purchased a few lots and a building an apartment block. It ties in with TOD and Directions 2031 and CoB did the same with the maylands station. But yes it's a big risk and probably 5 years away from gazettal
     
  15. Scaphella

    Scaphella Well-Known Member

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  16. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    City of Bayswater is seeking community feedback on the proposal - not formal community consultation but should we even consider it type thing.

    Upzoning around the station is a good thing in my opinion but it's also one of the stations that I recall was slated for possible closure? Which I think is a terrible idea.

    I agree, I think it will be quite a way off if it gets off the ground
     
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  17. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    This is now under offer 207 Central Avenue Mount Lawley WA 6050 - House for Sale #124596686 - realestate.com.au

    It gets the tick from me for laneway, suburb, buy in price, good rental pool and demographics. It's not perfect as it's on a quite a busy/main road and quite a high buy in price but for under $1.4m inc holding and renovation of existing house you'd get a house at the front worth $700k and two of 1 bedroom townhouses at the rear (Single Bedroom Dwellings)
     
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  18. Perthguy

    Perthguy Well-Known Member

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    I saw that one too. Sent it to my mate who is looking for a ppor in the area. Central was a bit busy for him. Of course properties in the quieter streets surrounding are more expensive.
     
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  19. Propin

    Propin Well-Known Member

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    IMG_3585.PNG
    I think this is an area still worth watching. This is the park opposite the listing. It's popular and has given the area a lot of presence and community . Lots of social events, yoga, etc are held here.
     
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  20. 2FAST4U

    2FAST4U Well-Known Member

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    Yes! 80k loss.
    https://www.realestate.com.au/property/46-salix-way-forrestfield-wa-6058

    I can see why some people would be put off investing after having a first experience like that! Interestingly after it got sold for a loss in 2016 it got sold for another loss in 2018 (10k purchase price + 30k transaction costs).