WA Perth - Inner City and Western Suburbs

Discussion in 'Where to Buy' started by MTR, 1st Jan, 2020.

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  1. MTR

    MTR Well-Known Member

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    For those who have been watching closely..... are we now seeing early sign of recovery, inner city and western suburbs??

    I will speak for inner city, well located period homes are flying out the door, lower/entry price point.... so its dependent on product, apartments a different story

    Thoughts

    Its nice to read something positive on Perth market

    When the Perth property market recovers, these are the areas that will bounce back first
     
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  2. Big Daddy

    Big Daddy Well-Known Member

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    I've been watching and attending home opens for inner city houses (Mount Lawley, North Perth, Maylands, Inglewood , Yokine, Highgate etc) on lots > 400sqm under $1.1m for over 12 months every week and anything priced well is now selling at first home open with multiple offers. Nothing unrenovated was moving 6 months ago but now that has changed due to the shortage of stock on the market and the flurry of renovaters hitting the market. This is because I have seen multiple examples of 6months flips turning a 150k to 400k profit as most upgrades want something shiny and new and will pay for it.
    From the top of my head 13 Nelson St Inglewood purchased for 599k and sold for 1.125m after a 150k renovation or 106 Seventh Ave Maylands.

    Buyers are still staying away from busy / main roads and houses located near schools or 70s flats but even that is starting to change.
     
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  3. MTR

    MTR Well-Known Member

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    Some big numbers there
     
  4. MTR

    MTR Well-Known Member

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  5. JohnPropChat

    JohnPropChat Well-Known Member

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    Not surprising at all. Inner city has been doing well. Prices from last year are well and truly gone. My blocks in Vic Park bought in the last 18 months have double digit increase in valuations so happy camper here.
     
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  6. chesterfield

    chesterfield Well-Known Member

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    Good post! A friend of mine was just telling me he attended an auction before the end of the year for an old house in mt hawthorn that almost sold for $780k before a Sydney buyer jumped in and ended up picking it up over $900k! I think with these low interest rates, improved economy and interest from Sydney/Melb (overpriced, fires etc, similar wage jobs in WA) we will see most of the suburbs mentioned by big daddy in the $1mil range very soon. Also rental stocks are becoming critical, has to result in something! Finally a good 2020 ahead
     
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  7. Rex

    Rex Well-Known Member

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    Nice article. It appears a universal consensus has now formed among property 'experts' that Perth will experience a gradual, measured and modest recovery over the next few years. No booming double digit price growth etc should be expected they all say.

    Given the track records of those who make public predictions about the Perth property market, this makes me very excited.
     
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  8. MTR

    MTR Well-Known Member

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    Hi BD
    Have you purchased anything yet? Just curious
    If you care to share
     
  9. JohnPropChat

    JohnPropChat Well-Known Member

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    That is true for Perth as a whole but the next boom is going to start inner ring and then ripple out so ride the wave with stock in inner ring and then continue buying outwards
     
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  10. Big Daddy

    Big Daddy Well-Known Member

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    I have put in a few offers but nothing accepted yet. I'm working with an agent for a property in mount Lawley.

    I'm looking for unrenovated so I don't pay a huge premium. Plus there is so many 1m plus homes with really cheap and dodgy renovations.

     
  11. MTR

    MTR Well-Known Member

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    Yes, if you have to do another reno you have then paid too much
     
  12. icic

    icic Well-Known Member

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    that's great news! I have a investment there too and brought it about 2 years ago, just curious on which street or area in Vic part is your block located if you don't mind sharing?
     
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  13. MTR

    MTR Well-Known Member

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  14. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I wouldn't say snapped if you were meaning that it went quickly. That one has been stagnating on market for quite awhile as there were some better buys at the time which all went under offer. This one has probably sold at a discount or because there is so little stock now bought by someone for a PPOR type buy.

    Location: very close to Inglewood Primary which is a nice draw card but close to the Bedford border so not prime Inglewood

    Listing history for it's 127 days on market - and lessons about pricing
    31/8/19 $799-849k Me: started to high. Although good family block close to the primary school it's not prime Inglewood and not an over $800k site
    12/9/19 Offers over $799 Me: really is no different to the starting price. Evidently Sellers set on price
    6/12/19 Offers over $779 Me: 4mths in and really only a $20k price drop. Listing now stale and off radars
    18/12/19 Marked Under Offer

    As it's a good suburb and there is the possibility of putting a block in the rear and keeping the house I had been watching this one. It didn't really stack up for my standards though but I kept and eye on it and was considering that a client should make a low ball before Christmas to try and get the vendors at their most motivated time to accept a low ball - low ball being what I considered good value and might not be what they wanted - around $750k

    Will be interesting to see what is went under contract for.
     
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  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    The $750-850k PPOR and development market in the area has been doing well if priced keenly. The trouble with some of the sites I'm watching is that PPOR types are hard to compete against when trying to get a small development site (duplex/retain and build). They will always have deeper pockets and not need to worry about feasibilities. For a PPOR buyer they are upgrading into good areas as the best time.
     
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  16. QbiK Evolution

    QbiK Evolution Well-Known Member

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    I was watching a small 2bed place in Bassendean on 400m2. Sold for 275k. They did a substantial Reno probably 150 to 200k and sold it a year later for 675k
     
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  17. JohnPropChat

    JohnPropChat Well-Known Member

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    Vic Park is a small inner city suburb. Best stock is between Albany Hwy and Berwick St which borders onto Kensington, I call this "Vic Park West" and that is where I bought.
     
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  18. Big Daddy

    Big Daddy Well-Known Member

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    Agent said $1.1m will do it.
    It needs a full reno so i feel it has value in the mid to upper 9s.

     
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  19. MTR

    MTR Well-Known Member

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    Considering block size I would agree

    Lets see what it goes for
     
  20. Big Daddy

    Big Daddy Well-Known Member

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    Would you go past McMillian st? Also how busy is McMillian st?