Perth investment advice - Victoria Park and East Victoria park

Discussion in 'Where to Buy' started by icic, 18th Jan, 2018.

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  1. icic

    icic Well-Known Member

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    Hi all,

    I am a Sydney local and I am currently in Perth for a few days now as a dual purpose trip combining a family trip with trying to understand the property market more intimately by attending inspections in various suburbs and try to get a on the ground feel of the vibe in the suburb.

    The mental excise that I did was to profile each suburbs that we have visited as to equivalent to particular Sydney area or suburbs, for example, Here's what I have gathered.

    - Western suburbs near Cottesloe and Mosman park are the equivalent to Eastern suburbs of Sydney such Bondi and Point Piper.

    - The inner North West from Subiaco to Woodlands are similar to Paddington, Kensington and Centennial park for it closeness to world class universities, large quality parklands and beaches.

    - The South Brisbane as the lower north shore of Sydney for it's position, demographic and property types.

    The areas above are fine suburbs and surely I would like to have a piece if only if I can afford them.

    The area the intrigued me the most Victoria park and East Victoria park. Thats primarily because of the similarities that it has with Newtown, Redfern or Glebe as well as it's price entire point that we can afford. It's got that dynamic and chaotic vibe that I would personally think it will attract hipsters and young professionals, overtime it should gentrify and becomes more desirable. Most of the properties around the area are already sub divided in to 250-450 sqm block between 3-4 bedrooms costing between the 500k to 600k mark depending on the land size, internal size and build quality.

    My analysis on RP data seem to indicate that the prices are reasonably good value base on the land value and building replacement cost. Can the members here able to point out if my assumptions are anywhere near the mark and also point out the pros and cons of investing in that area. Also point out better areas for investment if you have better ideas.
     
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  2. Redwing

    Redwing Well-Known Member

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    Hi @icic

    Query

    - The South Brisbane as the lower north shore of Sydney for it's position, demographic and property types.

    Yep, lot of younger people I know of look to Vic Park (easy commute to City, Close to River, Great food etc etc). Surrounded by upper/middle class suburbs like South Perth. Some higher density units there though also which can look a bit dodgy
     
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  3. Jess Peletier

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

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    I love Vic Park, Kensington etc - long term I don't think you can go wrong there. Vic Park especially.
     
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  4. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    I agree with this. Watch out for some of the 60s style apartments which can detract from it's more attractive federation homes.

    @icic it has an eclectic demographic there together with a great location that has mature ammenities.

    Things to watch out for
    - the big old apartment blocks
    - housing commission
    - noise from Berwick or Albany Hwy plus the trainline (East Vic Park)

    Other places to consider
    - Maylands (very similar vibe)
    - Inglewood
    - North Perth
    - East Perth
    - Como
     
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  5. Ross Forrester

    Ross Forrester Well-Known Member

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    Vic Park is great. Also think about Carlisle and Lathlain for big blocks.

    Check out school boundaries though. I don’t know if that is a concern.
     
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  6. icic

    icic Well-Known Member

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    Thanks for the reply, I am looking at something around the 600k with 4-5% return so all we can afford is smallish blocks with decent condition houses. In regard to the different suburbs around the area such as Victoria park, East Victoria park, Caslisle and Lathlain. What is most most desirable pick out of those and which has the best protental for capital growth do you think?
     
  7. icic

    icic Well-Known Member

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    I am looking into townhouses there as large block house are almost non existing. some are around 200-300 sqm land size mark, should I be ok with those?
     
  8. icic

    icic Well-Known Member

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    Thanks Jess! so is Vic Park is one of your favourites around that area? would be great if you can explain why you think it has the advantage over the others? Thanks. I am a complete newbie in Perth so would be great if you can explain a bit more. Thanks : )
     
  9. Jess Peletier

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

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    I
    Vic Park has a good cafe/food/coffee culture that Kensington is a neighbour to and a bit more suburban. Both are nice though
     
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  10. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    If I was to rank it would go in terms of desirability
    1. Como
    2. Kensington
    3. Vic Park/Maylands west of railway line
    4. East vic park/Maylands east of railway line
    5. Carlisle
    6. Lathlain

    In terms of CG the list might get mixed up a bit with 3 and 4 maybe moving up a number or 2
     
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  11. icic

    icic Well-Known Member

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    hey @Westminster @Jess Peletier @Ross Forrester . Really appriciated the the replies and advices! I really liked a couple of properties we saw and would like to put an offer. The agent has ask us to sign some sort of offer contract. If the owner agrees, then we are obligated purchase it.
    Since I am not familiar with WA law, I did not go through with the offers.

    I am thinking of getting a solicitor or conveyancer to act in my interest and guide me through the steps and details of the whole process. Please advice if thats the right step to take. If so can you please recommend someone you have worked with before that are efficient and good attention to detail that can help me with the offer and eventual purchase. Either reply or pm me would be much appriciated.
     
  12. Perthguy

    Perthguy Well-Known Member

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    Lathlain prices have boomed a bit because of Eagles moving to Lathlain Oval. Personally, I find it a bit scummy but it's walking distance to the new stadium thing, crown and very close to the city.
     
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  13. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Correct we have no cooling off here but we do have a healthy regard for Subject To sales. These can be subject to finance, building and pest, due diligence, just about anything can be put on the table and as long as both parties agrees it's ok.

    I use MDH Legal who offer conveyancing and legal advice.
     
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  14. MyPropertyPro

    MyPropertyPro REBAA Buyer's Agents Sutherland Shire & Surrounds Business Member

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    Great info above. I've just purchased in Perth and I'm about to start a renovation before the letting process begins. I'm seeing great things happening in the Perth market! I ended up buying the northern suburbs but out of that list I probably would have bought in Vic Park (and I know the buyer's agent I used is getting exceptional results there too, both as buy-and-hold and for development).

    All in all I think Perth will show some good results over the next few years and right now it's still pretty much a buyers' market.
     
    Last edited: 22nd Jan, 2018
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  15. Ross Forrester

    Ross Forrester Well-Known Member

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    I use Taylor Smart for my conveyancing. They charge the standard conveyancing rates (so no discount) but they will chat in advance and give you an overview of the process if you promise to use them.

    www.taylorsmart.com.au

    The guy I use is Glen Giles, but Ken Edwards their is pretty good as well.
     
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  16. icic

    icic Well-Known Member

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    thanks for the recommendations guys. :)
     
  17. icic

    icic Well-Known Member

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    looks like the rental return is pretty ordinary and there are lots of properties in the market around the area. I am a little concerned if its going to take a long while for it to be rented out. Does anyone know what are the vacancy rates by individue suburbs. does rpdata have that data? I just recently got subscription for it.
     
  18. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Most of the data you want can be found here Perth Property Market Data | WA House Prices, Sales and more

    The interactive map section is cool but each suburb profile has the data too

    A well priced rental will have a vacancy of around 2-4 weeks taking into account when it's advertised and when tenants want to move in

    You should be able to achieve around 4-5%
     
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  19. icic

    icic Well-Known Member

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  20. Eddie

    Eddie Active Member

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    Hey Mate, Just wondering if you mind saying who you used as a buyers agent? Been tossing up about buying another property and gut feel says Perth is way to go since my timeframe is about 10 years, so don't really mind if it sits for a year or three doing sweet bugger all, I'm in no mad rush but probably act next few months or so. Previously had a browse of buyers agents in Perth since I'm not exactly close to Perth and Momentum Wealth seemed a possibility at first until they sent me some emails and gut was telling me too big and and nothing special - didn't smell right. This was then kinda backed up from some posts I found on PropertyChat validating these thoughts. I'm willing to consider anyone (incl. Momementum) but am interested in the Victoria Park area so if your guy (or gal) has runs on the board in that space then be great to know who they are. Thanks.
     
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