WA Perth market 2019

Thanks for the insights!

 

Of course, of course - 100% agree, I was there early on in the year on the ground actually but alas didn't take up that (kind) option! Will definitely do next time for sure...

 

I wasn't sure where to put this as I didn't feel it was a bargain but something in the interesting field.

As you might remember, I like Single Bedroom Dwellings so I find it quite fascinating when I see one on the market. I saw this one tonight and I was a bit underwhelmed with the design. Potentially you could enclose the dining to create a second bedroom but they'd have no access to the bathroom. I've been to NY and that is about as far as NY style as possible. Unless they are talking about the state NY and not the city - possible then I suppose.

1/192 Bishopsgate Street, Carlisle, WA 6101

The copywriting is quite a giggle. Lines 2, 4, 6 and 8 are supposed to be read together but I can't really work out the flow for the other sentences.

 

it sure is. someone messed up. Also, didn't realise they had New York City taxi cabs in Carlisle. I kinda like this design, looks cosy

 

I quite like the floor plan but that is not NY style at all. They seem expensive though

 

Probably trying to capitalise on the Brownstones marketing.

And yeah, they're just single bedroom Perf' houses.

I can't see them valuing up too well.

 

I can't see them valuing up too well.

agreed

 

Imagine a world where a car park Inside the house wasn’t required...

Blacky

 

I don't hate the design, just underwhelmed.
Pretty sure they put the laundry in the garage so that it wasn't counted to plot ratio but I would have given up some of the living room area to have it flipped so it faced into the hallway.

 

Here's my bargain pick of the month.

213 Shepperton Road, East Victoria Park, WA 6101

It was for sale with another agent and had progressively become cheaper and cheaper and was down the $350k at their last listing price.

The new REA didn't list a price but I have to assume that someone has this under offer in the low to mid 300s. I was going to go to the home open that was scheduled for Sunday but it went under offer on Saturday and the home open was cancelled.

So yes it's a crappy tiny house on a very busy road so why did I like it? Because it had land content, because it's very close to the city for the price, because it's the same price as a villa, because I had a crazy idea that maybe I could have the existing house approved as a Single Bedroom Dwelling and build a full sized house with the remaining land. And one day the zoning will probably be higher (maybe)

I was trying to convince our eldest it would be a great first IP

 

OOps meant to put that in Perth Post a Bargain. I'll move it

 

Do you not consider that just a "hope and pray" strategy?

I can't think of a time I've heard someone walk into an REA and ask for a small old house on a main road for rent.

 

Its a version of hope and pray yes. At 20 years of age his budget is not fantastic but he has time on his side so could buy it and sit on it for 10-20yrs. He doesn't need to conform to my development feasibility rules as he doesn't need to sell it but rather can value add down the track. I recognise that it has a number of things going against it which are likely to never improve however if I had to chose between that and an apartment or villa I'd probably still chose that.

It's a moot point though as it's under offer.

 

Whats your opinion of buying a green title lot where someone has subdivided their typical suburban 700sqm block? You see a number of these backyard lots of 300-400sqm for low $200k.
Often tucked away in good areas where you pay a lot for for a typical subdivision lot.

 

Treasury is projecting population to increase by a mere 93,000 people by 2022.

 

what do you hope to get out of it? IMO the person selling it is realising the value, the buyer gets the joy of a new home in an established area.

national? where was the stat published? would surely be a sub-set of population increase given that natural increase (births minus deaths) is 155k/yr alone

 

Budget papers. The figures are WA only. Nsw and vic will grow strongly apparently.

 

Not a terrible idea if you can get a good one and the numbers stack up. Rear blocks/houses end values tend to be lower than front houses and the state of the front house will also impact on rear ones.
Having said that I do believe that an infill block in a good area will do better than a block in the outer reaches of Timbuktoo (aka Baldivis or Jindalee)

 

Oh right, sorry i mis-read. Its total growth across 2019-2022.

That probably sounds about right. note the growth rate assumption they use - actual in 2017/2018 was 1%, they are forecasting steady growth up to 2% by 2021/2022. That's 50,000 people in a year. Given current dwelling approvals are at 16,000, it would imply a massive under-build by then (generally speaking, 2:1 new people:new dwellings is stable).

Given the pipeline of new mining work, GST revenue share increase, and how the building industry will grow once population growth outweighs new build, i think these assumptions are valid; growth sitting about half-way between the 2012 peak and 2016 trough.

 

Perth team - any suggestions on accountants?