WA Perth Market 2021

Only if you have bought during 2017- 2019 you would have done better. In a desirable suburb, maybe 20-30% max since bought?

 

Oh my God, time to become a Peppermint Grover...

 

I'm in the shoalhaven. 2 hours from Sydney.
1 acre blocks 2 minutes away went to auction on the weekend. 2 years ago they would be $500k max.
Weekend just gone they all sold between $720 and $950K
That would buy a house on an acre 12 months ago. East is insane even in areas with lower wages than Perth.
Perths day is yet to come.
More risk over this side now.

 

Speaking of trends, REIWA has released something pretty useful.

Shame you only can get reports on current listings only, otherwise, I might have ditched my actual Corelogic subscription. But now anyone can pull Property Sales and Rental History, and accurate monthly market trends.

WA Buyers Can Now Access Free Corelogic Property Reports On reiwa.com | REIWA

 

RP Data says Peppy Grove - increase of 38.8% over 12 months

 

In my circle I’m seeing wages decrease and stay the same so in the past month I’ve been focussing on cutting expenses. (Petrol, food/takeaway lunch, restaurants). I think it’s a lag from the downturn so hopefully it’s temporary.

Let’s hope WA takes Bernard Salt’s advice to upskill and train WA residents.

“Over 85% of new skilled labour has previously come to WA from overseas. The cut in immigration; both students and skilled workers, means that Perth is exposed and needs to focus on local upskilling and training.”

 

So having grown up in Perth and remembering the east v west thing... I can honestly say most people in Melbourne don't even know such a thing exists. I bought a IP in Perth last year sight unseen... the prices over in Melbourne v rental income are insane. If Perth stays low investors will come.

 

On the hunt again for a 1st investment property but the current selling prices have me doubting the decision and if I should hold off to see if things cool off a bit and hopefully more supply becomes available towards the end of the year. Starting to feel pressured to buy now otherwise more price creep! but could certainly hold off a little longer if needed.

Looking back now I should have done this early 2020 when I was initially looking, but then our new family addition was on the way so I focused on paying off the PPOR and invested into some indexes.

My Budget has increased to 550K, and would like to be closer to cash flow neutral for the first investment property, it will also be a long hold and ideally a freestanding home or duplex with no strata. Most of my initial short listed areas are well out of reach which were Kardinya, Palmyra, Melville, Willagee. Looking more limited to Hamilton Hill or Spearwood. All of these area's are SOR and what I'm familiar with.

Are there areas I'm overlooking that's ideal as the first investment property purchase? or perhaps I should be looking NOR?

 

All these areas you mentioned in south are good, prices have moved, perhaps your budget would suit a duplex. House on a full block will be closer to $600,000, dependent on condition, location.

Could also look at houses on smaller block

 

How are the market prices going for the apartments along Terrace Road in East Perth? I realize homes are the preferred in this period but surely these scenic units have some interest as well. Have an IP there that has been held since before the commodity boom and unfortunately still holding now. Thanks a lot!

 

Good and bad pockets. Some pockets earmarked for rezoning and the new Metronet rail going in to throw in the mix. As with a lot of the lower end suburbs, keep in mind tenant profile and government housing locations.

 

I’m not sure where this fits in Perth threads but it’s worth a mention! https://m.realestate.com.au/property-house-wa-dianella-136291886

 

I wonder what it will sell for????

Iconic designer/architect, but not sure whether they will get top $$$ in Dianella???

 

I absolutely loved one of his other houses, I can’t remember where it was, maybe Cottesloe or another nearby beach. This one is a tad spooky for me! I love the land size though.

 

This one
https://m.realestate.com.au/property-house-wa-mount+lawley-135909986

 

Maybe the Floreat/City beach one that burned down and was rebuilt?

 

I believe this house was bought by the owners of the Dianella one (marsala house) - stormie mills and his wife, the PR professional whose name I can't remember atm

 

Whats dev costs ??

 

Any reason over why Meadow Springs over the far northern beaches, ie Quinn’s rocks and Clarkson

albeit Clarkson is further from the beach but closer to the city and cheaper than meadow springs

interested to know your thoughts as I really liked your analysis on Darch!

 

Perth is slowing down.