WA Perth Market 2023

Is this the Mitchell Fwy? Would be great to hear the other infrastructure

 

Seller was a Company/Trust. I was told the owners sold due to their age (of the owners).

Renting for $350wk up from $280 when purchased.
Strata is fine. Just went up to almost $800 from $625. The 10yr Strata plan Inspection said building in good shape for its age.

I'm not sure what market rent is, still have same Tennant, maybe could get $380 as is? and say $420 renovated?

Net yield 7% now.

Anyway, take all that with a grain of salt as I'm no expert and as you are aware I'm in Sydney.

 

thought there were some 2 beds sold last year but if one bed $400 plus might be a stretch, but who knows, rumours of 25% growth in one year in P-town, not bad! you probably have equity already without doing anything..

looks like one of those 1 beds went for $120k in Jan 2023! 170k though pretty good..

I've found if you plaster the exposed bricks up you can add some appeal and value, but not sure what that costs lately, everything seems extortionate if you cant do it yourself - the local leasing agent might know more about what people in that area want.

 

Victoria Park 1 bedrooms having been rising strongly since late 2022. What was $150-170k is now selling at $240-$250k. Your right on yields too. $330s now at $450 with little stock. These had remained low for years. Rents always pretty good but value was stagnant. They now look like they are some of the only options available for migrant workers and students.

 

It comes back to affordability, all on the way up

comes back to supply vs demand. When we see stock drying up and pent up
Demand prices can only go one way….. up

 

I am trying to put more stock on the ground...but it ain't working.....everytime I look rents have gone up and people are paying crazy prices.....

 

$400 is probably do-able with patience. It's a high yield area. One bedder in my block was advertised at $450 for a couple of weeks - not sure what it leased for - buy it wasn't a flash apartment.

The $120k is incorrect. I know because I bought that one for $180k.

I think part exposed Brick perhaps limewashed and part rendered looks good.

 

Eastern suburbs

 

New 2024 thread is here, I'll get the moderators to close this thread

Perth Market 2024 [WA]

{Note from mods: thread closed}