WA Perth/Northbridge Apartments

Good afternoon all,

I purchased a block of land back back in 2007 - Yanchep/Two Rocks area. Value is down quite significantly, so worked two jobs to finally pay the thing off, discharged the mortgage and ready to start again (currently have no intention on building on block that far out).

Single Income $100k, Deposit $100k, UBank approved loan $315k, so budget is around $400-415k. I've been working in the city past 15 years, living solo, no pets, ideally looking for a PPOR where I can 5-10 min walk to work, leave the car at home and eat Sunday morning dumplings & bubble tea.

Around my work 2 bed, 2 bath apartments that were selling for $550k+ in 2015-2017, now seem to be around $400k mark. Now I watched the Four Corners episode and found out first hand in Strata/AGM Minutes regarding Water Ingress, Lift Replacements and Combustible Cladding (ongoing WA Audit) issues being common in Perth as well.

Would you run from any complexes encountering these kind of issues above? Starting to think older, no pool/gym, no lift, no basement parking, might be safer buying and help me sleep at night?

 

I would be wary as yes there are buildings in Perth that definitely have the cladding issue and will cost a lot to fix.

What about a townhouse instead. Something like this? 19/58 Clotilde Street, Mount Lawley, WA 6050

 

I have one first floor apartment in Osborne park as IP. And I always get complaints from either the neighbours or from my tenants about the noise and being not able to sleep. So, good luck with getting good sleep in an apartment. . Town house will be way better, i think. very good if it is at the end of the long driveway.

 

Thanks and appreciate the feedback. Unfortunately the Mt Lawley property went under offer the next day and is an approx 28 min walk to work - sub 15 mins would be ideal.

How would this property be.. still prone to usual noise and issues?

7/296 Newcastle Street, Perth, WA 6000

No lift, pool, gym or underground parking etc. 10min walk to work. Seems to be near my $400k budget

 

I think you could do a lot better.

 

No window in to the Master bedroom?

 

If you can get your loan approval limit higher I think you will have much more better options.

Is there any reason why you're on $100k income but only got approval of $315k?

 

These are my favourite two buildings. Favourite in terms of location, price and probably the age/quality that is better than today. I don't know if their BC fees are reasonable but for location they are second to none for me

77/38 Kings Park Road, West Perth, WA 6005
73/48 Mount Street, West Perth, WA 6005

 

Thanks for all the replies. The property has actually also went under offer shortly after listing and prior to auction.

Not sure if it is due to spring time or low stock, but seen a lot more people out and about the past two weekends and particularly older, decent sized, 2 bed, 2 bath going under offer.

Yes I could get could up to $500k but trying to limit myself to $430k and below, to avoid paying stamp duty and try find some value in the market.

Cheers! I will try arrange a viewing of the 48 Mount Street property this weekend.

 

Low stock