WA Perth. Post a Bargain 2021

Developing 4 units (or even 10) is very different to owning a duplex as an investor. Could you even finance a project so big?

Though I would probably researching what products fits the market the best and get approvals done before moving forward with considering actually going through or selling the property to a developer

 

Thanks Westminster. I would be guessing 900k-1m. Wouldn't be surprised if it passed 1m in today's market to be honest.

 

Thoughts on below for a landbank? Haven't personally lived in the area or spent much time around there, did a drive by at night and it seemed quiet.

https://www.realestate.com.au/property-house-wa-glendalough-135753558

 

https://www.realestate.com.au/property-house-wa-glendalough-135738558

Next doors for sale. Dont live that far away atm and think its good value (didn't realise property was under 1 mil in the area) Tucked between Mt Hawthorne and Wembley

 

Thanks, have you had any issues living in Glendalough? get quite mixed reviews.

Yep, amazing value given the location and potential to develop.

 

Pollard is one of the denser/more populated streets and quite busy. You may find that there is a lot of similar supply to compete against in that area - ie 50 other 3 bedroom townhouses etc

Certainly there are better parts of Glendalough but it's a very central suburb.

 

General question - is it a bit rougher than surrounding suburbs. Didn't seem bad but the shops on the harbourne st corner did seem to have questionable (not highly) characters hanging around

 

I've lived in Glendalough and in fact on that street. Its not bad, but i wouldnt say its great. High density of lower bedroom (1-2) units and social housing = lower rent...you get the idea. I never had any issues with other locals as theres usually always someone driving/walking around the street.

That being said it was great being so close to the train and only 2 stops into the city. Very close to Lake monger and herdsman for exercise, ossy park/innaloo for shops, and not far from Mt Hawthorn strip albeit still a drive away.

Traffic can be a bit of a punish around the Powis/Harbourne set of lights and especially getting onto the Powis street freeway on ramp but usually once you are on theres virtually no traffic into the city as everyone splits off onto GFF/Northbridge/City exits so it flows ok.

I would also keep the following in mind, as well as other multi-unit developments in the area.
Canopy | Residential | Stockland
At least you will have good end price references for the next couple years!

 

Glendalough being the worst of all 3. Joondana is a better bet IMHO.

 

Yes it's a bit rougher so pricing may struggle against surrounding suburbs. It's got a lot of dated affordable stock so that may impact pricing for quite awhile. It suffers from the problem where a lot of the suburb was zoned high density so it has an awful lot of stock and not a lot of diversity.

 

I’ve always liked this house. Bit dated inside but I love the outside, own road privacy and block size. Good value https://www.realestate.com.au/property-house-wa-bayswater-135892186

 

Very nice, but I've always wondered how big a problem mossies would be in a location like that. Out of interest, how much do you think it would cost to build that house?

 

I live not too far away and the mosquitoes this year have been the worst I can remember, daylight, twilight, no respite from them and the size of flies too!

 

Yeah, that's what I fear. So I assume the issue would be even more serious at this property since it's right on the water. I'm thinking that the further west you go (ie: closer to the ocean), the less mossies would be an issue as the river opens up.

 

They do mozzie spraying at Ashfield Flats (Town of Bassendean- I’m not sure what City of Bayswater does with there wetlands) and sometimes rain/heat conditions make it ideal breeding conditions so it can be worse. As the sun goes down is when they tend to come out but other then that usually not too bad. My daughter is highly allergic to mozzies and comes out in welts whereas I have no reaction at all. Actually we moved back to the area from Sept-June a few years back and mozzies weren’t noticeable. The land alone would be worth over a million. I’m not sure about the building cost but it would be on clay, there is quite a few similar quality homes being built on Ashfield Parade over past few years, I’m not sure how you look up the cost - I know there is a way to look up the development application cost! But most of them are being subdivided into blocks half the size so landscaping would cost less.

 

There is a lot of wetlands around that area. There is mozzies that breed in stagnant water, salty water, etc FYI https://www.belmont.wa.gov.au/docs/ecm/brochure-mosquito-management-in-the-swan-river

 

Property for sale in Balcatta, 9 Sylvia Street, Rebecca Ockerby : Ockerby Real Estate

At 663m2 and R40 this is only a 2 unit site?
If you can retain and build. Does that mean the space/land/area next to house needs to be 250 m2?

 

Isnt r40 avg lot size 220m2 and min lot size 180m2?
Just need to make sure the existing house can meet the r codes too on its own lot.

House looks pretty meh - so maybe a knockdown to get the extra lot would be worthwhile

 

10000/40=250 but there is a reduction allowed for corner blocks? It was just a question to learn something. Because if only 2 blocks then it is overpriced

 

you might want to reread the r codes - just because the number is meant to represent dwellings per hectare whats on the code is a bit different. Its 3 blocks. In current market it will go significantly over asking

Just a few things google maps showed me
1) Look at it from satellite view - its one of few undeveloped lots in the area (lot of supply of small lot housing)

2) I could be completely wrong here but just my observation - While balcatta is next to Tuart Hill and Stirling (pricer suburbs) this address is 100m from Nollamarra and just over a km from Westminster which are priced well under. If wanting to hold I think those two would be better. I think Nollamarra is already benefiting with rising prices and buyers in Dianella/Tuart Hill expanding that search. Westminister might take a while but it will be next on the list.