WA Perth. Post a Bargain 2021

Talking to RE agent last month. End product worth/he can sell $525k plus.


Allow $240k per unit to build. So $600k for block, $200k land per unit. Doesn't leave much profit.

So 660m2 is minimum R40 3 unit site? (180 minimum 220 average)

The 4 unit site across the road sold for $600k. Builder/developer self financed project (according to another RE) otherwise I couldn't see how that project was a profit other than builder keeping his team working in quiet times

Yes undeveloped block price $100/200k cheaper in Nollamara but end product doesn't sell for as much. Not much more gets you into Yokine which is closer to Perth.

 

If it's R40 and 663 then it's mathematically a triplex block. Then you have to work out if it's physically/logistically a triplex

 

I would price it as land - probably get 300k each a block. If you can buy and subdivide for <720k and get 900k your fine. Dont really make money on building unless your a builder.

Would do a lot better in Yokine but equivalent block would be mid 8s not 6s
https://www.realestate.com.au/property-house-wa-yokine-135355486 - sold for > 850k. Larger land but still only a 3 unit site

Depends on your goals. If you want to develop now id pay as much as I can for the land component (eg go to yokine). If its holding would also consider Nollamara as I believe the gaps are closing in as buyers get pushed out other markets (there will always be a gap but its quiet big for either side of waneroo road or Morley road).

 

The last year has been crazy with all sorts of plagues! Hover Fly plague was crazy. Seems to be a grasshopper and moth plague at the moment also!

 

This property has just been put on the market with offers from $570, the block size is 1109sqm's

It's only a 5 minute walk to the proposed Morley Station.

I noticed that there is a pool, which might put some people off.

Is it a bargain buy ??

https://www.onthehouse.com.au/prope...062/41-holmwood-way-embleton-wa-6062-10428375

 

Nollamara and Yokine chalk and cheese gaps are not closing in. I grew up in Yokine and it wont happen... massive demographic difference.


just my opinion

 

I think you need 728 sqm min for it to work

 

728sqm does make a nice easy single storey triplex size. 660sqm or more meets the Rcode requirements. If it's a corner block then single storey may still work but if it's not a corner block and needs a common access driveway then I would say that it's most likely only smaller 2 x 2 x1 single storey or two storey townhouses will fit if they are to be 3 x 2 x 2.

 

https://www.realestate.com.au/property-134352990

Clearing out my saved properties and saw this one still hasn't sold. Been on the market since November 2020. Did drive past it by chance and saw people at the open home (cbb going in). Wonder why its struggling when everything else is going like hotcakes

 

This is another one that has been on the market for several months. No idea of price though https://www.realestate.com.au/property-house-wa-kingsley-133959154

 

My guess with that is overpriced. Notsure if a knockdown rebuild is worth on that site. Maybe a cleverly designed single bedroom dwelling and retaining the existing would work. No idea how hard it would be later to convert single bedroom dwelling to additional bedroom after titles are issued

 

That's actually not a bad idea if you could pick it up for a reasonable price. There was a newly built 1 bedder with a second room with no door - I think it was on Moolanda boulavard, Kingley near Whitfords Ave. It sold for a reasonable price. I hope the proposed changes to allow single bed dwellings changes soon to allow two bedroom.

 

I wonder what the rules are at converting a single room dwelling into multiroom after titling

70m2 is decent and a double garage could be converted into a nice living space if the provided living is minimum

 

You couldn't do it legally but hopefully if rules change you could easily do it if built/designed with that in mind! Westminster built spacious single bed dwellings in the City of Joondalup.

 

There is a new dwelling type coming called Small Dwelling which will replace the Single Bedroom Dwelling and allow more bedrooms. Its still at consultation but might be 70 or 75sqm - hopefully 75sqm. It could facilitate some good 2 bedroom, 2 bathroom houses.

 

This thread is a bit quiet and understandably so.

Anyway, I saw this and $2.2M for an old house even subdivisible, I think price has been close to double over the last few years. @Xiaomi, see what you have missed by not buying that house on the same street...

Sold 7 River View Terrace, Mount Pleasant WA 6153 on 23 Apr 2021 - 2016881065 | Domain

 

well done you

 

How about this one?
https://www.realestate.com.au/prope...ep-pdp|sold-pdp:property-history-cta#timeline

Sold for 420k this month and was sold previously for 415k back in 2009?

 

That one was on the market for a very long time. Asking price progressively dropped as time went by.

 

Would you consider it a good deal? Considering Alexander Heights & Marangaroo have very limited stock on market?