WA Perth - southern suburbs for IP

What's the general year these suburbs were established? Heaps of asbestos traps for young players if it's around 1970's?

 

I dont this as an issue, especially if you are planning to develop and demolish the house

I have owned many houses where asbestos has been identified in building report and I still own and rent. Not an issue

 

Thinking that the presence of asbestos is a big deal is the real trap for young players!

 

haha - agree with this. I have a place with asbestos sheeting... no problem at all, as long as you don't start knocking holes in the walls....

 

OK - so my search has been narrowed down to 2 separate areas:

1. Spearwood/Hamilton Hill - reasonably close to the beach and city, some large blocks with future development potential. Values are less than surrounding suburbs, gross yields around 3.5-4%.

2. Rockingham/Safety Bay - close to the beach and local amenities. Lower entry price, and yields are more like 4.5%. Less development potential. I can see this area being increasingly popular due to the proximity to the beach - especially once demand from ex-pats increases post Covid. Some really nice houses on big blocks, walking distance to the beach for 1/2 the price of the equivalent on the east coast.

 

I grew up in Lynwood and played footy for the mighty Panthers, plenty of bushland, swamps, rivers, and creeks to roam in as a boy in the 70s and 80s, good times.

 

So.... floody!

 

Are you selling Leslie?

 

I never recall it flooding in the 15 odd years I lived there, we had an earthquake once that shook the kitchen table during dinner time that made a big crack in the lounge wall, havent heard of any since.

 

No. Not for another 5 years. but there are properties for sale in this area.

 

Queens Park/East Cannington?
1000m2 blocks everywhere, train station. development potential
Have heard clay soils and end products are yet not as highly priced (still profitable) but always good to know it is subdividable for the future

 

Hi AJ,

I am an intestate investor as well. I mainly invest in Brisbane but have been looking up Perth since 2018. I eventually bought in Thornlie, the area is very appealing to me, considering the price, the block sizes, proximity to city, Westfield, airport and Beach... and adjoining white collar suburbs like Canning Vale, I could not go further. I actually visited Thornlie when I was on a work trip and even liked it more.

I bought a subdividable block which I am currently in the process of starting a development project.
I would not spend all of my 700k on one Property, what I would do though, is buy a block that can be zoned R20-R30. This can be easily achieved and will cost anything between 350 - 480k. If it is R30 zone i.e corner block, it can even be 600sqm and can be comfortably subdivided to two blocks. Then you can build two houses rent them out and hold them for 5-10 years then sell.
Thornlie has had an awesome growth in 2012/13 during the Perth boom then had drastic drop and now it is steadily correcting itself with about 10% price growth in 12months I expect another 10-12% by June 2022.

Should you require any info from my purchase hit me up.

Regards

 

Hi Anas - we have similar stories. I also travel to Perth occasionally for work...hoping to combine my next trip with some property inspections and (maybe) a purchase. It keeps getting deferred due to the Covid rules though!

I'm looking at 800m2+ blocks, zoned R30 or R40 in Thornlie, Langford, Lynwood, Spearwood, Hamilton Hill, and Morley. I'm not keen to spend more than about $550k on a single property.

I'd certainly be interested in hearing more about your purchase - send me a PM if you're happy to share.

 

G;day all, I'm in Melbourne and interested in buying in Perth as my 1st inter-state IP.

Regarding Thornile, are there any pockets/areas that are considered "rough/no so nice"? From my own experience in Melbourne, I'd prefer to stay closer to a train station (ideally within walking distance) and shops. I'm not quite sure if the same applies to Perth.

I'm also looking at Mandurah. Appreciate your thoughts/views.

@AnasWestie, will PM you. Very keen to hear more about your purchase.

Cheers

 

Your budget?

 

It's called Methdurah for a reason.

I asked about a Thornlie on a local Facebook group. Towards Forrest Lakes shopping center was recommended. Other areas varied depending who answered. Others on here have bought near train station.

Search Thornlie on here

 

Hi VICPER, looking for a circa of $400k.

 

Thanks Shogun. This is consistent with some reviews that I've read on Homely.com.au.

 

Hi matey,

Yes there are spots nicer than the others but Thornlie is currently going through massive growth and becoming too expensive to afford so trouble makers are forced to move further south.
There are couple of decent estates and nicer looking spots for the higher income earners but as an investor, I look for a bargain esp one with potential development (Corner lots can be subdivided to three lots and there are lots with R40 zoning) so I am not driven by anything but the potential development or property with higher R zoning/subdivision.

The areas closer to the train in Thornlie are the one a little more despised for being noiser and attractive to young delinquents. But as I said, if I find a nice bargain there, it won't be a deterrence at all for me.

I wish you best of luck, properties are going under offer in few days there, I put in an offer on 1 Bligh Place Thornlie WA and the bugger went for 30k more than the asking price and I put in 20k over the asking price. I now wish I put in 425k for it to secure it as this was hell of a bargain with potential subdivide and retain the main house!
The person that bought it is probably looking at a bigger project as they bought it cash!