WA Post a Bargain - Perth 2018

Yes i viewed the plans and finished product. I believe your site was r60 though. Still very nice finish and floor plan.

 

Yep 100% agree. Front house must be aesthetically appealing and renovated. I am looking to sell the front house once sub division is done to replenish funds.

 

Yes, double edged sword, if you are looking at selling the front it can significantly impact on value because most buyers want shiny and new.

Seen this quite a bit, especially in suburbs where there are many developers building, makes older properties far less desirable.

 

It’s a good approach.
Just be cautious.

We got caught out at one point and ended up holding two vacant blocks which we couldn’t develop. The market had turned and vacant land was in very low demand.
Holding non income producing land, which wasn’t selling wasn’t fun.
Might be better off cutting the block, selling the land, and holding the older house with minimal debt for income.

Just something to consider.

Blacky

 

Good one to buy now and sell when things turn around or perhaps develop;

295 Fisher Street Cloverdale WA 6105 - House for Sale #127397510 - realestate.com.au

Poor buggers paid $575k in 2013, now they will take $415k. Yes the airport is close (understatement) but 946m2 and 10kms to city for potentially $415k seems pretty cheap to me!

 

I know uber changed it for us. Going for one car is now a real possibility for our family - prior to that taxi’s were so slow to come and so unreliable you could not go one car.

 

Looks like they have set the price low to generate interest. It's a defacto auction:

"All offers will be presented to the owner and placed as bids. Closing date for offers is Tuesday the 27th of February 2018 (20/02/18). Any acceptable offers will become the advertised bid price on the property. Any qualified bidder can increase their offer at any time. The owner can accept any offer at any time in the process."​

Bit strange but maybe will get the price up? I would have thought it would go for closer to $500k than $400k.

 

Any idea if blocks of land rise roughly in-line (timing-wise) with property prices in the area? Or is it a bit beforehand? Or afterwards? Or is it totally out of sync and in its own cycle?

 

Only R20 too.

I wonder what they were thinking at $575k

 

and some saying Perth already in recovery mode?? This thread proves otherwise.

 

I don’t think recoveries are a holistic thing at first...

 

There was a huge boom in this area in 2013/2014. R20/40 sites were selling in the 800's, so $575k probably seemed like a "bargain".

Around the corner, 350sqm blocks recently sold for $275k. A larger block could possibly go close to $300k. If the owners of this property had subdivided and sold off the vacant block they may be closer to breaking even or even a small profit. The front house is problematic as is though. It would need at least a cosmetic reno to make it saleable. This one around the corner sold recently.

reiwa.com - 12 Whiteside Street, Cloverdale

 

I think some of the "nicer" areas are seeing recovery but the not so desirable areas are not there yet. We are looking to buy PPoR in areas such as scarbs,doubleview,palymra etc and properties are under offer within days. Cottesloe is up 20% I read also

 

There are bargains everywhere, prices are not where they were in 2013

 

As mentioned in previous post properties are selling but not at prices of 2013-2014. There is also a ceiling with price point.

High end stuff has not gone back to prices of 2006, market crashed in 2007? At least this is what I am seeing.

 

Luckily for me Im still looking for that bargain.....hopefully it comes soon!

 

your in the right State, its a buyers market, then again Syd and Melb going the same way

 

20%?! Interested to see where you read this...

 

So would I.

This is where ‘medians’ can be miss leading.

Cott has a vast range of properties. From multi million $$ houses. Right down to highly over priced dog box units. A few sales in the higher end will skew short term medians considerably.
I would take that data with a pinch (handful) of salt.

Blacky

 

Just on REIWA so as you say is likely skewed. Im just stating what I see.