WA Post a Bargain - Perth 2018

Discussion in 'Property Analysis' started by Spiderman, 2nd Jan, 2018.

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  1. Perthguy

    Perthguy Well-Known Member

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    77 Gallipoli Street, Lathlain, WA 6100 - Property Details
     
  2. AP121

    AP121 Well-Known Member

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  3. Perthguy

    Perthguy Well-Known Member

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  4. JohnPropChat

    JohnPropChat Well-Known Member

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  5. Perthguy

    Perthguy Well-Known Member

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    We would call it overpriced but it sold for that price and that is the market. If you can understand why people would pay that much to live in an inferior suburb then there is potential to make money, potentially.

    That said, if a 2 lot development site is over $900k then I don't see how it could be profitable. I have never built anything at that price point and know nothing about it
     
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  6. JohnPropChat

    JohnPropChat Well-Known Member

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    I was just going through sales data for Lathlain, these sales seem to be an exception rather than the rule. More so in the last few months. Will be interesting to see how it evolves over the next year or two. I would buy in Rivervale over Lathlain. Or even better Vic Park over Lathlain.
     
  7. sanj

    sanj Well-Known Member Premium Member

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    1) retain and subdivide option
    2) much better location within the suburb
    3)much larger house so opens up the market to those with say 150-250k to do a renovation VS having to start all over again and end up at mid 1mill

    This property selling at 920k shows clearly that 900k for the other one is madness
     
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  8. sanj

    sanj Well-Known Member Premium Member

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  9. Big Daddy

    Big Daddy Well-Known Member

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    Where are the good pockets in lathlain ? Closer to the city (north) and near the two train stations? And away from the southern parts eg Carlisle

    Any pockets of large concentrations of homeswest ?
     
  10. Propin

    Propin Well-Known Member

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    Not everyone can comfortably live on a 350-500sqm block. Iā€™d much prefer 700-800sqm.
     
  11. Swoosh30

    Swoosh30 Well-Known Member

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    In my mind, I have the following area that is "good":
    Rayment street in East, Midgley on North, Gallipoli on West and Bishopsgate in South.
    I would avoid anything near the highways (orrong and great eastern) as well as Roberts Road.

    would love to hear Sanj opinion.
     
  12. Damo93

    Damo93 Well-Known Member

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  13. Perthguy

    Perthguy Well-Known Member

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    I misunderstood your post. I thought you were saying no one is paying $900,000 to live in Lathlain.
     
  14. Perthguy

    Perthguy Well-Known Member

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    We will have to see if they retain that house. It will be interesting to see what they do with the site
     
  15. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    A survey strata is allowed to have services run through each others blocks - it's not a given but it's a possibility so you may wish to get a copy of the construction documents which show where services are internally for the block to make sure it doesn't affect pool construction.

    As an aside you should also check where the actual water corp sewer line that the internal connections run off as that could be anywhere and impact too. Do a Dial Before You Dig Search.

    Pools like that when built up close to a boundary or house footings will need retaining/piling if fibreglass or if concrete a bit easier as they are more self supporting.
     
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  16. sanj

    sanj Well-Known Member Premium Member

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    To be honest I really couldn't care less.
    people make bad property decisions everyday, it's an r20 1000sqm site like thousands others, why so much interest in this site from you?
     
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  17. sanj

    sanj Well-Known Member Premium Member

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    Ahhh OK now It. :)

    Was getting confused about how we seemed to be so far off
     
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  18. Damo93

    Damo93 Well-Known Member

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    Thanks for your insight!
    I do have one last question...site access? Is that going to be an issue particularly for a fiberglass pool and being a rear block?
    I will request the construction documents and find out where the sewer line is to make a more informed decision, but exciting times!! :D
     
  19. Perthguy

    Perthguy Well-Known Member

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    Yep. I was just responding to a comment that property in Lathlain was such a high price for an inferior area. I have inspected some properties there and was a bit shocked by the prices. It seems poor value to me but some people are paying big dollars to live there. I would actually say insane dollars back in the day.

    18 Keyes Street, Lathlain, WA 6100 - Property Details

    I have no interest in the area other than failing to help a mate secure a decent single family home there on a potential development site for under $900k.

    Understanding a market is the first step to making money but sometimes that means you understand you are not going to make money from a crappy $900k+ development site in a crappy location of an inferior suburb even if people are paying big money to live in that suburb. The property we have been discussing is a dud. No question.
     
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  20. Perthguy

    Perthguy Well-Known Member

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    Access could be an issue depending on the width of the driveway and what the driveway is constructed from.