WA Post a Bargain - Perth 2018

There's Marangaroo and "Marangaroo".

I think this falls into the latter category....

 

But only the later has rezone opportunities...

 

This sold in one day. Listed Thursday, I inspected with a client at 6:30pm (with lanterns as no electricity) and it was under offer by 10pm

181 Ninth Avenue, Inglewood, WA 6052

It comes with a tale of caution or woe or lack of DD. The owners bought it a few years ago and rented it out. Tenants moved out last month and they prepared to demolish. They physically had power disconnected (no meter, no lead in wire), disconnected sewer/water and had connection line capped and stand pipe in. THEN they found out that the house was in Heritage/Character preservation area and demolition permit refused by City of Stirling.

City of Stirling have long protected the area and so it came as no surprise to me but evidently the owners had no idea. So they had a house with no power/water and could not build the house they wanted so onto the market it went.

No news yet on how much the offer was that was accepted but I thought it a cracker of a site.

 

That's an expensive oversight eek. However im now wondering why it was sold so quickly if it has such limitations on it? Has the second buyer done the same thing you reckon?

 

No the second buyer will know of it's restrictions as we were verbally told by REA it was why there was no power and they probably would have told all other buyers as part of their REA duties - if they know something from their own research or their client something which materially affects the usage or value of a site they must disclose it.

The new buyer will most likely reconnect everything and either extend to make a great PPOR or build another house in the rear and renovate front.

 

Gotcha. Thanks for the insight

 

Now sold. Interesting to see what it went for.


6-8 Scaddan Street, Bassendean, WA 6054

 

My bet is on definitely under the from $1m they were asking for

 

No doubt, it was on the market for a while and looks to be vacant.

 

Sold for $362k if anyone was interested.

39 Mereworth Way, Marangaroo, WA 6064 - Property Details

 

Doing sums in my head on that in this market, probably not worth it, but good news for those of us who own places in the 'roo as i thought low $300's.

To buy, stamp duty, holding costs, build costs I would estimate what, $1.1m for a 3 unit dev on that site? End value would struggle to be that ($370k per unit)?

 

Good buying for the last 18 months has not been in this market and Imo won't be for a while. When there is still a lot of product that is new or near new in far better locations selling at deep discounts ther3 is inevitably very little demand for a bog standard new villa in a below average suburb

 

Not sure. Was thinking way less perhaps 950k to develop but i wouldnt know. 8 houses up “ish” has developed so will be interesting to see what the end product looks like and how much they go for.

 

Hi Sanj, do you think the same about Craigie? Lots developing there at there at the moment I was just curious as to what you thought about that suburb. Personally I’d choose there over Marangaroo any day.

 

IMO - Much better than Marangaroo, however Craigie is the ******* between edgewater and padbury/duncraig. Lots of crackhouses there from memory. That being said, if youre not afraid of a decent renovation theres buys to be had.

 

483 Marmion Street, Myaree, WA 6154

Bargain price for land size? I know its a busy street but could be worse...

 

Marmion St gets pretty busy peak hour, evenings and weekends. It might be a bargain sqm rate but in all honestly I cant see how to make that one work in thr near-medium term market.

However, if you were to live there for the location....?

 

Not just busy road. Always take at least 5% off from houses direct facing T road in today's market. They are the bottom stock to get moving.

And this stock is just next to the industrial area...

 

Agreed.

Polar opposite product, my best mate got this as his "forever" home for $765k (or thereabouts) recently.
21 Sopwith Elbow, Maylands, WA 6051

Location is amazing, and everything in that section is $1m-ish. Last sold 8 years ago for the same price.
Property Report for 21 Sopwith Elbow, Maylands WA 6051

 

Currently looking for PPOR, just umming and ahhhing between
Townhouse within Applecross school zone then build dream home in 10 years in a suburb with cheaper land
OR
Save until we can afford land or house+land in the school zone then demo/build dream house..

Seems to be roughly the same outlay either way just not sure which one will be better financially