WA Post a Bargain - Perth 2018

Is this for a PPOR?

 

Yes that would be the intention.

 

I used to live a couple of streets away and I thought it was a good area. The large park you see at the city end of Bronte is Wellington park and it has/had a huge number of transients and antisocial types living in the park but the rest of the area towards the river is fine, and you are metres from the CATstop. The entire area is pretty quiet outside office hours although there are still a few cafes and essentials without having to head into the central city.

 

Hi, thanks for that. Yes it's a great area. I had considered Wellington Square and it looks like it's getting a major overhaul next year so hopefully it will improve further.
Wellington Square Final Masterplan | Engage Perth

 

Hopefully those plans tidy it, although the park itself was never the problem. Accordingly to my landlord who had lived in Claisebrook Cove since its development: what typically happens is that someone would be flown into Perth from a remote community for treatment at the hospital. Eventually friends/relatives would make thier way to Perth and set up camp in Wellington park. When whoever it was that was hospitalised is released they and the entourage would just stay in the Park, usually until around winter. As you can imagine the population and disturbances grow as summer progresses.
I'm not sure that spending money on the park will change this but I'm sure it wont hurt either.

 

This is 90% accurate.

Patients are flown from remote regions on Medicare / Aid, but that doesn't cover their return.

So where do they go? They have no income. They own nothing. Their relatives don't "make their way down", the people who are stuck here (literally) will simply find a group of people like all people do in that situation do - safety in numbers, social aspects etc.

 

I dont doubt that that's the case, and as unfortunate as that is it doesn't change the fact that spending money improving the park wont really change anything.
My observations are merely that of a local resident, not someone attempting to solve an underlying issue.

 

I have a friend that bought and owned in the complex and sold last boom. Do check into how financially healthy the body corporate is as the units are in a great location but were fairly cheaply built in the day and will be needing more substantial repairs as time goes by.

I've seen some nice renovations done in the complex which improve the units but they are quite light and bright for such narrow designs. Be careful with furniture choices as the stairs are narrow - I recall one of their couches went in the front door, out the rear ground floor slider then up over the balcony into the lounge as it just wouldn't fit and turn up the stairs.

Here is one of the ones with a renovated kitchen - and you can see what the complex gets in better times 13/39 Bronte Street, East Perth, WA 6004

Everyone has covered Wellington Square and it's issues. But it's a lot of house for $500k in such a central location if you work in the CBD

Alternatives would be something like this 13/117 Lake Street, Perth, WA 6000

 

Thank you!
I received a phone call from the sellers agent asking if the auction could be delayed 24hrs due to a potential buyer flying from Gold Coast to Perth and being unaware of the time difference meaning they will miss the auction.
We have taken time off work and looked forward to this afternoon.
Is it fair and in my best interest to allow the delay?
This could be a new interested party who is viewing tomorrow.
There is a clause in the contract to say an extension is allowed but with 12hrs notice.
We were given 9hrs 50mins notice.
My understanding is the onus is on the prospective buyer to make themselves available at the time the sales process is undertaken.

 

...wouldn't they be gaining 2 hours if they didn't know about the time difference?

 

Yes i believe so but it sounds as though during that time of 6pm onwards when the house will enter the final bidding stage, the other registered bidder will be on a plane

 

So, the seller is asking you to agree to making it easier for a competing buyer to bid against you? I can't see what's in it for you to agree.

 

That’s exactly right. They’re saying legally they’ve done everything they can for both registered bidders but we took time off work and made arrangements to be available and the other buyer hasnt so now they want to delay the auction for them to participate... nothing in it for me. They gave me just under 10hrs notice and the contract says a minimum of 12 must be given and the auctioneer scoffed and said its Christmas, come on, its an unforeseen situation

 

I'm sure the contract also says the seller is under no obligation to sell so if you disagree they will just keep their title deed and you will keep your money. Not sure how that moves anything along...?

 

Yeah that's what I was thinking as well.

 

We are aware the seller is very motivated to sell but with only two registered bidders he won’t achieve close to his reserve price if we pull out

 

Why not? Part of your strategy for cutting this other guy out should be to put forward a competitive offer with the implied or express threat of walking if it isn't accepted.

Otherwise you're just inviting the seller to call off the sale and start all over again.

 

Which is exactly what we did. We improved our initial bid by 30k (20k over the current bid price) and implied if the auction does not go ahead as scheduled we will walk away

 

This has gone under offer a couple of days ago. Hope someone from PC benefited.

 

Update:

House passed in at $701k today. We were the only ones who bid during the final bidding process so the delay, in the end, was a waste of time.
We were told sellers reserve was at $760k. They came down to $750k after we said we were at $701k and asked if we would meet in the middle somewhere. We came up to $710k but the seller wasn’t willing to entertain that and auction was passed in for the evening.
We have until noon tomorrow to reach a deal before the house will go back on the market as a private treaty sale.
They want to sell and we want to buy. We just want to pay as little as we have to - any advice both sides as sellers or buyers?