WA Post a Bargain - Perth 2019

What's your budget? A PPOR purchase is highly emotional so saying what;s right for one person will not be right for another. If you are trying to mix one PPOR use with IP potential whats your end goal? At that price point i'd be looking further west but again, highly subjective so you do you.

 

Right next to KGB+M.

Unless there is an emotional attachment to that house and/or area, I say keep looking. Plenty of other options in the $500k range.

 

It is close-ish but the lakes area of Ballajura is a world apart. In fact there is 2 parts to Ballajura and they feel like completely different suburbs which can skew statistics terribly. The lakes part is very family feel, nice tree lined streets and some would fetch over $1m easily in better times. Not that this house would but you get my drift.

 

What do you guys think about the following?
https://www.realestate.com.au/property/unit-1-19-holton-way-cannington-wa-6107

It is close to train station and already rented at 350 per week

 

What's special about it? Probably nothing from what I can see.

Looks like a generic villa in a big complex, in an average location.

 

thatbum, This is close to the train station(10 mins walk) with existing tenants till January and willing to increase their tenancy.

350*52=18,200
18,200/315,000 = 5.77%

Given cannington has a lot of movement happening with new mall and IKEA and stuff. Would you not say this is good?

 

Too much supply / similar product? There is a reason it is priced with those numbers. I would avoid units in complex's with lots of units. Too hard dealing with lots of other owners to solve issues

 

I would give it a 3 out of 10. Wouldn't touch it myself.

I think most people could find way better for that price bracket in lots of other places and property types.

 

Know the area well, I wouldn't touch it. Rental yield isn't everything and can/will change suddenly

 

I'm looking at picking up a second IP around the 300k - 350k mark. Probably a 2x1 or 3x1 - either an older apartment or house - ideally within 7km of CBDish.

What areas should be looking at?

First IP was this one - not particularly shrewd on reflection, but I did spend 17k renovating and had a new valuation at ~230k so have managed to manufacture some equity. 314/69-71 King George Street, Victoria Park, WA 6100

 

Congratulations on the equity but what made you buy an apartment in the first place?

In the $350k mark, I would look for options in Belmont and surroundings.

 

Low price point for an entry level first IP mostly.
This complex had pretty low strata fees and good rental yield (loan pays for itself and some) My just renovated unit should get $280 to $290 p/w. These north orientated apartments with city views and a neat plan got it over the line... that said, obviously limited growth potential.

In Belmont 350K = green titled land or still a unit of some sort?

 

Vic Park is a great location with good growth drivers so you didn't go too wrong there.

My preference is green title or strata-free stock only and that budget will fetch you something in Belmont and surroundings.

Something else to consider is to crunch numbers and see if selling the apartment will be break-even or a small profit. If so, can buy something better with a bit more budget.

 

Are you sure it is $350 a week and the tenants are willing to stay?
There are others in the complex being rented for $300pw since last year. I am no longer in Perth but have rents really moved that much in the last 12 months. I would expect to have seen the listing mention $350pw.
As a tennant looking to stay on, why would I only sign for 6 months? My guess is that at best the tennnats are wanting a short lease with a view to move, and are paying a slight premium to do so.

 

6 Snare Place, Hamilton Hill, WA 6163

Just a Quick glance at this one that might be a good one for long term land banking..
Not too familiar with SOR, but I think there has been quite a bit of development around HHill.
If Roe 8 goes ahead could benefit the area.
Thoughts?

 

Hi all,

I am looking to buy my first IP and my budget is only 400k.

Any recommendation for house in Thornlie?

I am thinking to buy in Crestwood Estate.

 

What are you after? 4x2? or 3x1 with dev options? My pick used to be Thornlie but Huntingdale offers better value.

 

I would say 4x2. The main purpose is for rental and depreciation. I don’t think its feasible for development for area like Thornlie.

The other option if I want to go for future development will be 3 x 1 in Belmont.

Huntingdale getting bit far to Perth or Carousel. Keen to hear different opinion though.

 

I'd say it's not a bad buy at that price but it's nothing special. Note also it's been listed for sale or rent over 6 times in the last 5 years. Presumably lots of tenant turnover. That will eat into your yield with letting fees and periods of vacancy.