WA Post a Bargain - Perth 2019

Having grown up in Perth and now living in Melbourne i can completely relate to how cheap period homes in Perth appear. My 2c on some factors that influence this:

• Perth loves cars. If there's no parking you've killed off a massive buyer pool
• Perth loves bbq's at home. Not having anywhere for friends to park is a genuine consideration for many, and Highgate is one giant 2-hour zone
• Perth doesn't have the same city-centric vibe of Sydney and Melbourne. on the weekends its a ghost town by comparison. People (get in their cars and) head to the beach, parks, friends houses, and generally less focused on going to the city for brunch
• Space doesn't carry the same price premium as bigger cities so you don't need to spend much more to get a lot more. Look to Mt Hawthorn or Inglewood each only 3-5km from the CBD and for $1m you're getting towards a nice character home on a decent sized lot that would cater for a family. This puts pressure on the $1m terrace markets around Highgate, and that in turn pushes down on the smaller, less family friendly period homes

To sum it up though, what you're seeing is the fundamental reason everyone is saying the next Perth growth phase will come from the inner ring - there's some rare properties going for the price of a similar sized new apartment. Imagine getting a period home in Fitzroy for the same price as a 2 bed apartment..

 

If I had to chose between that and an apartment in the same area then I would probably chose one of those instead of an apartment. They are around the same price and no BC fees (though possibly higher maintenance being old). They are quite busy streets but there is often a little gem like those but on a quieter street or with parking that can be picked up for not much more.
Residents will get a parking permit with those ones which doesn't have parking - generally 1 or 2 permits so that they can park without getting into trouble.

 

I grew up in Perth also, and until very recently lived in Highgate having moved there from the western suburbs. Best decision we ever made, we were able to walk in to work in the city as well as enjoy the amenities. There was no 2hr restricted parking in our area, we could park out the front of our house forever if we didn’t want to use our garage. The Council gives parking permits to residents in restricted parking zones. It’s a fantastic place to live and we have only left because we relocated to the east.

 

Cheers for the information everyone. Exactly the kind of stuff I was looking for

 

31 Robinson Street, Inglewood, WA 6052 31 Robinson Street, Inglewood, WA 6052

Thoughts?

 

looks good.

 

It's been on my shortlist for a while. I haven't pulled the trigger since the view is not appealing and it seems like you also might have too many people parking on your street and verge.

 

I don’t think you are missing anything at all and have in fact found underpriced properties! If you have that view and see something in these properties when comparing to Melbourne then so will everyone else from the eastern states. It is true that Perth people might not value tiny green title blocks close to the city, and have an over reliance on parking requirements but none of this will not matter in near future because the pressure on these areas will come from external buyers because Perth people are so obsessed about living 50km from the city provided it’s a new house they can do house and land which has been pushed down people’s throats at those bbq’s the other mate was talking about... the smarter types (inner city apartment renters/owners, the rest of Australia and the world) who do understand the importance of having a low maintenance small blocks/buildings and therefore very low cost homes, walking distance to the city and to the highest paying jobs, close to good schools, cafes, restaurants and the the major stadiums in Perth ie rac arena for basketball, hbf for soccer and Optus stadium for afl, plus all the concerts at each of these venues and the new museum etc, will pounce on these suburbs. Also the main strips in Highgate being Beaufort and William will be better for the resetting of lower commercial rents in the area after tougher times and new places are just recently started to pop up quickly for the first time in a couple of years after some poorly executed water works ripping up the strip (Beaufort) and poorly designed one way lanes (William) previously being in place!
Yes they may not be the best dwellings in Highgate and North Perth, but still better than a lot of the other offerings in some newer homes in newer suburbs with poor council requirements resulting in future undesirable suburbs. Highgate is a ripper in my opinion and others on this thread, and expect to only find apartments for sale there in the future and then you will really see values rise and people saying that we should have seen this coming especially after observing collingwood, footscray, Newtown and glebe etc. Get involved because once rents return next year you won’t see these prices again and then once the greater Perth house prices improve in a year or two with all the infrastructure and resource projects we have starting up the real fomo will set in and you will see these places in these areas even being auctioned with a few hundred thousand more on the price tag, where they should be!

 

Been watching it. Definitely starting to go stale now and they aren't moving the price with the market.
I am surprised a PPOR type buyer hasn't bought it as I was expecting they would. It doesn't quite stack up for a my feaso at this price but might be worth a cheeky low ball in the future.

 

Also on my shortlist, looks like a good buy, not ready to pull the trigger but have helped some friends get into the market recently

 

Can some one give me a price indication on this one? i have looked inside, very very old , need a major renovation. And more like 2 bedrooms with 2 sleep outs.
23 River View Terrace, Mount Pleasant, WA 6153

 

Its probably just land value. Very hard to say since the prices vary a lot in that area, usually based on the specific views available to the lot.

Did you ask the agent what the price range was?

 

Hi, I asked the agent , but he said he can not give me a price indication. From the house , river view is not available, but agent say if build a double story house can see the river view. But i was thinking to renovate the house and live in for a while, as I don't have the funds to build a new one.
Not sure if it is around 900k price tag?

 

Low $1mil i would think

 

If you can get it for $900K, well done! Snatch it without even thinking. Even $1M is still good as it is less than $1500/sqm. Of course you can still renovate it for rental, depending on how cosmetic the reno is hence the costs.

Remember it is in the prime area of Mt Pleasant, compared to the inner streets. BTW the river view photo is from the roof of the double-storey next door equivalent. So you need to build something of "high" 2 storeys.

With Perth's still dropping prices, you might get lucky, particularly if it is a deceased estate and their off-springs can't wait to get the cash... and run their own ways.

 

I think they have used a drone directly above the house but the image looks to me as if it’s above the neighbours roof so to achieve that view may even require 3-storey house

 

Why buy this when 119th avenue went for $1125 sqm in a much better street (the avenues) and not opposite a medium rise block of 70s flats. 113 tenth ave even went for the same price /sqm that Robinson is selling for now. It will probably sell for 760ish but it's not for me.

I know they both sold last month so this is all that's left but as market is not booming (especially for renovated stock) then I'll play he waiting game. Although things can change very quickly.

 

I was think more along the lines of retain and build subdivison with a nice reno job to boot.

 

8A Hesford Avenue, Mount Pleasant, WA 6153
what do you guys think of this? Back land worth a lot less ? As the house on it is pretty good, renovated. And the location is also quite close to the river.

 

Nicely presented, and well priced considering the area and location. Rear blocks i feel are more secure but tend to be cheaper than street facing blocks. Floor plan is decent and renovation isn't required. Granny flat addition is great for older parents or teenagers. Not a bad buy for PPOR or even a little rental income on the side