WA Post a Bargain - Perth 2020

So is it as simple as saying they paid too much for the land in that location?

To pay that amount for the block, it needed to be in a suburb where the end product could be sold for significantly more than $425,000?

On the other side, is $425,000 a bargain for the buyer?

 

Good investment no idea. At $425k good value for buyer. Selling over $465k probably more in the last month or so (in that area)

 

I stopped at $750k. Obviously I am not a developer but I thought a sub divisible land for 4 units, with rear access, walking distance to Carlisle station, Perth5k, reasonable neigbhourhood although a bit over-developed, East Victoria Park, etc. It would have ticked all the boxes based on so called "wisdom". However, I factored in the renovation costs and was hoping to ride out the Perth market depression and sell maybe in 2021/22? I think like MTR said, timing is important. If this block of land was selling now as it is, maybe the seller would have made a few dollars and have earned equity? Who knows.

 

Quite often the value of the land is in the eye of the beholder - someone who wants a large block of land to put in a tennis court will pay more than someone who wants the utilise it as a development.

At first glance yes I would say the developer paid too much for the land or they missed the mark on the product and didn't achieve higher predicted sales.

They retained ownership of 3 and sold 1. The property management is Momentum Wealth and the only people I know who use them are ones who have also used their BA services so I would hazard a guess that this is a MW BA client deal.

Looking at the ownership it looks like it actually wasn't a sale but a transfer at $425k. Perhaps a deed of partition transfer or something because 2 people ended up owning 1 and 3 and 2 people owned 2 and 4 in the end. The "value" appears to be 50% of the original land purchase price so I think this is quite possible a transfer and nothing to do with profitability or market values.

 

63 Geddes St Vic Park sold for $1mil
They have sold all 3 units for $839k each. Build and site cost around $700k I would think

 

brilliant outcome, so $839k each

 

$800k for one of them. Just looked up rppdata

 

Hi Westminster you are like having a crystal ball! Yes, I lost to a BA because the bidding was done via phone. He was talking to the client all the way.

 

https://www.realestate.com.au/property-house-wa-rivervale-134412334

I viewed this on the weekend. Agent advised offers around $600k. It is being sold as is, in the 'good part' of Rivervale, close to city and river etc.
What do people think about potential for renos and building equity?

 

https://m.realestate.com.au/property-house-wa-kewdale-134446182

840m2, 9.5kms to city, 5kms the crown casino

 

343 Mill Point Road, South Perth WA 6151 | Domain

Not necessary a bargain, but for those who are keen on South Perth, a renovated house, 665m2@$1.25M, corner block. Busy road though. But prices have certain shot up. Now asking $1878/sqm.

 

really nice house, wrong location.
been on the market for 245 days

 

Or wrong price?

 

More this

 

Means the price is wrong to sell??????


When we people learn

 

“Everything sells for the right price”

 

Under offer.

 

not much action in this thread ? not too many bargains around ?

 

Such little new listings that there is no spare bargains - those that I find are being offered on by clients if they are development sites

 

The big bump due to spring listings isn't really eventuating in the areas that I'm looking at...