WA Post a Bargain - Perth 2020

Discussion in 'Property Analysis' started by Bprince, 2nd Jan, 2020.

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  1. JohnPropChat

    JohnPropChat Well-Known Member

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    Yeah the look is a bit off but the price tag of < $430k for a very livable place in Inglewood seemed attractive from FHB point of view but then again it's not an area I follow closely.
     
    JohnPropChat, 7th Feb, 2020
    #61
  2. Perthguy

    Perthguy Well-Known Member

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    It has major problems. Beds 2 and 3 are a disaster. The outdoor area is no good. It is liveable now but a big reno down the track. I don't really see what is that attractive about it.
     
    Perthguy, 7th Feb, 2020
    #62
  3. JohnPropChat

    JohnPropChat Well-Known Member

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    Someone must have read my post yesterday. It is now under offer :)
     
    JohnPropChat, 7th Feb, 2020
    #63
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  4. JohnPropChat

    JohnPropChat Well-Known Member

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    Difference between OO stock and FHB stock (FHB being a subset of OO). FHBs often have unrealistic expectations so they compromise on some things for what is important to them.

    In this case, the price tag, the location and a livable place that looks "shiny" on the inside. Done and done.
     
    JohnPropChat, 7th Feb, 2020
    #64
  5. Redwing

    Redwing Well-Known Member

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    Redwing, 7th Feb, 2020
    #65
  6. Perthguy

    Perthguy Well-Known Member

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    I understand what you are saying but it's not that long ago that I bought my first home. Mine was worse than that inside but it had big bedrooms and a better layout.
     
    Perthguy, 7th Feb, 2020
    #66
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  7. Stoffo

    Stoffo Well-Known Member

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    With a full size double bed in the master :confused:
    Haven't had one of those since I was 12 :p

    Ok, so it's a novel idea and a good sales pitch for most (I imagineo_O)
     
    Stoffo, 7th Feb, 2020
    #67
  8. JohnPropChat

    JohnPropChat Well-Known Member

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    Mate, you are miles away from FHB mentality so it doesn't really apply does it? :)
     
    JohnPropChat, 7th Feb, 2020
    #68
  9. Perthguy

    Perthguy Well-Known Member

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    Probably :p

    Even as a FHB I still bought with my investor hat on but I did want somewhere nice to live. For me, as a buyer or investor, small bedrooms are a deal breaker.
     
    Perthguy, 7th Feb, 2020
    #69
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  10. Rex

    Rex Well-Known Member

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    You don't see Corinthian columns and terracotta red trims making a comeback any time soon?
     
    Rex, 7th Feb, 2020
    #70
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  11. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    When combined with the green concrete it's a nod to epic Italianate style :p

    If I was looking in that area and that price bracket there has been plenty of other sales of stock that I consider a bit nicer
    https://www.realestate.com.au/sold/property-villa-wa-inglewood-131022446
    https://www.realestate.com.au/sold/property-villa-wa-inglewood-131655598
    https://www.realestate.com.au/sold/property-villa-wa-inglewood-131198314
    https://www.realestate.com.au/sold/property-villa-wa-inglewood-129457130

    etc etc. It is possible to pick up a 3 bedroom villa in the area for mid to high 300s
     
    Westminster, 7th Feb, 2020
    #71
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  12. JohnPropChat

    JohnPropChat Well-Known Member

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    Interesting.
    The first one is rather nice but it's over 55s.
    Second one is not "shiny" enough for FHBs but has better value
    Third one sold for $435k
    Fourth one is a year old.

    Not too many options for a 3bedroom in that price range at the moment but I am sure that can change any moment.
     
    JohnPropChat, 7th Feb, 2020
    #72
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  13. Damo93

    Damo93 Well-Known Member

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    It’s an absolute deal breaker. Even for renters. If you can’t fit a basic bedroom set up of a queen bed, two bed sides and a tall boy with BIR in at least 3/4 bedrooms they simply won’t lease the house.
     
    Damo93, 7th Feb, 2020
    #73
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  14. JohnPropChat

    JohnPropChat Well-Known Member

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    This may be the "house vs unit" thinking. I know friends and colleagues who happily bought/rent units (townhouse/villas/apartments) where the bedrooms are on the smaller side. Most seem to care that the master bedroom is of reasonable size but the rest of them can be let go as "kids room" or "study". Many seem to prefer larger living spaces and/or backyards over bigger bedrooms.

    I personally prefer large bedrooms but only if they are proportional to the rest of the house. Smaller the house, the more I prioritize better living, kitchen and backyard spaces at the cost of smaller non-master bedrooms.
     
    JohnPropChat, 8th Feb, 2020
    #74
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  15. meme plecko

    meme plecko Well-Known Member

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    meme plecko, 10th Feb, 2020
    #75
  16. MTR

    MTR Well-Known Member

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    needs a little clean up, paint etc $10,000?

    whats the rent?

    least desirable area in Rockingham, but it appears to be a bargain
     
    MTR, 10th Feb, 2020
    #76
  17. spoon

    spoon Well-Known Member

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    spoon, 10th Feb, 2020
    #77
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  18. JohnPropChat

    JohnPropChat Well-Known Member

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    Good size block but the yield sucks at < 2%. They have to go to site fairly quickly or the holding costs will be a killer.

    At a purchase price of $1.135mil, it would cost circa $1.3mil (if not more) including closing costs, demolition, subdivision, holding, selling costs etc

    Sell 2 lots at $650k. Margin of $0
    Sell 2 lots at $700k. Margin of $100k
    Sell 2 lots at $750k. Margin of $200k

    Triplex subdivision may yield better numbers.
     
    JohnPropChat, 11th Feb, 2020
    #78
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  19. Shogun

    Shogun Well-Known Member

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    Shogun, 13th Feb, 2020
    #79
  20. Redwing

    Redwing Well-Known Member

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    Redwing, 14th Feb, 2020
    #80
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