WA Post a Bargain - Perth 2020

Thoughts on this one (under offer anyway)
4/16 Wallace Street, Belmont, WA 6104

says 6x2x2 but I think it's a 5 bed.
Thought it would rent well. Looks to have sold a bit cheaper than its last sale.

 

Yikes! Why so ugly?

Architecturally Designed
Architect walks out half way through the design never to be seen again.
Client: is everything ok?
Architect: I lost passion.

 

I think the architect used to design pizza hut restaurants!

A tiled roman bath and is that pavers/stone pieces on the laundry bench???

 

They've been struggling to offload stock from that complex for almost a year now. I've seen 2/16 Wallace St in person early last year. Cramped in combination with terrible design.

 

Features include "window glazing". I can see why it sold so fast.

 

Ok fair enough. I looked at the advertised 6x2x2 before I looked at the finishes.........

 

222 Riseley Street, Booragoon, WA 6154
222 Riseley Street, Booragoon, WA 6154

 

Very retro, but not in a cool way. Would be a bit of work to fix up.

 

Noice. Are you looking at buy & hold or a flip for your next purchase?

 

This is slightly off topic..... but curious how do you all think coronavirus will impact if ??? On Perth.... we were I believe seeing the market turning and rental market tightening.... now???

i was ready to sign on dotted line for my latest development, not so sure now???

Am I over reacting

 

I think it depends. If it wasnt for coronavirus, would you have the confidence in the fundamentals? For most people its simply a case of "be mindful" and business as usual until told otherwise. I think the media coverage has been extensive and blown it up larger than it actually is. Obviously things could deteriorate further but I havent seen any impact on the ground in terms of RE in Perth.

 

Not sure if it has been blown up bigger than what it is. Everything seems to be getting worse and it will have to affect real estate soon mainly because it is affecting everything else. Cant even go to the cricket tonight, share market is getting totally smashed with no end in site etc etc. Are people going to part with their money with a lot of uncertainty about?, fundamentals or not!!!!. I have just been reading some of the share market pages on this site and the amount of money some of those people are losing by trying to buy at the bottom of the market during the week is scary. On the flip side, a move to property might be the answer and that will bump up prices in Melbourne and Sydney. I just cant say about Perth though, it has been down for a while and there does not seem to be much money about, but those with money stashed away will find opportunities for sure. Good luck to all buyers and developers. BTW, there has been no vaccine developed yet.

 

I contacted my pm regarding a property

they had a sales meeting apparently its already impacting on their office. Melville/Palmyra

Stating that buyers cancelling second viewings. Owners not going ahead with renos, its only been in the last week?? She said already seeing cracks form
Geez, hope this is not an indication for what is to come

 

Yeah I've been on the ground in the last week, and agents are saying its having a real effect in terms of buyers being scared off putting down offers, and sellers being pretty worried that it might all go really bad and taking accepting offers they might not otherwise would have.

 

My plan is to buy & hold with perhaps minor reno to improve yield in an area with CG potential and perhaps subdivide down the track

 

I cant say any agents mentioned anything to me last weekend when i was out and about. Sentiment and numbers among potential buyers didnt seem lower or more negative than usual however day to day coronavirus fear appears to get worse. Personally I am looking for opportunities and plan to take full advantage of buying undervalued stocks in the coming weeks. In terms of property I am a little way off being ready to buy again but will be watching and viewing as 2020 plays out.

 

Just wait for the wave of rent arrears over the coming months as households with casual, small business income, etc experience a cashflow squeeze. Even if the feds make it easy to jump on Newstart for those whose work dries up for a couple of months, that piddly payment is not going to cover the bills, pay the rent and put food on the table.

 

It's been a bit of a spanner in the works for me I was going to sell a Brisbane property to fund building in Perth but I've lost all motivation to bother. It needs a tidy up before selling and I don't have much faith in the market. My son was racing at Bathurst 6 hour over Easter so that was a first priority, I was going to try to get sponsors but it just seems pointless in this current market. At this stage it is reported as going ahead but I'm full of uncertainty but soldiering on with other goals as nothing official. I haven't planned much consumable as a backup so I'm trying to get onto it now. I placed a shopping order on Monday but when I picked up my order on Thursday $80 worth of groceries wasn't included, and that was after taking up the "substitute" option. No toilet paper was substituted!!! So I'll need to try to do a decent shop. It just occurred to me today that tenants may not be able to pay rent but I'm relieved one is already working from home and set up as a home office a couple of years ago when there was a mining downturn. His workplace banned overseas travel late January also. People have been put in isolation from son's workplace and daughter may be working from home soon so there is a lot going on and buying, selling, investing, building isn't on the list.

 

It's definitely got a lot more real in the last week, sentiment is through the floor with the high level of job insecurity. The tourism industry is already massively affected, with entertainment following, resources will be next with China's production rates decreasing.

 

I planned on sorting my self out this next week or so with approvals in place/continued research and a spend price sorted along with a Perth visit of my preferred area towards the end of the month. While I will go ahead with all this. (I'll only do the Perth visit if I can get a private flight over with no passengers.....)
I have every intention of touching the breaks a little to see how this unfolds over the next month or two.

So long story short I guess this is an immediate affect atleast for the short term.