WA Post a Bargain - Perth

Discussion in 'Property Analysis' started by MTR, 17th Jan, 2017.

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  1. JL1

    JL1 Well-Known Member

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    Great to see Walcott projects getting up, that strip has a lot of potential and will really complement Beaufort to give Mount Lawley a "third dimension"
     
  2. mrdobalina

    mrdobalina Well-Known Member

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    Wow. 2x2 78sqm internal living for $630k. Is that a realistic price in this market? If so, I am astounded!!!!
     
  3. MTR

    MTR Well-Known Member

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    I wont be able to go into pricing on a forum, all I will say is that she has sold over 50% so clearly there is demand for these and some have city views.
     
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  4. MTR

    MTR Well-Known Member

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    Yes, I notice lots happening on Walcott at the moment, a couple of largish blocks, don't know they got away with knocking down period homes?

    Anyway it is not in the hub of Mt Lawley, but still decent location, close to everything and suits millennium markets I think?

    Something is happening in Perth at the moment and I cant put on finger on it, but properties are selling. I am talking in my neck of the woods, inner city stuff
     
  5. chesterfield

    chesterfield Well-Known Member

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    I'm also from your neck of the woods, highgate/mt lawley and general CoV locale. I have been saying this for a while now, but the demand has lifted even more in the recent couple of months or so following election.
     
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  6. MTR

    MTR Well-Known Member

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    Yes, I think perhaps also the $1M-$1.5M range? What do you think??

    Also the older villas in Yokine, larger I see as very good value at the moment, nice little reno, brilliant for those wanting to be close to city and pay around $380-420K range
     
  7. chesterfield

    chesterfield Well-Known Member

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    I think the 1-1.5mil range (i.e. larger +550m2 r80 blocks, land with views and modern townhouses) have started attracting interest in the last 3 months as well, particulalry in this area. Examples are that R80 block that sold on Lincoln Street, the pair of vacant blocks sold on Mary Street with the views and your friends townhouses! All properties and products that sold quickly, had multiple offers and are clearly back in demand. Rental numbers are starting to be absorbed also, albeit too slowly for a full recovery on the lower end price range product just yet.

    Those villas and duplex half properties in Yokine and surrounding areas are gold, particularly the ones of 300-400m2. If I wasa first home buyer again, that is what I would be purchasing. I really like the 6060 postcodes as well (Yokine/Tuart Hill/Joondanna).
     
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  8. Perthguy

    Perthguy Well-Known Member

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  9. MTR

    MTR Well-Known Member

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    Me too, I like 6060
     
  10. Xiao Hui

    Xiao Hui Well-Known Member

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    For 102 Crawford St, you cannot subdivide it though the land is big. The Council will only allow if you build a road (at your own cost) from the house in the corner all the way across the middle of this block. This means unless you buy up the few properties from the corner block up till this 102 Crawford St or make all the property owners there agree on your subdivision plan, until that.. you can't do anything. From this perspective and considering there are so many "developable" sites in Perth now, this property is not really cheap or worth buying.

    As for 70 - 72 Gibbs St, it's a better deal. You can develop and build on it immediately. But you have to demolish the 2 existing houses in front. One of them esp looks inhabitable. So there's money to be spent here.

    In all, I agree that East Cannington on the whole has dipped.
     
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  11. Westminster

    Westminster Tigress at Tiger Developments Business Member

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  12. Sackie

    Sackie Well-Known Member

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  13. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    Might do. I don't know how bad shape the house is in but there is the possibility of doing a good reno and sell for profit. Lots of due diligence required on that though.
     
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  14. Perthguy

    Perthguy Well-Known Member

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    The other issue is council developer contributions in that area. My mate in the area created 2 small lots and it cost around $25k in council contributions. I imagine for 3,000 sqm that LG developer contributions would be very high.
     
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  15. Xiao Hui

    Xiao Hui Well-Known Member

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    Yes. The council always wants contribution and the fee keep increasing. So increasingly, this subdivision thing is becoming the game of the rich developers. To do well, other than getting the right people around us and doing enough homework, is to buy right (bad news for vendors). More so at this time when credit is so hard to get.

    And we can see many buyers learning this the hard way - I come across a few large properties with building permits and everything ready, being put on sale. On further questioning the reason for that, the agent reveals things like : the current vendor has not enough money to carry out the process or the vendor found it not worth doing at all and need to let go to cut losses!! As such, many of these properties are being sold at a loss!! Some of them at a pretty huge loss...

    So in this tough times, I have learned to be patient and thick skinned in giving low offers for good sites. Some of the agents get offended but I think even if I succeeded once, it is worth the effort.
     
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  16. JL1

    JL1 Well-Known Member

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  17. spoon

    spoon Well-Known Member

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  18. MTR

    MTR Well-Known Member

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    Wonder if the residence have permits street parking

    Very chesp, though block is smaller than the average for this area? But a great opportunity oo to get into a blue chip area/suburb
     
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  19. MTR

    MTR Well-Known Member

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    Last edited: 27th May, 2017
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  20. sanj

    sanj Well-Known Member Premium Member

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    Not a crazy price or a lucky buyer, it was on the market for 6 months.

    Neflands is in fact moving up. This property is inferior value wise to others on Smyth that sold for simolat-ish amounts in last 2 years and also , by coming on too high at first really suffered.

    Last year superior properties sold for similar amounts, Smyth is one of the least attractive neflands streets as it is on the wrong side of Stirling, is a major arterial road and has the added bonus of lots of extra traffic from the 2 hospitals, childcare centre, private medical.clinocs etc within walking distance

    There is no way that's worth $1.6m as someone above posted. Not on Smyth and not with that bad floorplan
     
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