WA Post a Bargain - Perth

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

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  1. Ross Forrester

    Ross Forrester Well-Known Member

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    I think the Reno was to weatherproof it. The pigeon were infested and their waste was eating into the metallic structure of the building.

    The issue is the electricity unit their that is still operational and the leftover radiation the power station gives. One guy was talking about building on a 2 foot rubber mat to stop the radiation.

    And if you dig up the river around their a lot of the hazarded waste from the 1920's that is dug deep down in the river will come to the top. Back then the power station waste was just pumped into the river.

    They built the power station next to the river originally as a source of water to cool the station down.

    I think it will take another big boom to fix that up. Lots of issues. Lots of government departments to appease.
     
    Last edited: 18th Jun, 2017
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  2. JL1

    JL1 Well-Known Member

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    I follow the east perth power station development very closely (as a power generation engineer with an interest in property, theres not much more i could love about it!).

    They went to public tender for options a few years back. Labor had wanted to move the WA museum there and there was talk about WA billionaires using it to make their private art collections public. A few architects put ideas forward, most notably was one that reflected the rocks at kalbarri and australias natural landscape. An environmental engineer drew up a plan to make it a community garden and market space, and a fair few proprty developers had plans. Ultimately the decision to develop was delayed due to the subdued perth market. Its being managed by the MRA so i expect that next upswing, the gove will look to sell it to pay down debt. Especially with the stadium complete, they should get a decent price.

    The generation units are still in place but are most definitely not operational. Turbine bases are made of incredibly high grade concrete so its a job to smash them out but not a show stopper. Also the radiation issue - ive not worked in remidiation but have never known this to be an issue for coal plants. The biggest challenge the site faces is relocating the massive switchyard on site that feeds power to the cbd
     
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  3. nicsau1

    nicsau1 Member

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  4. thatbum

    thatbum Well-Known Member

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  5. LifesGood

    LifesGood Well-Known Member

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    Agree, nothing special about that price.
     
  6. MTR

    MTR Well-Known Member

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    So nothing will happen for another 20-30 years?
     
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  7. JL1

    JL1 Well-Known Member

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    Haha yeah you may not be far off.

    I partly expect talks to start up again late 2018/2019, that is when i forecast under supply will start hitting the real estate market (so land becoming more valuable again) and the AFL would have had one season at the new stadium (so people will be wanting more entertainment venues near by). If we don't hear anything by then, I can't see any other triggers in the foreseeable future.
     
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  8. Propin

    Propin Well-Known Member

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    IMG_5247.PNG IMG_5246.PNG This looks interesting- last sold for $540,000
     
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  9. Karlos1234

    Karlos1234 Well-Known Member

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  10. Perthguy

    Perthguy Well-Known Member

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    Definitely has potential
     
  11. JL1

    JL1 Well-Known Member

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  12. Cruskits

    Cruskits Well-Known Member

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    If you were going to buy that one I would look at this one first.... been in the market for way to long. Started at 699,000 I think. My mate offered 625,000 and they laughed him off... l love the location and long term choices this place provides... duplex block etc....

    https://www.realestate.com.au/property-house-wa-scarborough-122684206
     
  13. JL1

    JL1 Well-Known Member

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    that's awesome, fantastic part of scarborough too
     
  14. MTR

    MTR Well-Known Member

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    Anyone notice Mt Hawthorn looking cheap?
     
  15. Cruskits

    Cruskits Well-Known Member

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    Yep sure have, love this suburb and am constantly shocked at the prices here. Went to an Auction last year and saw a federation brick and tile 3x1 on a full block get purchased at $700,000

    O.K. here is my two cents...

    I can't remember exactly what year it was but it must of been about 2007 - 2008 maybe. I was looking at houses in Perth / Northbridge CBD area. They were pretty pricey at the time around the $600,000 - $650,000 mark. At this time I was also going to Melbourne heaps at the time and loved it... Naturally, I started to look at property and was shocked that you could get a house in Richmond and surrounds for pretty much the same price. Same for similar areas of Sydney. Well since then (10 years) Inner city over East has gone gangbusters and inner city Perth houses has only increased marginally.

    Now 10 years later I'm looking at houses in Hobart, Tasmania and some of the the inner CBD houses are pretty similar to some of the inner city Perth house prices. Now I know Perth is going through a hard time but this doesn't make sense... I have travelled and spent time in Hobart recently and yes it is nice but it has nothing on Perth's cafes, restaraunts, lifestyle, jobs etc...

    Somethings not right just with Hobart and Perth being close to similar price on some product like back in 2007 when Perth inner city was kinda priced the same as Melbourne / Sydney... doesn't make sense.

    Perth WA https://www.realestate.com.au/property-house-wa-perth-125736258

    West Hobart Tas https://www.realestate.com.au/property-townhouse-tas-west+hobart-125165442
     
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  16. Aaron Sice

    Aaron Sice Well-Known Member

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    appreciate where you are coming from but that doesn't indicate value.

    it could signal fair value and that Hobart is over-priced. Average wage per week is what, $200 less than WA per today's census?

    plenty of stock in Perth with no comparable on the East Coast - ie an inner city house here has about as much connectivity as a house in Sydney's outer suburbs.

    Your example of Mount Hawthorn is a pearler. Can't exactly walk to either Glendalough or Leederville station and the bus along Main and Oxford doesn't even service the city. You still have to walk almost a whole suburb just for a morning coffee and the freeway cuts you off from Lake Monger.

    maybe that's why Perth lags - people have realised that the lack of appropriately positioned property and the sheer glut of utter crap in utter crap suburbs has a weighting on prices all of it's own.

    I think Perth's lack of connectivity and vibrancy is coming home to roost for the dormitory suburbs, but is creating REAL opportunity in well connected and well-placed areas.

    Now if only Freo would up their zonings...
     
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  17. Aaron Sice

    Aaron Sice Well-Known Member

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  18. Aaron Sice

    Aaron Sice Well-Known Member

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    Perth's idea of 'connectivity' is 'proximity to CBD'. You could take Thornlie, half the block sizes, add a storey to most houses and move it to Lake Monger and Voila! Wembley is born.

    Rinse and Repeat.
     
  19. Perthguy

    Perthguy Well-Known Member

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    You would have to run a feaso but it does seem cheap. Spitting distance to Poppo too. I eat there a lot.
     
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  20. Aaron Sice

    Aaron Sice Well-Known Member

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    ...and to continue the rant....

    This is why R60 in Coobellup has affected and effected nothing. You can't out-zone the inherent problems within a suburb. The Balga model is dead, long live the R40 triplex.

    There is no connectivity. Furthering the dormitory effect of a disenchanted and somewhat isolated social demographic is simply going make whatever problems there were, worse.

    More houses? Lower rents.

    Lower rents? More income to spend on things to 'pass the time'.

    You haven't brought a light-rail station to the suburb. You haven't introduced a business node to further the wealth and prospects of an area. You haven't created employment.

    You've just added more houses.

    Yay.

    /end rant
     
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