WA Post a Bargain - Perth

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

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  1. SOP

    SOP Active Member

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    SOP, 15th Aug, 2017
    #521
  2. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    2 others sold on the street in the past twelve months for mid 800s but they had slightly more attractive houses. This one has no charm so is a knockdown new PPOR type site.
    I would say low 800s so maybe around 830.
     
    Westminster, 15th Aug, 2017
    #522
  3. Scaphella

    Scaphella Well-Known Member

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    Scaphella, 15th Aug, 2017
    #523
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  4. Blacky

    Blacky Well-Known Member

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    Blacky, 15th Aug, 2017
    #524
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  5. Scaphella

    Scaphella Well-Known Member

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    Which means less competition (Agent doesn't know how to price it)
     
    Scaphella, 16th Aug, 2017
    #525
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  6. AP121

    AP121 Well-Known Member

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    What sort of price range would count as bargain?
     
    AP121, 16th Aug, 2017
    #526
  7. AP121

    AP121 Well-Known Member

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    One of my mate is going for auction and is keen to spend around 850K range. Let's how does he go
     
    AP121, 16th Aug, 2017
    #527
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  8. AP121

    AP121 Well-Known Member

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    AP121, 16th Aug, 2017
    #528
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  9. PerthPadawan

    PerthPadawan Well-Known Member

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    New round of Price is Right - last one went for higher than the guesses but people thought it was about market.

    Place your bets for tomorrow:

    78 Eric Street Cottesloe WA 6011 - House for Sale #126008846 - realestate.com.au

    I'll report the results.

    PP
     
    PerthPadawan, 18th Aug, 2017
    #529
  10. Propin

    Propin Well-Known Member

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    I'm pretty sure First Ave's laneway was reclaimed by council although the fencelines are all over the place with different residents fencing it as part of their yard.
     
    Propin, 18th Aug, 2017
    #530
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  11. Scaphella

    Scaphella Well-Known Member

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    Scaphella, 18th Aug, 2017
    #531
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  12. Blacky

    Blacky Well-Known Member

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    Blacky, 19th Aug, 2017
    #532
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  13. PerthPadawan

    PerthPadawan Well-Known Member

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    I'll go 1.5m.

    Do you think this house/location will fetch less than the one in the previous round that went for 1.45?
     
    PerthPadawan, 19th Aug, 2017
    #533
  14. MTR

    MTR Well-Known Member

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    I did some very quick numbers on 8 x 2 bedders, you would lose money on this deal, big $

    If you did not develop the cost to hold, interest payments alone will be $50K pa, take away rent? no idea how much an old property like this would rent for? The question would be how long would you need to be bleeding on this one before you could develop it? Too long, my thoughts.
     
    MTR, 19th Aug, 2017
    #534
  15. Aaron Sice

    Aaron Sice Well-Known Member

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    Yeah Perth development sites don't stack up. Vendors conditioned by agents who have no clue what it costs to deliver the end product.

    Which is why it pays to look for 400sqm R30 sites in Vic Park or Scarborough, or 300sqm R40 sites in well located 'burbs, or 200sqm R60 sites in local centres.
     
    Aaron Sice, 19th Aug, 2017
    #535
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  16. propertylad

    propertylad Well-Known Member

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    propertylad, 19th Aug, 2017
    #536
  17. PerthPadawan

    PerthPadawan Well-Known Member

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    Auction passed in today, 3 bidders. Slow going, passed in at $1.25m. So Blacky - your range was probably the same as the vendors, nicely done.

    Poor presentation of the house, not helped by the layout, not helped that it was still tenanted. The "loft bedroom" wasn't a bedroom at all - it had an open wall to the void below, clearly meant for a study. Are those kind of tricks people here see often?

    I think they even had airconditioner on heat even though the sun was out and the rooms were hot - tenant sabotage? ;)

    Auctioneer didn't even really attempt to inch bidding higher, so it must have been quite far off reserve. The last bidders standing were under-bidders at the last auction, funnily enough.

    Audience about 50% children and babies - clearly first-time buyers and PPOR upgraders are the ones making up the majority of the buyers. Does this gel with what others are seeing in the market?

    PP
     
    PerthPadawan, 19th Aug, 2017
    #537
  18. spoon

    spoon Well-Known Member

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    spoon, 19th Aug, 2017
    #538
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  19. MTR

    MTR Well-Known Member

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    MTR, 19th Aug, 2017
    #539
  20. Propin

    Propin Well-Known Member

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    Propin, 19th Aug, 2017
    #540
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