WA Post a Bargain - Perth

Hey everyone,

What am I missing here....

Demolition, selling fees, splitting costs, holding costs, tax, etc. etc.

53 Tarongo Way City Beach WA 6015 - House for Sale #126102606 - realestate.com.au

@Westminster @MTR @Blacky @Perthguy @sanj @Big Daddy

 

I'm not sure what you are questioning @Cruskits ?
Do you want to know why the price of the end value empty block is so high against the cost of the actual site? Probably no rhyme or reason and just a value they picked. Personally anyone should just buy the site and DIY and sell off the other block if they didn't want 2.
There is risk associated with it though as it doesn't meet all the requirements size wise for 2 lots.

 

If you purchased this for 2M then the cost to split into 2 blocks would be 50k (demo and titles) +~ 9mths holding costs (2M 9/12* 5% = 75k) + risk + work involved in organising demo, titles, water corp and western power (I would want more than 100k to deal with these idiots)

As Myf said, risk is you dont get the 2 lots, or market falls back, or you find something nasty during demo (contaminted site, dead body, damage neighbouring fences/property or kerbing)

 

too much risk
Might make a great primary residence/ reno ? Size of land, proximity to beach etc etc. cheap really

 

There was one posted here years ago that was maybe 1M -1.5M on something like >1500sqm land (wide frontage block with house in middle). Buyer knocked down the double garage on one side and rebuilt it at the front, filled in the pool /alfresco on the other side and chopped it up and sold off all 3 pieces for someting like 1.5M profit. If you can see something that no one else can then you can make big $$$

 

Cheers guys,

This one come up the other day, remember looking at it earlier in the year... kinda the same as that City Beach one. Buy, split, demo, sell... Will see how they go....

4 Menner Court, Scarborough, WA 6019 - Property Details

2 & 4 Menner Court Scarborough WA 6019 - Residential Land for Sale #201898662 - realestate.com.au

 

If anyone wants a new PPOR style bargain I think this is a corker

2 Farnley Street Mount Lawley WA 6050 - House for Sale #126299126 - realestate.com.au

It's R12.5 so ultra low zoning and it doesn't meet the requirements for R12.5 even
There's a possibility one day it might be upzoned for some infill but Stirling council are very protectionist over the area
It's bloody awesome, cute and pretty

 

Its been on and off the market a few times, divorce
It is definitely a bargain, not the best pocket of Farnley, but nonetheless at this price its an absolute steal
I don't reckon it will ever get rezoned, just my opinion from living in the area.

 

Auction just finished and $891k !!! That's higher than the others - in this instance the auction and people bidding against each other worked.

 

That is brilliant outcome

 

It is isn't it. Normally an auction might be a backwards move in Perth as we still don't like them much but in this instance the 8 bidders were able to fight it out against each other unto the death
Leederville market is quite hot at the moment.

 

That is really amazing.

 

8A Hutt Street, Mount Lawley WA 6050 - House For Sale - 2013292494

Or build your own house

 

Land is scarce.... this is close to $2000 m2 for land, not the best pocket of Mt Lawley and effectively be in a lane... not as desirable

 

Personally, I wouldn't be paying that amount of money for a laneway lot but there are people who will. For that price I'd want street front and in an awesome location.

 

Do you think it is overpriced?
12 clarence street mount lawley sold for $710k

 

You can't really compare the 2. 12 Clarence street is not a period home and is a half block with
240sqm less land

South of Walcott St is a bit more hipster, north of Walcott where Farnley is more stately and less funkyville.

 

That Hutt Street one has been around for ages! Overpriced but the current owner paid too much to begin with and looks to be trying to make their money back. We put an offer in about 2 years ago in the low 400's but the owner wouldn't be in it, even the agent acknowledged that they paid too much and were the ones driving the listing price.

I was also at the Franklin Street auction, great result and a bit more than No. 7 (I think) sold for recently ($860k), and similar to 19 Franklin that went to auction and got over $880k about 6 months ago from memory and was very similar to No. 13. Auctions in this area seem to be yielding decent results compared to the 'best offers' campaigns at the moment. Will be interesting to see what No. 10 Marian St sold for - large house on a full block but sold for $1.7m in 2012 - been watching this one with interest.

 

opportunities?
1 Burt Street Mount Lawley WA 6050 - House for Sale #126311906 - realestate.com.au

Whos going to place a bet on what this will go for?

Blacky

 

This looks too cheap to be true but if it is then it represents a turning back to the prices of maybe 20-30 years ago 11/125 Railway Street, Bluff Point, WA 6530 - Property Details