WA Post a Bargain - Perth

That is my thinking but where the risk lies I guess.

I’m at the auction. It’s about to start

 

It’s full of people!!

 

Please keep us updated on the auction. Good luck!!
Also please let us know if you ever find out the correct interpretation of the ruling.

 

Well it’s going slow.

$1.3m and already had 3 vendor bids to get it up

I actually put in a cheeky bid at $1.1

 

I didn't make it. Still renovating. Any goss?

@Westminster?

 

It’s just gone for instructions from vendor as bidding has stalled at $1.3

 

The $1.3 bidder has been invited inside to see if they will increase

 

There has been 3 people bidding and I was one of them with my cheeky $1.1

REA has just come to me saying $1.4 would get it even though vendors want $1.5

 

Passed in at $1.3

 

Back on the market at 1.5?

 

A few people entered the house after auction was passed in - some that didn't even bid - so I think they were just waiting it out to see what happened.

They'll probably get their $1.4 sometime today

 

The people who were at $1.3 actually wanted to demolish and rebuild. I don't think I could have done that - the house was beautiful and although a rear development is not as good as side by side I think that house was worth saving

 

Thanks for the updates.

 

2 Bay View Terrace Peppermint Grove WA 6011 - Residential Land for Sale #201623526 - realestate.com.au
(Down 10 mil from the asking price)

 

This is a really interesting question and I no idea what the answer is. I will look into this on Monday and let you know what I can find out. In the meantime, I think @Aaron Sice does projects in this area, so may be able to clear this up?

 

I wonder whether it could be demolished considering a period home??

 

The Norfolk Precinct is a bit of a strange one and was being reviewed as part of the never ending TPS2 but not sure much will change. Historically Vincent treat 'lots' and 'dwellings' as one in the same so you couldn't subdivide into more than 2 lots or build more than 2 dwellings (house, apartment whatever) at one. You can however stage it, so subdivide to create 2 freehold lots and then subdivide each of those freehold lots again as long as each are individually titled before you lodge the second subdivision. Bit of a roundabout way to get there, hence why it was being reviewed as part of TPS2 but doable nonetheless (R-Code compliance etc permitting obviously)

 

I was checking TPS2 the other day and the Norfolk precinct restriction was still in there with the same wording so I guess they must have decided to leave as is.

 

I called it at $1.4m.

I know someone who put in a cash offer pre auction of $1.3m and got rejected.

 

@mrdobalina FTW
It's still not showing as under offer yet so either still not sold from after auction negotiations or it's under contract and site not updated.
Charles Limnios was there as patriarch of the company and he came up to me and said "Come now, you should offer $1.4m then you update and it will be worth $2m, why you no offer?!!?"
I wasn't going to reply "well because I came here with no intention of bidding but if it was going to sell for $1.1then I could afford the divorce lawyers that I need to get if I came home having bought it"