WA Post a Bargain - Perth

I’d be interested to know what numbers you are using.
I couldn’t get any scenario to work.

Blacky

 

There are some areas in City of Gosnells that aren't on mains sewer yet so that would kill the deal straight off. If it is on mains sewer then the position of the sewer may also cause issues.

 

Where is Ald?
19 Gamble Way Karrinyup WA 6018 - House for Sale #127105694 - realestate.com.au

 

@Ald! Is this still the best investment opportunity in Australia?

 

Lol. What a dump.

 

I think this one is a little gem, one of the best pockets of Coolbinia and size of the block is brilliant and then the house has so much potential.

1 Marradong Street Coolbinia WA 6050 - House for Sale #126693746 - realestate.com.au

MTR

 

Though it is dated now, that would have been quite a house back in the day! Looks well built.

It's saying under offer on my system.

 

Bit of a time warp - looks like it was built with quality materials and workmanship and not been touched since.

 

Which are the good and not as good pockets of coolbinia?

 

Could anyone please comment on this so that I can learn from you pros? The house is terrible and rent might be next to nothing. But location wise maybe OK? What would the number be if this is for future development in 5-10 years time?

62 Railway Parade Bassendean WA 6054 - House for Sale #127145446 - realestate.com.au

 

I know the house and have been inside it. I am interested in its purchase.

You ask if it's a good investment.
Your teenage daughter can walk 5 minutes to the most beautiful private girls school in the whole of Perth St Mary's. Your teenage son goes to beautiful Hale school in a short bus trip. Your primary kids walk 2 minutes to a newly refurbished primary school that everyone wants to get their kid into. An 8 minute walk and you are in Karrinyup shopping centre, recently expanded and being refurbished. A new beachside swimming pool and the best surfing beach in Perth a 5 minute jog or cruzy 15 minute walk. It took me 18 minutes to drive peak hour to CBD. The train station nearby. Bunnings, Ikea , 2 other shopping centres all within 10 mins drive. Every shop you can think of. A nature reserve 5 mins away. You can hear the sea at night and you have a park next door on a huge block.
It's the best street in hidden Karrinyup and should be Trigg. Surrounded most sides by green trees. It's the only place in Perth where you hear no traffic at night. Your neighbours are super educated highly paid people and the house next door sold for 1.5 million.

And you ask me if it's a good investment?

 

On form. 8/10

 

It's the perfect house to buy and demolish also and build a family home. Do some smarter landscaping put up some retaining and turn into a family home. If the house was a multi level on the back of the block you have amazing views and a leve private front with a back that sees the park.

Gamble way is best street in that pocket followed by McLintock. Gamble way has had slightly less development to McLintock because it's far more tightly held and a quieter street that is a bit like a cul de sac because of one way access at seahorse primary school.

There is a person who has been approaching people to buy 3 properties in a line on the northern side of Gamble Way to build a mansion retreat with a garden, sauna, pool and tennis court.

You grab your fishing rod after dinner walk to the beach via the underpass and catch tailor and snapper on a full moon. In the morning you chat to your neighbours while you walk to the beach with your boards. It's the friendliest neighbourhood everyone knows everyone else.

Absolute winner for families.

 

Right, I think this is very funky, retro.
But it is also in the desirable Armadale Street pocket of Coolbinia.
I guess I view these are bargains, in a hot market there would be massive competition for this property.

 

I agree! It's in a great location and house looks very solid. I hope whoever buys it keeps the house.

 

I'm also interested to hear someone's thoughts on this one.

 

Bummer that nobody replied to this. I was curious for some thoughts too.

1. You mention rent might be next to nothing, and yea it looks pretty bad. If you were not going to do it up, the negative cash flow would be pretty big I would think. Maybe 15k/yr? Not even sure you could raise the rent over time because it is so bad, so after 10 years of holding that means you are out of pocket $150k. That is a lot of money and you should factor that in. If you plan to hold for 10 years, I wonder if you could get something slightly less terrible but not too much more expensive? Or maybe check how much to make it liveable?
Or maybe you could offer so much less that it makes it cheap enough to have some money to make it liveable and still be an ok deal? I am thinking in that condition and in the current market condition, there might be so few buyers so maybe you can make an offensively low offer and just let them get angry at your offer, let them sit on it and you might get lucky with them coming back saying yes just to get rid of it?

2. Is it a problem that it is on a main road? I like that it is near the train station, but I personally would feel more comfortable with it being a little further from the main road. I noticed the zoning is R20/R40 for the whole area north of Railway Pde not just a small area, although yea you would be limited to walking distance to the train station.

3 You also need to check the conditions for the R20/R40 zoning as the slash means you only get R40 if you meet some special conditions.


Also would love to hear anyone else's thoughts. I'm still learning so could be lots wrong with my thoughts.

 

I think that section of railway pde isn't very busy

 

Lazy Landbank opportunity (not mine).

Lot 27 Orton Road Oakford WA 6121 - Other for Sale #7939566 - realestate.com.au

The suburbs are coming...

 

I haven't done any numbers but the condition of the house really does drag it down so you'd need to work out - is it land value and is the house free.

If it's land value with a free house then do you have money to immediately build at the rear so that you can hold it/both?

Is there any redemption for the house? It looks heavily extended in an unattractive way. Pull down extension and go back to original cottage shape and then extend again? $$$. Or maybe demolish which would be sad as it's got some attractive features but the condition of it might be too far gone and the current extension might have created structural issues for the front house.

As @Anthony Brew mentioned you need to know conditions to get the R40 part of the split coding.

Visit onsite and see how bad the train noise is. This noise will be greater than traffic on a main street and this is the quieter end of railway Parade.

Do the street trees on First Ave or power poles or anything like hamper development at the rear. Is the laneway useable.

What can fit in the rear?

What is the soil type? Beware of clay in Bassendean. It "looks" sandy but it might not be.