WA Post a Bargain - Perth

Regarding my post above, There is a newish (few year old) 2 bed granny flat that seems to rent well a few streets away from this location, even in this slow market it goes for $350 straight away so I'm not saying there is no demand for two bed properties.

 

Thanks for the reply Propin!

I saw a report on gentrification that mentioned Bassendean as having the highest growth of avg household income in Perth over the past 5 years of 15% vs 8% for the greater Perth region. I wonder if the cheaper properties often have no reason to be cheaper other than the suburb is steadily being inhabited by higher income people and maybe the suburb price is improving and those cheaper properties will soon catch up.
I remember a suburb in Sydney when I was younger that was seen as neither good nor bad, but over the years people eventually could not afford the high priced suburbs and realised the value of a suburb without a stigma that was actually quite well located and is now priced to match.

 

Much like Maylands I believe. It's a shame those very old towering high rises are sprinkled every where.

 

Located so close to the city and so close to the river it should be a premium suburb. You are right about those old towers though. Definitely not premium

 

If only their concrete cancer would destroy them. Whilst they provide a lot of affordable housing they also carry heavy burdens with high jump/suicide rates.

 

Sorry for the billion quotes but I wanted to collect the various posts about this site.

177-179 Grosvenor sold to a client of mine for $1.14m which is $1390/sqm and a very good rate for the area. It's not a traditional bargain considering it's over $1m just for the site, but it's going to be a great project. It's very early days, as you can imagine, but for now I can share that the current house will be demolished and 4 x side by side houses will be built on the site

 

What suburb are you referring to here?

 

It is a suburb that has changed and continuing to change rapidly. There is lots of new arty shops appearing like glass art, hand made jewelery, revamped vintage clothes, craft beers, etc. There is quite a few artists living within the area. Here is the history which may help paint a better picture. It was badly affected in 1930's but prior it had character homes like Guildford and Mount Lawley but a lot cheaper currently so people who can't afford there are attracted. It also has a lot of character of big blocks and old established trees. It retains a bit of a country atmosphere but close to the city and people are loving the cafe strip on Old Perth Road.
History & Heritage » Town of Bassendean

 

Maylands (WA) is 5km driving distance to the city, has the train station, funky 8th ave shops, and is close to the swan river and yet the prices seem a bit low for the location.

 

Yes, true! It's changing though too. Driving along Guildford Road you'd always see interesting characters but not so much now.

 

Thanks for the write up and links!

Yea it seemed unusual that Bassendean had it's own council. Lots of other councils have quite a lot of suburbs under them.
Just looking at intra-maps now and seems Bassendean also covers Eden Hill and Ashfield but they are both pretty small, so it's almost as if Bassendean has its own council.

Also yes I've heard that up around Morley/Bassendean are where people go who want bigger blocks and/or can not afford Mount Lawley/Inglewood. I like the idea of the "next suburb out" as an investment because over time it will be playing catch-up. Seems from what you said that this is already happening now as things are currently changing there.

Thanks for the info.

 

Hi all, im 24 and looking to get into the property market, i have done a lot of research over the past 12 months and still feel as if i have much to learn. I have two jobs in Midland and have been looking at some Estates nearby, namely Movida, Bushmead and Rosehill. I like Bushmead out of the three. I am contemplating building in the estate with Dale Alcock, a 4x2 on 375m2 for $522k incl siteworks. I am only looking to stay in the area for 5-8 years then will be moving towards Karel Ave - Murdoch Dr area as my partner is from this area but currently works in Bunbury. Id really appreciate some advice as to whether building is a good option vs renting or buying established.. Thank you and i hope you are having a great holiday

 

Hey @Damo93
Bull Creek/Bateman area which is your end game is not a bad buy at the moment. If you could afford it would you consider going there now and commuting to Midland? It's about a 30min commute using Roe Hwy.

I'm suggesting that it might be an idea now simply because there is a lot of land out Midland Way and you will be competing against 100s of similar homes for capital growth. Plus the transactions costs of this deal that you first need to overcome.

If you were happy with a duplex you could get something in the mid $500s now in the area. If you wanted a home on a large block then mid $600s.

You then have an instantly rarer asset that you'll be able to add value with via a renovation. There is also the chance that rezoning will eventually happen in the area due to it's proximity to the city, hospitals, university and train stations. If you wanted to target future rezoning pockets then picks something within 400m of a train station or shopping centre as that is the most likely area to be rezoned.

The downside is that a lot of Bull Creek/bateman was built in the 70s and it wasn't the most attractive of times.

An outside the box idea would be a duplex like this 48B Hassell Crescent Bull Creek WA 6149 - Duplex/Semi-Detached for Sale #126907690 - realestate.com.au . Look for something that has minimal common walls and live in it for awhile and eventually demolish and build a new house on it. This one might be tricky with the garage placement but you probably get my gist. This one is probably around land value with a free house.

There are some subdivided blocks in the area too - if you'll consider Leeming there are even some sub $400k.

 

Thank you for your reply. Im not too fussed on what area to live in. I was only looking in this area as i work here 12-18hr days and i have friends that would fill the vacant rooms. Im open to renovating and im looking for capital growth to one day build the "dream home" the areas you mentioned is the "end game" as my partner is from the area and wants her future children to attend specific schools. The idea was to buy in that area and demolish and build long term but perhaps investing now in that area and commuting is a better option than my original idea which was to buy in Midland area, sell then buy in the Bull Creek/Bateman area in 5-8 years time..

 

Address available on request Willetton WA 6155 - House for Sale #127005462 - realestate.com.au

Am i on the right track with something like this?

 

Thoughts?

Address available on request Willagee WA 6156 - Residential Land for Sale #201962190 - realestate.com.au

This land is cheaper and larger than what i was looking at in the Bushmead Estate in Midland

 

Hi Westminster, I have a couple of real quick questions
- Is that price for only half the property (ie one side of the semi) ?
- If so, wouldn't it leave the other side looking real messed up if you knock down one side? or is that just not a big issue?
- With semi's, what happens with the land split? has it been split already? do you need to split later? Do they usually end up with common ground or when you rebuild can it be completely separated and fenced off?

 

You would have to walk the property to see but that is a great price for the area IMO. Things to look out for are low ceilings, small bedrooms and a bad layout. The pool also may need to be demolished and filled in or replaced if you really want a pool. Anyway, at that price you could simply make it liveable then in 5 years or so, demo and rebuild or if it can be renovated into a nice house then that is a good option. Willeton SH Zone is a big plus.

 

Yes it's just one half
Yes it's possible that the new house will look a little odd with the other side original but often it's not terrible.
The land is already split so the common areas are already defined and need to be carefully considered to see if the block is still suitable for a rebuilt or extension.

 

Probably. I suspect it's on a main road judging by the number of lanes I can see in the aerial photo. Maybe Vahland Ave?
But it's a great price and a lot more land than you'd get in Midland for your $$