WA Post a Bargain - Perth

Nice marketing campaign

 

@sanj and @Westminster

If I had 3 million to spend I am not sure I would like to spend it on someone else's taste and design choices. I guess that is the problem with being picky. I would rather spend more to get what I like than what I don't. An eexample in Nedlands that is nice but not my taste at all. I could save money buying but then how much are the renos?

53 The Avenue Nedlands WA 6009 53 The Avenue Nedlands WA 6009 - House for Sale #123954478 - realestate.com.au

 

But there have been so many amazing houses for 3m available and btw, that 3m house available would be a 2m build on a much better street than williams road.

The Williams build would immediately see you at very minimum 500k, likely more, underwater as there is no way it would be worth anything what it cost u

 

Your needs are very different though.

In the western suburbs and top end south of river riverfront suburbs, it has not been impossible to find a 4m build on land that would have once costed 3-4m, selling for under 5m.

Or, for 4-4.5m to buy a 3m build on land that in past would have costed 3m.

Unless someone is so wealthy that they're happy knowing they they're going to be over 1.5m underwater they'd be mad to go the build option.

There are a couple of rare exceptions but by and large the above has been the case for last couple of years.

 

Maybe but for not that much more money, can score a triplex in Bayswater. Just have to be patient.

 

Agreed there is lots of good value there.

 

Perfect example. - 95 Smyth Road Nedlands WA 6009 http://www.realestate.com.au/sold/property-house-wa-nedlands-121948078

1012sqm block, renovated 3x2, home with 2 living areas, separate dining, nicely landscaped, alfresco and nice pool area. Sold for $1.39m, so 90k more than williams Rd property.

 

Consider what areas people are spending 1.4m or so in, im a fan of Bedford too but jeez once the market picks up properties like above will skyrocket but someone overcapitalised will see marginal growth whereas a new house being built on a half block in Bedford will cost more than the purchase price here and is in no way inconceivable that it could be worth over 500k less than the above property not long from now and I'd guess that if someone is building a PPOR in bedford they'd probably not be so wealthy that 500k doesn't matter to them.

 

Much better value, I agree.

There are new builds in Bedford on a half block for over $1 million. I don't see the value either. How about a house in Belmont for a million? Can't see the value myself

 

4 x 2 Rockingham renovators delight with granny flat. Handy location. $260k+

21 Quamby Place Rockingham WA 6168 - House for Sale #124290258 - realestate.com.au

 

I have a friend who paid close to $3m for a house in nedlands a couple of years ago, which I don't reckon is worth more than $2m.

 

A good time to upgrade Mrd

 

Would a budget of $800-900K get me into a house with land size > 700 sqm in the prestige market (in the western suburbs) as close to City Beach/Cottesloe as possible? Been kind of looking and no luck

 

$5b iron ore mine planned in Pilbara

That would the equivalent to the new stadium, Elizabeth Quay, new hospital, Northbridge link and Roe 8 and you would probably still have change.

Now it probably wouldn't take much for this project to be shelved i.e. Dropping Iron Ore price, but not the worst news for W.A.

Swings and round abouts....

 

I would dare say the vast majority of builds we do are over-capitalising and would agree with you. If you can get a recent build in a premium blue chip area, odds are they would be selling at a loss.

Most clients would be lucky to recover their build costs on what we do, if they were to sell.

Difference is I doubt any of them are building as an investment. More a case of extreme wealth and dream house.

 

I just posted this on another Perth thread, its good news, but still only a drop in the bucket unfortunately

 

Maybe Scarborough if you are fond of renovating.

reiwa.com - 20 Cobb Street, Scarborough

reiwa.com - 156 Westview Street, Scarborough

 

Perhaps a townhouse

 

on 700 sqm?

 

3000 construction jobs will be interesting and may impact housing construction costs again. At the moment I can get a brickie at a great rate, as soon as I lose construction workers to a mining construction project the price zooms up, quality goes down and timelines blow out.

Hopefully most of my construction will get done this year and I'll be sweet.