R40 - 776 sqm (zoning ratified)

I wish I did.
Lots of land and house packages popping up, real nasties though, but they are small lots, own frontage, typical cookie cutter L&H and ugly elevations/facades.

 

Why not look at a yield play with simple style, Marisa?

People are more educated when it comes to style now. Pinterest has taken care of that. If it doesn't look like a Pinterest house then it becomes a bit stale. Working with a framed / brick combo builder certainly opens the eyes to what is possible to provide and build easy, quite cheaply.

 

Don't forgot that this house has a land component of 330sqm whereas your 776sqm r40 will be around 260sqm exclusive CP.

Although you location and spec is much higher.

My wife used to work for Now Living and this is their style. Smart developers used to buy them and upgrade the kitchen and bathroom and redo the flooring to the whole house.

In saying that I am still looking in Willagee and will prob go to a home open this weekend

 

Does that work out more cost effective? I thought you can only do that for standalone houses, not units; as multi units gets kicked over to a different part of the business for volume builders.

 

Works fine - all internal...?

 

If I understand you correctly then the answer is a investor would buy the house complete (turnkey) and renovate the new house before he found a tenant.

 

Or you purchase the H&L and upgrade at pre start?

 

The buy the land then use one of the bgc companies to build then sell at completion using their own sales reps . I think they realized people don't want the stress of building and don't want to wait. Can't afford to rent whilst building and paying builders draw down payments.

 

Alot of these were shares equity and /and or affordable living with huge grants given to them by the government. (If I remember correctly )

 

Hi Marisa, It's been a while.
How has the market changed in this area?
Sorry I have not been updated with the market conditions

 

Perth market has fallen back around 10%, rents also fallen back same.
Not a great time to develop because of oversupply, no guarantees what can be achieved on completion


MTR

 

holy moly, just had a closer look at the property for sale. what a pathetic product, the lazy developer deserves to not make a profit for the lack of effort and the lack of respect for future residents there. people can get by with such rubbish in peak periods (which is shame) but not atm.

look at the colour combo, the dark tiled roof, what looks like south east facing living areas, the 28c ceilings and vinyl floors etc.

what on earth was this person thinking?? no pride in their work whatsoever.

 

I agree it's terrible, they probably won't get close to what they want, it's ugly. Problem is buyers will compare size of land and villa and won't help valuations

 

Not necessarily, any monkey can see what a bad product this is, I mean that living area and courtyard would be pretty damn dark for a fair bit of the day. the builder needs a slap for building a clearly inappropriate product for the site too, especially since it appears to be their design.

this also feeds in to my firm belief that it isn't just about spec and often too much emphasis is placed on spec ahead of everything else, in particular design/livability.

for example I strongly suspect that even if this property had say bosch appliances, stone tops everywhere, aircon and better floor coverings it would sell for less than something with a better floor plan/colour selection and say laminate bench tops in wet areas, cheaper appliances, no aircon.

everyone has been caught up in the ridiculousness of "luxury" even at the lower l/mid fhb end of the market and it's become the easy/default option. personally I think buyers are now wanting more and deservedly so.

a bench top can always be changed later, a crap floorplan, too low ceilings, lack of natural light and say black tiled roof with no anticon is much harder to fix and affects your day to day enjoyment of the property.

 

That's not good at all. Atleast you still have Melb market.

 

Willagee is a classic case of buying close to peak IMO. Melb was very hot I was trying to source a site and got inpatient at the time so I went back into Perth market. Now will have to wait for the market to improve

I am expecting some good news regarding plans and permits for Croydon this week, fingers crossed

 

Fingers crossed for you Marisa, I believe you can ride this out, just a matter of time.

That's awesome on Croydon, keep me posted on the progress
BTW, I am starting my development site, will keep you posted as well.

 

thanks I will keep you posted

Thomastown completed/sold. How is Lalor going?

Still debating whether to build Croydon, or just sell with plans and permits, nice and easy.
Just started a business/US property so that will be my main focus

All the best

mtr

 

Whaaaaaat @MTR Did you just casually drop in that you're starting a US Property business?
Tell me more.
Congrats

 

Thanks,, out of the closed now. I have made no secret that US is where I see some serious $ to be made and my focus for the next 5 years.
Not going to promote business at the moment until we have our runs on the board.

MTR