WA thoughts on willagee?

Discussion in 'Where to Buy' started by adam duckworth, 27th Apr, 2017.

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  1. adam duckworth

    adam duckworth Well-Known Member

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    i posted this in general discussion but thought it was better off in here...

    so I've been looking at willagee for possible future investment, the vacancy rates are currently 0.80% and have been around 1-2% for some time, average days on market is around 55, and in the state perth is in i thought was quite good? median price is 550k, yields are around the 3.5- 4% mark, close to murdoch uni, fremantle and not too far from CBD. seen a few character style homes in the 450-500 region, (reno needed) any input or opinion very welcome
     
  2. thatbum

    thatbum Well-Known Member

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    I like willagee - I think its one of the few areas in Perth with potential for decent margins on a basic subdivision project currently.

    ...but you really need to know the suburb well. Buy in the wrong part or on the wrong streets, and it could be a disaster. I could be wrong, but it doesn't sound like you know the suburb that well - so either research extensively on the ground, or steer clear imo.
     
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  3. adam duckworth

    adam duckworth Well-Known Member

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    well I'm working there at the moment and have been for the last few weeks, have attended a few open houses, driven around the suburb a lot and done pretty extensive research on recent sales and listings, and yeah, i can definitely see the disastrous areas you are talking about though. i drove through them today....
     
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  4. MTR

    MTR Well-Known Member

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    Great area, sandwiched between blue chip

    However its been hammered.

    If you are buying today I would buy development site and go for Cambpell estate best location

    Be very careful end values for new product too much competition, in particular land and house packages, they are the killer if you were thinking of villa development

    Good land bank strategy if you have deep pockets
     
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  5. Cmelderis

    Cmelderis Well-Known Member

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    Looking at willagee myself now, does everyone still have the same sentiments as above a year later? 3x2x2 on 690sqm Stock road 465k ( yes I know its a busy road but that seems like a lot of land for not a lot of money to me )
     
  6. thatbum

    thatbum Well-Known Member

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    My comments above still apply. You need to know the area and property very, very well to avoid buying a dud. For example, that one on stock road would be a terrible IP for growth.
     
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  7. MTR

    MTR Well-Known Member

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    don't trade land for secondary location, you will pay the price when you sell.. pardon the pun
     
  8. Cmelderis

    Cmelderis Well-Known Member

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    Purely due to the fact it is on a busy road?
     
  9. Cmelderis

    Cmelderis Well-Known Member

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    Purely due to stock road?
     
  10. MTR

    MTR Well-Known Member

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    Yes, I would not buy on Stock Road, you will always have to sell for a discount.
    What I said about Willagee still stands, however I would be going for better location/quiet street. At the moment there is good value in this suburb as it has been hard hit.
     
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  11. M M

    M M Member

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    @thatbum

    What are your thoughts on Greig St , you seem to have a good handle on the G.