WA: How much do you think a 70sqm 2 bedroom townhouse is worth in Warwick?

Discussion in 'Development' started by Westminster, 23rd Jul, 2016.

Join Australia's most dynamic and respected property investment community
?

How much do you think a 70sqm 2 bedroom townhouse is worth in Warwick WA?

Poll closed 6th Aug, 2016.
  1. $250k - 275k

    3 vote(s)
    11.1%
  2. $275k - 300k

    1 vote(s)
    3.7%
  3. $300k - 325k

    3 vote(s)
    11.1%
  4. $325k - $350k

    1 vote(s)
    3.7%
  5. $350k - $375k

    13 vote(s)
    48.1%
  6. $375k - $400k

    6 vote(s)
    22.2%
  1. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    If they don't have common property - for example like my Highgate ones which all have street frontage then it's a definite no. If it's all off a common driveway and you are only giving single garages then I think you have good cause to seek some discretion. You'd probably need to seek precedence on whether aged person dwellings have to comply or allowed discretion
     
  2. Blacky

    Blacky Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    2,066
    Location:
    Bali
    I haven't looked at the area at all. Just clicked the links above.
    But they are all at $450+. For 2x2x2. Hard to see value there but I think it puts the $350k estimate at very conservative levels.

    Would need more dd to confirm if these are comparable though.

    Blacky
     
  3. Skuttles

    Skuttles Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    133
    Location:
    Perth WA
    Voted already @Westminster, $350-375k for me. Had to be a walk to the train or walk to the Warwick shops for me as viable for smaller dwellings. The train more preferable I think, so nice location.
    I grew up on the other side of the tracks in Duncraig, have been laughing at those site prices as well, especially the ones fronting right onto the freeway.
     
  4. LifesGood

    LifesGood Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    911
    Location:
    Perth WA
    I wanted to vote but there was no option below 250k
     
  5. LifesGood

    LifesGood Well-Known Member

    Joined:
    26th Jun, 2015
    Posts:
    911
    Location:
    Perth WA
    Kidding I think high 300s
     
    Flipper likes this.
  6. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    You can also walk (or stagger) to the Greenwood Tav :)
    600m to train station
    800m to Warwick shops
    900m to The Greenwood
    300m to Hawker Park PS
    1000m to Carine Open Space
     
    Perthguy and Aconis like this.
  7. Aaron98

    Aaron98 New Member

    Joined:
    6th Feb, 2016
    Posts:
    1
    Location:
    Vic
    Hi westminer,
    are you able to offer insight into the construction costs of a 2x2 70sqm townhouse?
    I have begun looking to do similar development in Melbourne so any help would be appreciated!

    Regards, Aaron
     
  8. Aconis

    Aconis Well-Known Member

    Joined:
    14th Oct, 2015
    Posts:
    134
    Location:
    Perth
    Shame they knocked down the Warwick Tavern. That was a great old pub.
     
  9. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    @Aaron98 I suspect your construction costs would be cheaper than here. They are around $175-200k fully finished each. Which per square metre is hideous.
     
    Perthguy likes this.
  10. Big Daddy

    Big Daddy Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    998
    Location:
    Perth
  11. Big Daddy

    Big Daddy Well-Known Member

    Joined:
    25th Jun, 2015
    Posts:
    998
    Location:
    Perth
    On second thought, 2 story should achieve closer to 375k. From memory I used 420k for a single story in the good part of dianella
     
  12. Propin

    Propin Well-Known Member

    Joined:
    7th Mar, 2016
    Posts:
    3,621
    Location:
    Perth
    I've seen first hand that people want to live in Carine/Duncraig but are priced out so settle for Warwick. Have also met someone who lives in a great spot in Carine and purchased an IP in this part of Warwick, saying it was the upmarket part. I drove around and it didn't do much for me from an oo point of view but we all have different priorities. Not far away in Duncraig you have real estate at these prices, which is propping up less popular suburbs on the other side of the freeway/train station. From $549,000 3/21 Strathyre Drive Duncraig WA 6023 - Apartment for Sale #123131982 - realestate.com.au
     
  13. boeman

    boeman Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    321
    Location:
    Perth
    I would say high $300's easy. Would be verging on the market of stealing people away from Blackmore Estate in Girrawheen ( and in general the influx of triplex/duplexes that should come on the market from new zoning) at that pricepoint. Why take a 3x2 cottage in Girrawheen when you can have a 2 bedder in nicer Warwick for $30k less?

    Close to Carine in general (schools, shops). New Warwick "Stadium". Train station. Rumour has it Girrawheen and Warwick high schools are on the books for a merger and upgrade to create a larger, higher spec high school.

    We are undertaking a second renovation for clients in Warwick spending $200k +. People are settling in and spending money. Personally think it would sell well.
     
  14. Aconis

    Aconis Well-Known Member

    Joined:
    14th Oct, 2015
    Posts:
    134
    Location:
    Perth
    I voted originally $350+, but now looking at the ones marketed in Warwick $450+ and Duncraig $549+ and I am not sure.
    If you built these to be affordable in comparison $350-375 you probably be killed in the rush.
     
    Westminster likes this.
  15. Aaron Sice

    Aaron Sice Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,588
    Location:
    Ocean Reef, WA
    Is it a split coded lot? You know about the consolidated access requirements there?

    Don't forget this is Joondalup, not Wanneroo - different ball game with SBDs.
     
  16. Skuttles

    Skuttles Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    133
    Location:
    Perth WA
    The ones around 550k in Duncraig seem to be owners testing the market.
    Those Beach Road corner sites have been advertised for OTP apartments, are now selling the site itself when (I assume) they didn't get enough response at that price point.
    I think 21 Strathyre will end up the same, but happy to be proven wrong.
     
    Westminster likes this.
  17. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    @Aaron Sice
    Yeah it's split coded r20/r40. Joondalup allows multiple crossovers from recollection, it was Wanneroo who didn't?
    I had spoken with duty town planner and he said that to get the R40 part it had to meet 10m frontage.

    As per my quote in the other thread

    http://www.joondalup.wa.gov.au/Libr...dential_Development_Local_Planning_Policy.pdf


    7.3

    Development at the higher density code for dual-coded lots For dual-coded lots, the City may permit development or support subdivision at the higher density code subject to the following requirements being met:



    7.3.1 With the exception of battleaxe sites, the width of any lot, excluding an access leg to the rear lot(s), shall be a minimum width of ten metres at both the primary street boundary and the lot frontage for single house and grouped dwellings, and 20 metres for multiple dwellings;

    7.3.2 Development on lots which abuts a laneway shall take its vehicle access from the laneway, with the exception of retained dwellings;

    7.3.3 Where sole access is via a laneway and a lot does not have access to another street pedestrian access shall be provided to a street other than the laneway. The pedestrian access shall be 1.5 metres wide, unless an existing dwelling is retained in which a minimum width of one metre is acceptable.

    7.3.4 The verge, crossover, on-street car parking embayment and external appearance of a retained dwelling shall be upgraded in accordance with Schedule 1 and Schedule 2 of this Policy. Where the deemed-to-comply provisions of the R-Codes or Residential Development Table 1 and 2 refer to a requirement that is to be assessed by reference to the lower density code, the development shall be assessed against the lower dual density code unless the adjoining site has been subdivided or developed at a higher density, in which the higher dual density code shall be applicable.
     
  18. Cashpipe

    Cashpipe Member

    Joined:
    19th Aug, 2015
    Posts:
    16
    Location:
    Perth
    G'day Westminster! GOOD QUESTION!

    Hmmm... what's the quality of your finish? Is it on one of the main through roads in Warwick or a nice quiet street opposite a park?

    I've been very interested myself on end values for these new joondalup rezonings.
     
    Westminster likes this.
  19. Cashpipe

    Cashpipe Member

    Joined:
    19th Aug, 2015
    Posts:
    16
    Location:
    Perth
    I'm going through a similar thought process for my place in Edgewater at the moment.

    Now, let me preface my post with - i don't feel i'm suitably qualified to offer an accurate price point cos i'm not your target market!! And i'm rather conservative in my guesstimations and have underestimated before :)

    So, who have you got in mind that will buy these? I'd say 2 x 1.5 with 1 car gge in this area would be most likely a single professional person (and maybe a few couples would look at it). IMHO a FHB on a single income is gonna drag the price down; firstly because $375K is a lotta mortgage to hold for one person. A couple usually need 2 cars... cos... it's Perth :)

    I'd also say that your competition may be something like this 3x1in greenwood where the buyer could get a friend to rent and help with the mortgage "from $399k": 5A Phee Place Greenwood WA 6024 - House for Sale #121932918 - realestate.com.au

    On the plus side, if you've got nice finish and they're new, that'd help get closer to the $400K mark.
    So yeah, i reckon around $375k...
     
    Westminster likes this.
  20. Westminster

    Westminster Tigress at Tiger Developments Business Member

    Joined:
    3rd Jun, 2015
    Posts:
    11,331
    Location:
    Perth
    Not opposite a park but very close to 2 of them on a nice quiet street.
    My spec level is usually pretty good and I think this pocket warrants it. High ceilings, good passive design, good indoor/outdoor interaction, functional storage (ie lots of it), overhead cupboards galore
     
    Propin, Perthguy and Sackie like this.

Buy Property Interstate WITHOUT Dropping $15k On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia