WA Want to buy in Perth as everyone suggested, but look at these...

I have been looking at all the discussions on Sydney and Melbourne prices are too high but maybe Perth, Brisbane, Adelaide... etc., the list goes on. Just want to adapt the traditional wisdom, close to the sea/river, within a few km from CBD, good schools, nice neighbourhood, future development, etc. I have been looking at South Perth, but found two recent sales disappointing. Both owners had held the property from many years, both sold at either the original sales price or slightly at a loss. These are good old houses, renovated, in good suburbs, is Perth really that depressed due to recent slump?

Selling? Sell Your Home With Realestate.com.au

35 Waverley Street, South Perth, WA 6151 - View Sold History & Research Property Values - realestate.com.au

 

Yes. Lot's of construction/engineering workers $$ have left the state, a few miners too.
Question is will current owners let prices slide further?

Edit: Who is everyone? I can't recall anyone saying that Perth is a "buy" at the moment.

 

Pretty much. Another example, not renovated but good location:

127 Lawrence Street, Bedford, WA 6052 - View Sold History & Research Property Values - realestate.com.au

 

Yep - pretty much.
Not sure who has been saying Perth is a buy yet. Most people (I think) still feel Perth is a few years off being good value.
Unless you pick up one of those rare gems, I dont see a lot of CG coming in the next 2years or so (and you may even see a further decline).

That south perth property I struggle to see as being a good investment. An old style property with the floor boards polished, and a new kitchen. Otherwise is pretty well original condition. I would imagine fairly high maintenance costs going forward, and it looks like it could do with some further cash injection now.
Retuning.. wait for it.... 2.5% gross. You could put your money in the bank for a better return.

Blacky

 

Ok, not everyone... but just browsing around there were some suggestions:

Top 8 WA areas to buy property in 2017

Why it is a good time to buy an investment property in perth | Investwise

2017 real estate forecast: property experts share their tips | Community News Group

But then maybe these are advices to be ignored...? Agreed that the right timing is important, if one can predict accurately...

 

Do you think that these articles are written with an agenda? If so, what might that agenda be -

 

Look at the sources of the articles... Most are RE agents pedaling positive sentiment to improve sales.. (beware the opinions of vested interests)

First article is from an RE agent...

Second article's opening sentence "Western Australia has the strongest economy in Australia and you would think as a result that Perth would nationally have the most expensive home prices." Is complete horsesh!t. Renders the rest of the post with zero credibility... plus it's also posted by another person with a vested interest in getting people to use their services to buy property / get finance..

Third article is probably the best of the 3.. but not by much. It is a good time to look for a PPOR, but that's about it. Contrary to "expert" opinion, I cannot see any fundamentals in place for Perth prices to start increasing in 2017. You need significant increases in jobs, salaries and sentiment.. these are the fundamentals that will lift a capital city...

 

I think lots of investors saying Perth is great in terms of picking up bargains or perhaps upgrading primary residence

However if you review posts on Perth you will find there are the die hards that call it a buy, but I think the locals know better

 

If tying up capital for a few years so you can't use it is your investment strategy, then Perth is a definite buy!!

 

Are you after a place to live in or an investment?

 

I wish development sites were making sense, but even if they did it would be high risk because you are only be guessing on end values, they could still end up lower on completion

 

investment. I have a ppor already appreciated 4 times if the realestate..com.au view were to be believed

 

Yes Marissa, I am looking for a block of land. If the house is hopeless that wouldn't worry me as long as it is still rentable. I am interested in South Perth because there are already apartments development there (closer to the river side) and there are good schools there. It's not far from the CBD, you can cycle to work literally. I know it is hard to predict when will the market bounces back. I am think if I can buy a block of land similar to those two old houses, sub-$1M, possibly $800K, that won't be too bad a gamble? But then who knows, never catch a falling knife?

 

No right or wrong, eventually it will bounce back but will need deep pockets while waiting

 

To confirm, I did not suggest to buy in Perth.

Regards,
Bobbay