WA What areas - Perth

Hi All

Just thought I would give and hoping to get feedback on some areas in Perth that are actually holding their own, perhaps fallen slightly but seems to be stable/active market.

I have noticed Willagee has fallen back slightly over last 6 months, but now seems to be stable. Have also noticed that development sites are still selling very quickly, perhaps because zoning has been endorsed and will be set in concrete in December 2015.

They just sold 800 sqm on Wheyland Street, Willagee, top location, potential R40 for $700K, that is very good price in this market. I paid 670K 18 months ago when there was no stock on the market and a million buyers? R40 on same street 776 sqm block.

Anyone else care to share???

MTR

 

North Perth and Mount Hawthorn seem pretty stable for 'raw' sites - raw being normal undeveloped sites. End product is slower to move though.

Developable sites in Maylands (west of railway), Bedford, Inglewood, Bayswater all seem to be quite stable. Slight drop but still selling without the overheated 50 people wanting to make an offer.

Development sites hardest hit I think are those in the potential rezoning areas - eg Girradoolaroo, city of Swan, City of Joondalup. I think people are not willing to take the risk and land bank.

It will be interesting to see how Willagee plays out when it's gazetted in December. I'd like to think there will be a little bit of a surge.

 

School zones such as willeton and riverton seems quite stable as well.

 

Is that a real place?

 

Nope It is the local amalgamation word for Girrawheen, Marangaroo and Koondoola. Sometimes also just called Girradoola eg http://www.girradoolagoingplaces.communitycrossroads.com.au/

 

At 700k you'd be wanting each triplex to sell around 650k to justify the development, is that possible in willAgee atm? Still seems a bit too high. 650k would get me starting to consider it, low 600s and it becomes more viable imo

 

I'm just watching from afar atm, better returns outside property. In Jan ive got funds coming in from a development I just completed and March from a company I invested in listing on asx so from Jan onwards ill start looking again properly. No rush atm and I'm happy to sit back and watch others overpay for sites and come up with inferior product; will mean I can sell a better product for the same money as them and make more profit

 

what I have noticed with many areas earmarked for zoning once it happens the prices do not go up, as prices are already built in, this happened to areas such as Hammy Hill and Coolbellup, I expect same in Willagee.

I am anxious fo find out what villas 3x2 will sell for in Willagee, I won't be the trail blazer here.

MTR

 

hehe. Koondoola and Girrawheen dropped by at least 50k, and no one wants to rent old homes, they prefer new 3x2 in Balga so hammered badly

 

Can you give us an idea on what you are looking for ideally, not necessarily areas, though I assume inner city, just curious

 

It actually wasnt a joke. Ive been away so long now 'new' suburbs pop up, and I have no idea where they are.

I thought that this Girradoolaroo which Westminster spoke of was just the latest. In my deffence it does sound like something the govt would name a new 'burb.

 

I don't know why, but this is the funniest thing I've read all day.

Certainly not all week - that was this:

 

I have been looking in the Rossmoyne Senior High School Zone and the Willeton Senior High School Zone out of interest and prices do seem to be holding up.

 

Hi guys

Are there any nice , middle ring / inner city areas which are not subject to any rezoning and may make nice B&H without the risk of a whole new pile of properties being developed next door and flooding the market with new properties ?

Or any cheap logan / Mt Druitt equivalents with old stock what cant be replaced at the same price ?

Cliff

 

How far out from the city centre do you want to look at?

 

How far out does it go ?

I'm happy to look every where .

Cliff

 

At least 50km. It depends if you count Mandurah in the "metro" area.

Armadale?

 

Wouldn't you want rezoning prospects for a buy and hold - so you flick it when it goes through?

 

on top of that a lot of the stuff that is holding up well is in well located suburbs which have had a fair bit of infill, the existing houses on decent land (whether subdividable or not) tend to always be in demand, eg think of mt lawley, north perth, even your freo surrounding suburbs etc

 

Not necessarily . If I'm going to know about potential redevelopments in Perth , chances are it's going to be built in to the price so my yield will be less compared with a simple B&H , so I'll be able to hold less .

I'm happy to ride the cycles . Buy and ride the rise . I can make enough doing that for what I want if I buy well.

Cliff