WA Where to buy in Perth?

There are micromarkets defying the trend but overall Perth is a "declining market" so should stay flat for the timeframe you mentioned.

 

I agree if by flat you mean falling!

 

I was being positive

 

Ok guys,

After some more research, my top 5 list now became top 10. I've listed them below in order of declining house prices, I put next to it the growth in the last 12 months and some basic characteristics such as proximity to cbd, whether it's close to a train station and the quality of the schools. So again, I'll be buying either a townhouse, villa or a house for up to 550k, 2 or 3 bedrooms. The last 3 on the list I might not be able to afford.

The list is:
1. Glendalough (train line, 560k, +1.8%, 6km)
2. Bayswater (train line, 620k, -2.2%, 9km)
3. Bedford (637k, 6km, walk to mt lawley
4. Yokine (655k, -1.5%, 7km)
5. Vic/east vic park (train line, 660k, -3%, 5km)
6. Maylands (on train line, 674k, -7.5%, 5km)
7. Doubleview (719k, -7.2%, 11km, excellent schools)
8. Inglewood (750k, 5km)
9. Highgate (802k, -16%, 2km)
10. Como (900k, +2%, 6km)

What other drivers can I add onto the list to assist me in choosing the best growth area? As I'm gonna live in it, my personal preference is that it has very good and quick links to the cbd as my partner works in cbd as a shift worker (no company parking provided) so she needs reliable and quick transport to cbd in early morning and late evening hours.

Many thanks!

 

First train on the Midland line does not run till 0530 ex Midland, not certain what times the buses start running along Beaufort St., need to look at the East part of Inglewood between Beaufort and the railway if considering there, also that party Bedford, otherwise a longish walk if considering in the early or late hours. Maylands has the advantage of better transport links I think, but a big chunk of lower socio economic housing, you could easily bike from some of these, a brand new bike path from Midland to Perth, well lit, ( the parts I have used on my elderly bike).

 

Thanks mate.

That's a good idea, biking is always an option.

What other drivers should i consider when choosing a high growth property? I tried taking into account proximity to cbd, transport and schools.

 

I would personally not focus too much on the stats because they can be very rubbery, and misleading.

Add Mt Lawley to the list and use an agent who is sympathetic to buyers not sellers. Someone who rarely has home opens, marketing is average etc etc this is how your score something under current market value. Did I say Stuart Weston.

 

Good suggestion about Mt lawley. I wrote it off as being out of my price range, but i just found this one:
reiwa.com - 8/32 Coode Street, Mount Lawley

Would you say it would be a good buy?

Also if we don't rely on statistics, what other factors do you personally consider when choosing a suburb?

 

You should be doing on-the-ground research so you know 100% when any particular property is a good value purchase. Frankly, picking suburbs is okay for very broad initial DD, but otherwise has little value when selecting an individual property to purchase.

There are good buys and dud buys in every suburb, and the odds are against you because probably something like 98% of properties for sale are not investment grade - even in a "good" suburb.

 

That's a great list but I would knock Como off the list with your transport criteria. I could be wrong but I don't think transport options are great.

I have seen some undervalued properties in Bedford lately. Might be worth a closer look.

 

You mean the odds are against me because the current market is overpriced?

Unfortunately I have extremely limited time to do on-the-ground research.

 

I pick suburbs with the criteria you list and then check individual properties. I am looking in the Bedford/Bayswater/Inglewood/Maylands area too.

To assess an individual property, I would have a look at the potential to improve the value and then look at sales around the property to assess the value. ksou, oldlistings, domain and re.com.au are all invaluable resources for this.

For example, this property is out of your price range but has potential to increase the value and is also a duplex block. I would have to walk through to see if the existing house is worth trying to renovate to retain but one possibility is subdividing off the back yard and selling it. Subject of course to a whole lot of investigation:
-is the existing house worth retaining?
-what is the cost of subdividing?
-end value of the created block?
-will selling the back yard leave the front house with no useable outdoor area?
etc.

So, lots of potential issues but possibly some potential there too.

53 Stuart Street Maylands WA 6051 - House for Sale #122981782 - realestate.com.au

 

That's unfortunate. In Bedford and Bayswater, I desktopped 10 properties that I would have bought based on my desktop assessment. However, I inspected every property and took them all off my list. Nothing beats a personal inspection IMO.

 

Cheers, I'll look into Bedford a bit more.

 

Really nice example. Although you must be a tradesman to have these abilities? I believe this would be beyond my abilities and knowledge. I might focus on finished products

 

1. Glendalough - not following this suburb.
2. Bayswater - the first suburb that people are gonna see when travelers visit Perth and take the airport-link train to the city as everything from the airport to Bayswater is underground. The suburb also seems a bit popular with upgraders. Bargains seem to pop-up every now and then.
4. Yokine/Joondana/Tuart Hill are a mixed bag and bit overpriced IMHO
5. Vic/East Park. Going through a bit of gentrification. Close to the city.
6. Maylands - Great if you can find a good priced property but most of the stock is very expensive or next to old apartment complexes that are very cheap and attracts a certain type of demographic. Best bet is probably to find a battle-axe block and build on it
9. Highgate and Mt Lawley - great suburbs if you can find something in a good pocket that is reasonably priced. Some pockets close to commercial outlets can be a real no-no.
10. Como, you can still find 2x1 around $600k - good long term hold but I don't see strong CG prospects. Waterford is a bit more expensive but has interest from upgraders as well.

 

No worries. It's not for everyone. There is a high chance that on inspection, it's not even worth trying to renovate.

In that case, I suggest trying to find something that isn't so common. For example, in an area you are interested in, if there are loads of 1 bed and 2 bed units/townhouses for rent, but very few 3 bed, it would be worth trying to see if you can find a 3 bedder or even a 4x2. A quick search indicates it might be possible in your price range, subject to inspection and a detailed look at the local area of course.

http://reiwa.com.au/a-8-darby-street-maylands-3820231/

reiwa.com - 3/18 Puntie Crescent, Maylands

 

Have been some good examples of properties posted.

You have all the time in the world its a buyers market.

The areas you have identified are all good, and I would be basically looking at value as its a buyers market.
Size of property, land component, location etc and compare apples with apples.

Also past performance/history in terms of stats does not necessarily mean that the performance moving forward will be the same.

One of my favourite areas is Mt Hawthorn as it has consistently performed well and its gentrifying. This market has also slowed down, ticks many boxes.

MTR

 

I wouldn't rule it out if the bike is an option. Only a 10min ride to the city from Como (if you're north of canning highway). Older 3x1 townhouses on the north side go for mid 500s to high 600s. Just saw this go under offer.. 3/103 Mary Street Como WA 6152 - House for Sale #122961834 - realestate.com.au

 

Well I'd be using the limited time wisely, or engage a BA to do it for you.

I'd probably avoid Glendalough, because it's townhouse/unit central, so lots of properties the same... growth prospects there are probably limited. You'll see what I mean if you do a drive through of the area.