WA Perth Market 2024

Derelict Perth complex transformed into affordable housing

 

I drive past that building every day and it's such an eye sore. Thought they were going to demo and rebuild something else. There's a few old apartment buildings like this on guildford road.

 

They painted the sides I think they should have painted the ends as well. No idea if true but I read a rebuild would have to have been lower (less levels)

 

The crappy mural was probably cheaper than a proper paint job.

 

"1960s builds, thinking of future living in Perth".. Perth said, "Nope, 4x2x2 in the dunes please!"

 

At least that old building was built properly.

It's nice to see something that's actually built to be affordable and not luxury apartments. My understanding is they are going to own the building and rent it out instead of reselling them as strata titled lots.

 

Not really affordable. Rents start at $400 a week for a 1x1 with increase in 6 months. Common coin laundry too, no washing machines in apartments. They did the sums at $275

 

Are you sure? I saw an ad for 2 bedder in that building for 415 a week which seemed quite reasonable.

Edit: their ads said units were going from $400-$475

 

You won't get less than 400 for a 1x1 in most other places I think.. it's cheap because across from it on the ground is a mens homeless shelter.

 

And going up in 6 months

 

That would be the going rate for a one bedder on Guildford road.

In a nicer area it would be $500 a week

 

However I keep reading the solution to the housing shortage in Perth is to build more apartments.

 

I know what you mean. I went to Uni in North Sydney in late 2000s. Back at the time, it used to be in top 10 Uni in Australia and there were a massive number of international students, in particular, from mainland China. Fast forward to 2014, all low rises around the subway train station got rezoned to high rises. Brands such as H&M, Uniqlo, Zara etc. kept coming. In 2018, 50 percent of those ugly-looking run-down low rises disappeared. Apartments (2x2x1) built after 2018 cost around 1M. Majority of those owners is Chinese. Yes, that's Herring road and Waterloo road I am talking about.

As someone who was born and raised under a communist regime in East Asia, I can tell you most of those international students from East Asia in Sydney come from a wealthy family that has connection/affiliation with those politicians back in their home country, though not everyone. Money from corruption needs a safe haven and properties in Westminster-legal-system countries are always their first choice.

Any chance you've read the below news article from AFR? Sydney house prices: Why this Canley Heights home sold $2.6m over reserve – for $4.6m

 

Those flats are quite spacious internally.

 

The under offer values im hearing about through word of mouth (both north and south) are insane. Just in the last 2 weeks. Hold onto your butts

 

Sho is.....the agents are advertising for offers over 589k...and getting over 7s for new or well renovated houses. Dems how its rolling.....forget Armadale...in Perth its all about near beach.....the locals are in the game...and dey have huge wallets which are wide open....what took dem so long....

 

ep money laundering at its best....

 

Some Quick stats Northern suburbs inland. Houses and units. Midland looks like some villa stats are included. Most suburbs look like the median price reflects the smaller houses and blocks

 

Exactly our confusion at the moment. How do we find a property in the right price. How do we do that research. I know rising tide lifts all boats but just wanted to be smarter about it.

 

I agree, you don't want to just purchase blindly even though the market is doing quite well across the board. So you either commit to researching into different pockets across the city to better understand current property values or engage someone to do it for you. You do it yourself and depending on your current understanding and time it could take months to make an informed and educated decision, ultimately costing you your own time. Alternatively, you engage someone to do it for you and you would be paying an out of pocket fee for service, costing you money. Either option can be viable but both choices come with their pros vs cons.