WA Perth Market 2024

I have booked a day trip to Rottnest island for tomorrow very excited for that, so Saturday is now out for me.

 

Rottnest is scenic as, have fun with the quokkas @Gockie !

 

I bought a cheapie 4x2x2 in Yanchep for $320's in 2021.

Thoughts on just keeping it long term (15+ years) versus selling within 1-3 years?

It's got 200k left on the loan, and neighbours selling similar for $550k asking price, probably 580k sell price. Rent goes for around $560-$580 today.

Thinking of just holding and using the equity to build a portfolio in the future, rather than trying to pick the highs of Perth and rebuying elsewhere.

Thoughts? I heard this long term holding is a bit controversial for Perth compared to other capital cities.

 

Party has just started..

 

And the train has just arrived

 

Where will be the Perth and surrounding median in 15 years.....$1mil or $500k - no one knows or Is there anyone?

 

and Sydney, bitcoin and the ASX for that matter!

 

This is just an average 4x2x2 in an average suburb. History shows it will go up in the next 15 years. https://www.realestate.com.au/property/31-hummingbird-gdns-ballajura-wa-6066/

 

Dear MTR
Based on your experience, is it good time to demolish a old 3/1 and build 3 town houses in 800 SQM R40 zone in Thornlie? Worried about the build costs and time frame to build? what are your thoughts? thanks in advance. m

 

One step at a time

start with end values by researching sales in suburb and network with agents to work out what product is in demand

Its a numbers game. Start putting the puzzle together

price per sqm for build
Product what can you build to max block
Costings including council/infracosts


Lots of phone calls to builders, re agents, council

 

Bought an IP in the same area, around 700m2, for $480k in 2015.
Price increased a lot

 

All in buy cost closer to $500k?

 

Slightly more than $500k.
Annual growth of 3.8% isn't that great.
Expect it will perform better in coming years

 

Osborne park? Thoughts?

 

CBA finally trying to plug the leaks from its loan book.

https://twitter.com/PeteWargent/status/1784687548142592184?t=mQzJel8ZV_GvXwDpAuVbYQ&s=19

 

CoreLogic indices

Another good month for perth. 2 pct april and 6pct for quarter now. Getting faster if anything.

 

what is the disadvantage to Lot 7? if everyone builds is it a major issue to be building last and in the corner? would it limit your options and increase costs? is 'street frontage' major plus for a lot? i would have thought away from traffic on the corner and North facing would be OK, but apparently not?? potentially limiting sunlight once other lots are up higher i guess? i suppose next to light industrial shed is also a minus? what else has Lot 7 selling last? i need to some points if we decide to low ball a land sale

 

I would like to know more about the current situation with regards to the time frame, shortage of materials, builder etc. Last time I developed a property in 2014/25 when the builders were crying for work and got a good bargain. I would like to wait for that kind of lean times again. I believe 2025 will be bit of lean time for builders? any thoughts on this

 

I disagree re your thoughts on 2025. Builders are getting busy again now. Due to growth in the market, it is no longer a lot cheaper to buy established than it is to build new, like it has been in recent years.

The appetite for construction will return. If you are waiting, thinking that constructions costs will come down, they will not - they are still growing, albeit at slightly lower than historical rates.

Timeframes for construction have improved dramatically, but I do wonder what will happen when appetite picks up again. My assumption is that timeframes will start to balloon again.

If your feasibility shows a decent minimum margin (not sure what your KPIs are) based on today's end sales values, you may want to consider building now. We are rushing our new home build along, based on these assumptions and hoping to have our two-storey family home built within 13-15 months from slab.

What are your thoughts @Westminster ?

 

Thank you for the response. Good luck with your family home build.