1-1.2mil Mount Pleasant

[Badhr Hari]

Hi Guys,

Long time lurker here. Single, health professional basically looking to buy an easy care PPOR in the Ardross, Mount Pleasant and Melville area. Obviously I would like to live in these areas eventually and they are quite central for my practice in O'Connor and close to the train which I can take to my other practice in Mandurah.

Basically looking for something like this http://www.realestate.com.au/property-house-wa-mount+pleasant-116161235
The opportunity cost in doing something like this is that I essentially live for free in one of our family properties in Mandurah and could use the money for a better investments. Obviously the vanity in me wants to eventually live in one of these blue chip suburbs and for lifestyle reasons closer to friends and family. Regardless - it is something I will likely do eventually.

Do you think it would be worthwhile waiting to see if the market depreciates in this 1-1.2mil price range or at least until more stock becomes available? Do you think there will be much growth for properties like this? Finally, am I being stupid in blowing all my cash on a little McMansion?

Regards

Badhr

 

[Ausprop]

well I can't see it getting any cheaper and it's not a lot of money for the location, however it seems quite crammed in on the block? not sure where you are in life but the house is completely inappropriate for kids. Of course if you were to buy it your financial voice would tell you to rent it out and keep living in the free house

 

[Corporategirl]

Great area!! I used to live in the mt pleasant/ardross areas and keen to get back in there soon!!!

Anyway - hard to tell what your personal circumstances are but I would be going for a old/old home on some land for those dollars..... And rent it out.

That is a great part of Mt Pleasant but that house to me isn't really a rental property and sometimes it can be difficult getting people to rent at the top part of the market whereas there are more people who are looking to rent at the lower end of the market.

Good luck!!

 

[D.T.]

Great area!! I used to live in the mt pleasant/ardross areas and keen to get back in there soon!!!

Anyway - hard to tell what your personal circumstances are but I would be going for a old/old home on some land for those dollars..... And rent it out.

That is a great part of Mt Pleasant but that house to me isn't really a rental property and sometimes it can be difficult getting people to rent at the top part of the market whereas there are more people who are looking to rent at the lower end of the market.

Good luck!!

Didnt he say hes looking for something to live in?

 

[VaSSagO]

Or another option is to rent where you want (Mt Pleasant/Ardross/Melville) and invest in properties that will provide better returns.

That is buy investment properties totalling $1-1.2m which will easily cover the rent you would be paying and the interest will be tax deductible.

 

[Badhr Hari]

Yes, I was looking for something to buy and live in more then anything. It was to be more a lifestyle and personal change - actually owning a home and having a base.

Obviously the smarter financial thing to do would be stay in Mandurah or rent and find IPs with decent yields or capital gains. My backup plan was to convert it to an IP if I decided to move out and use the equity for something more productive.

Do you guys think there is much potential for capital growth in this price range of the market? It doesn't look like prices have actually moved much in the last 5 years. This particular property sold for 1.15mil in 2009 and I suspect will sell for lower then this.

Regards

Badhr