Any reason not to buy in Mirrabooka

Q

qvisvo

Hi,

I want to know if there is any reason not to buy in Mirrabooka? and I also wanted to know what are the reason to buy in Mirrabooka.

Mirrabooka is suburb of Perth 10Km away from the city. It has plenty of transport, has huge Mirrabooka shopping centre, it is next to St Andrew Dianell (million dollars homes), average land side is 690sqm and the price for 4 bed room is around 340K. Rental can is around 340 to 360 per week. It is next to a growing Malaga industrial area which is around 1KM away. Would you buy in this area as it seem to have lots of potential?

also future rezone could be on the card as the surrounding suburb like balga has been rezoned.

Thank in advance for any of your comment.
 
Hi qvisvo,
a quick search on RE.com shows the cheapest 4 bedder in Mirrabooka listed is from $437,000...a little higher than your quoted $340k. Although, it appears that there have been some previous sales in the high 300's, this is still quite a lot higher than your figure.

At your assumed figures, the gross yield would be somewhere around 5.35%, however when you look at what the asking prices are at the moment, you would probably be looking at 4.2% ish...

You would have to be pretty certain of an imminent rezoning of the area to get me interested based on these figures..

Just my take on things...

Boods
 
Boods, Why does it have to be a 4 bedder ?


Steve, Does thatn really mean it's a bad investment ara ?

I'm curious what others thihknk as I ahve an IP down the road in Balga


Should have bought there ar ,few year s ago 9when the antisocial behaviour was even worse , woud have nbeen in a better position by now..

Oh well, here's hoping the street fighters dont stop the economny from moving
 
This one here go for 330K so base on that price I can assume the price for 4 bedder is around 340?

4 bedrooms House for Sale. From $330000. 18 Fragrant Gardens, Mirrabooka, WA 6061.
 
boods99 said:
Hi qvisvo,
a quick search on RE.com shows the cheapest 4 bedder in Mirrabooka listed is from $437,000...a little higher than your quoted $340k. Although, it appears that there have been some previous sales in the high 300's, this is still quite a lot higher than your figure.

At your assumed figures, the gross yield would be somewhere around 5.35%, however when you look at what the asking prices are at the moment, you would probably be looking at 4.2% ish...

You would have to be pretty certain of an imminent rezoning of the area to get me interested based on these figures..

Just my take on things...

Boods
Click to expand...

Boods, what zoning do you think it has at the moment & what zoning chagne would they need to have planned to spark your interest

qvisvo, I jsut did a search on 3 bed + / 700 sqm land / Mirrabooka (not including surrounding suburbs/not including under offer), not many results and didn't inlcude 18 Fragrant gardens ....
 
jaycee said:
Boods, Why does it have to be a 4 bedder ?


Steve, Does thatn really mean it's a bad investment ara ?

I'm curious what others thihknk as I ahve an IP down the road in Balga


Should have bought there ar ,few year s ago 9when the antisocial behaviour was even worse , woud have nbeen in a better position by now..

Oh well, here's hoping the street fighters dont stop the economny from moving
Click to expand...

jaycee,
It doesnt have to be a 4 bedder, however the OP stated that this is what they were looking at in the first post...

Boods
 
jaycee said:
Boods, what zoning do you think it has at the moment & what zoning chagne would they need to have planned to spark your interest
Click to expand...

Mirrabooka is predominantly zoned R20.
To get me interested it would have to be rezoned R40...I'm not holding my breath...;)

Boods
 
jaycee said:
Steve, Does thatn really mean it's a bad investment ara ?
Click to expand...

Not neccessarily but it can have an impact on the quality of tenants and if your property is looked after. Also capital growth may be hindered as you're not really buying the worst house on the best street, but the worst house amongst other worst houses.

Balga is a whole different story. DoH moved countless tenants out (and into Clarkson) and sold a lot of property to developers. The zoning is great, Westminster was created and overall the suburb has gone through a stage of evolution.

Mirrabooka to me presents similar challenges as say Ballajura. Not much subdivision potential, but its neighbouring suburbs are interesting.
 
No

Looked at getting one but ended up with a new villa instead. Bought October last year..

A triplex block bought a couple of years earlier would have been good to have now !
 
Balga/Westminster has been moving for about 12 years now. I recently did 2 feasibilities there for a client. One showing a loss of 9% and the other borderline breakeven.

If you're interested in purchasing there, get the numbers right early and buy well. Asking prices are way too inflated at the moment to make any return worth doing. You have to have the numbers behind you and go in knowing the offer will return 20%+.

It'll be frustrating also as the RE agent will rightfully look after the vendor and be looking for naive mums and dads who will pay too much.
 
^^^agreed 100%

There has not been a profitable deal in Balga/Westminster for a couple years based on my experience. For some reason, people are still buying them though...they just end up having to sit on them for a few years.

Thats why I asked jaycee when he bought his, as if it was a while ago, he may have been sitting on a nice little earner!

Boods
 
Mirrabooka

Haven't been in the Mirrabooka area for ages but here's the crime stat's for the area to June 2010
 

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