I've been sniffing around certain areas of the perth market for a few months now looking for my next investment, and I kinda like what I see. Prices are going down, vendors sights are set a little too high I think, and they're starting to realise they need to be more competitive on price.
I've seen prices drop in the space of a fortnight and I've been to auctions for multiple properties and not a single bid was made.
Despite seeing some good value out there, i'm holding off as I expect other investors are because this will ultimately drive the price down.
With houses not selling they're going back on the rental market and this is increasing vacancy rates. So good time to buy, bad time to rent? But better times to buy still to come no doubt.
Out of interest, I've been looking at 1/4 acre blocks and older homes in Bassendean which are around 500k on the riverside of guildford rd. Bassendean is about 10km from the city. In comparison, somewhere like rivervale, you can buy development size blocks (a little smaller - 700-800sqm) with smaller houses for around the same price, but Rivervale is only 3-4kms from the city. Bassendean is perhaps a nicer area, while rivervale I think has more room for growth being closer to the city and more potential for improvements, or gentrification.
Any thoughts?
I've seen prices drop in the space of a fortnight and I've been to auctions for multiple properties and not a single bid was made.
Despite seeing some good value out there, i'm holding off as I expect other investors are because this will ultimately drive the price down.
With houses not selling they're going back on the rental market and this is increasing vacancy rates. So good time to buy, bad time to rent? But better times to buy still to come no doubt.
Out of interest, I've been looking at 1/4 acre blocks and older homes in Bassendean which are around 500k on the riverside of guildford rd. Bassendean is about 10km from the city. In comparison, somewhere like rivervale, you can buy development size blocks (a little smaller - 700-800sqm) with smaller houses for around the same price, but Rivervale is only 3-4kms from the city. Bassendean is perhaps a nicer area, while rivervale I think has more room for growth being closer to the city and more potential for improvements, or gentrification.
Any thoughts?