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Hi All
In my area I can't believe that there are about 6 auctions coming up, I find this very unusual. Anyone finding the same thing happening in their area.
I always thought auctions did not work for the Perth market.
I can't see much growth in Mt Lawley for quite a while though it's already so expensive?
Chomp
Good value compared to other over priced areas?
Your right they are selling pretty quick, nothing in good condition hangs around long.
I agree re the upper end, but by the time you buy and develop how much margin will you have.
Dont paint me as a doomer I just think prices are too high at the moment, for me anyway. Wages need to catch up.
Those five brand new three storey town houses on the corner of third and beaufort, does anywone know the asking price?
in suburbs such as mt lawley I don't believe wages have any effect or impact - it's like looking at a Ferrari and saying the price must come down because it's unaffordable. When I consider affordability I consider it in light of a far flung new estate with a "new impressions" 4x2 plonked on it.
Hi Chomp
perhaps you are correct when it comes to developing sites in Mt Lawley.
There are a couple of builders who buy huge corner lots and develop and I would say the margins must be OK but average Joe/Jane could possibility not compete with this.
I think there are some great opportunities to pick up some bargains and you may be surprised about some of the prices.
Recently a period home, nice tree lined street was on market for approx 12 months (divorce scenario), and apparently there was a caveat on the property as someone over East was owed money.
It needed a reno was listed at $1.29M, 590 sqm2 block, sold at I believe $895,000, the couple that purchased this property upgraded from Bayswater. They told me that they could not go higher and due to the caveat it almost did not go ahead. The RE agent did not initially accept their offer, but phoned them a day later with the good news.
I would say by the time they do the reno it would be around $1.5M in today's market.
Another property which has been on the market for quite some time (6 months) started off at $1.65M great location, some city views, needs a reno, but neat and tidy is now under offer I think around $1.3M.
I lived in Mt Lawley for about 16 years now and in a booming market these well located don't hit the market as they get snapped up.
If anyone is in a position to upgrade or just looking at a reno, I believe there are some great opportunities at the moment but I do feel the market will start to move as I am now seeing more sold signs.
Cheers, MTR
You never get the very best price though do you? What is the best price?
I spend a lot of time in Perth (outlaws are there) and I love the place, but I can never quite understand the way things are done in WA.
I'm always amazed at the off-market sales that seem to happen in Perth. By that I mean a house will sell without being advertised.
How on earth can a vendor know that they're getting the very best price if the agent doesn't advertise it?
If I put a house on the market and the agent wrote up an offer within a day (and I believe that happened a lot 2 years ago) then there's no way I'd believe that I couldn't get a slightly better offer if I just keep it open a little longer.
I've even heard stories of potential buyers who were really keen on particular houses, only to find that they'd been sold without been advertised. If these stories are real, then it's virtually certain that the vendor didn't always get the best price.
Fair call if the market were booming.
I am guilty of selling my last property 12 months ago prior to listing, this is why I accepted the offer....
1. Cash/unconditional
2. At least $75,000 over market value
3. Depressed market, too much stock, (demand/supply)
4. Who wants to deal with home opens and the makeovers required.
I guess it is not all black and white and some vendors will do their homework.
Cheers, MTR
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