First IP - looking at Forrestfield WA
- Thread starter nevernotspurs
- Start date
The advert says Retic is only for back not front as I remember correct..
Well my eyes definitely don't deceive me - realestate.com.au naming Forrestfield as one the fastest selling suburbs in WA with an average of 31.4 days on market. High Wycombe not too far behind with 36.76.
http://www.realestate.com.au/blog/p...ellers-market/?pid=ref-buy-homepage-feature-1
http://www.realestate.com.au/blog/p...ellers-market/?pid=ref-buy-homepage-feature-1
yay
Haha, I'm not in yet - hopefully I can join you with the 'yays'
one of my client had this property he was selling for a while. It's a r25, (r40 proposed by local council) corner blk, 691sqm asking 399k. It has a lot of potential but for me the ROI was not high enough. Had I known it was legal to post such listings on here I would have done it.
http://www.ozhouseprice.com/property-view/WA/3380301767/1-Cumberland-Road/
edited: I was told by my client the property is still available, despite the 'sold' label.
http://www.ozhouseprice.com/property-view/WA/3380301767/1-Cumberland-Road/
edited: I was told by my client the property is still available, despite the 'sold' label.
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So the numbers didn't stack up even for you, when i'm sure you can build it cheaper for yourself rather than a client building it. Doesn't sound like a good investment at all does it?
Unless you've done your market research and analysis I wouldn't say that necessarily. And if you did before you made this statement then I would be shock.
what I said was the ROI was not good enough for me, that don't mean it's a bad investment.
When we develop a property we look at the ROI after our building company is paid it's share. so whether we end up building it our self or use another builder, the ROI should be consistent.
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So I just put my first offer in on a property in Forrestfield - Let's see how we go. I will add further details tonight for anyone interested.
Good luck with your offer..; Keep us updated mate.. I've noticed most of the other similar suburbs have been reduced in median price whereas Forrestfield has somehow managed to keep it stable. So very curious about 'putting an offer in Forrestfield market' compared to the rest.
Okay so this happened quickly...
I went in at asking price and my offer was accepted.
http://www.realestate.com.au/property-house-wa-forrestfield-119447483
I went in at asking price and my offer was accepted.
http://www.realestate.com.au/property-house-wa-forrestfield-119447483
Constantly have butterflies in my stomach, don't know if it's a good thing or a bad thing... And here I was just wanting to relax this Easter Weekend.
Yeah a couple of things that stood out with this place were the fact that it could be r20/r40 and it's got at least 4 meters between eaves and boundary of property on the driveway.
The house is pretty tired but definitely livable. Here's some quick pictures I took whilst inside today.
I can probably see straight away;
-Wallpaper off - paint walls
-Replace carpet
-Not sure about replacing tiles in bathroom and laundry as it needs to be waterproofed? and if you're doing that you'd probably replace the vanity etc so i assume something more for down the track.
Please let me know your thoughts guys.
Congrats. Hopefully everything will go smoothly.
I probably wouldn't do too much, just those items you mentioned
I probably wouldn't do too much, just those items you mentioned
With your experience in development what are your first thoughts on the property in regards to subdividing the back into a battle-axe block if it got the proposed r20/r40 zoning?
With your experience in development what are your first thoughts on the property in regards to subdividing the back into a battle-axe block if it got the proposed r20/r40 zoning?
At r40 it's a 3 unit site but one or two of the dwellings will have to be 2 storey unless you are building 2x2s. Eg 230sqm block is about 120sqm of house including garage. I'm building at the rear and leaving the old house at the front. When zoning goes through her I will knock down the front house and build 2 in its place
Okay that makes sense, so you don't think subdividing to a battle axe and leaving the existing house is using the full zoning potential? I as under the impression to stear clear of 2 story in this area as well though.
