Growth In Byford WA

[Gecko235]

I have a property in Byford and have about 80-100k give or take in equity. My buyers agent is suggesting sell my property in Byford and buy in Melbourne because I can't meet the serviceabilitiy for the banks. It was a land and package deal 560sq block.

I would like to know what everyones thoughts on Byford are.

 

[Jake D]

I have a property in Byford and have about 80-100k give or take in equity. My buyers agent is suggesting sell my property in Byford and buy in Melbourne because I can't meet the serviceabilitiy for the banks. It was a land and package deal 560sq block.

I would like to know what everyones thoughts on Byford are.

I have no idea what the appeal of Byford is.

 

[D.T.]

I don't see Byford going anywhere; it's not close to anything good.

But why does the BA recommend Melbourne if there's a serviceability problem (and how does he know that?) - Melbourne has a higher median than Perth doesn't it?

 

[MTR]

I have a property in Byford and have about 80-100k give or take in equity. My buyers agent is suggesting sell my property in Byford and buy in Melbourne because I can't meet the serviceabilitiy for the banks. It was a land and package deal 560sq block.

I would like to know what everyones thoughts on Byford are.

Don't know too much about this market, but I think you need to find out what it would sell for in current market and turn around sale time for this area. Last thing you want is a property sitting on the market that wont sell.

Is this an IP? if so you will be paying CGT??

I would also be chatting to a mortgage broker before I took the advice of the BA?? He/she could be wrong.

If there is one thing I have learnt over my years of investing is always do your own homework to ensure the information you are given is correct.

 

[Aaron Sice]

Byford is earmarked to become a satellite CBD / service hub in the next 10 years - you can see the beginnings now. Mundi will be service, Byford will be business.

The boffins originally planned for it to link up with Mundijong, but it will more than likely have it's own identity and align closer with Armadale, however massive road works happening through the centre of Mundijong to link up to Byford proper - creating a boulevard of sorts.

We're going to see more of the connection of these smaller towns - and they will start to become bigger towns.

Byford is predominantly working class folk, some youth there, but mainly small families.

It has a lot of growth left physically, but far be it from me to comment on whether that translates into financial growth. I don't think people appreciate just how big Byford is when just driving through town on the highway.

 

[Gecko235]

Yes I would be paying CGT and it is an IP. That is the drawback and why I'm on here asking asking about what people think of Byford. Trying to weigh up my pros and cons.

He has suggested selling because he has picked his new area which should have some good growth in the new future and is zoned for development.

I have only bought 1 through him so far but have kept track of the other properties he has suggested. They have done well.

He has a finance team so he is more then just a BA.

I have spoken to other brokers and banks myself, so I know I don't meet serviceabiltiy, its hard when you only want to work part time and earn 20k pa lol.

 

[westminster]

Well if you don't meet servicebility (and I would get a broker to check) then yes you need to weigh up opportunity cost of keeping Byford vs the other site.

I'd be hesitant to sell though. I'd just bide more time and then buy something else

 

[MTR]

Yes I would be paying CGT and it is an IP. That is the drawback and why I'm on here asking asking about what people think of Byford. Trying to weigh up my pros and cons.

He has suggested selling because he has picked his new area which should have some good growth in the new future and is zoned for development.

I have only bought 1 through him so far but have kept track of the other properties he has suggested. They have done well.

He has a finance team so he is more then just a BA.

I have spoken to other brokers and banks myself, so I know I don't meet serviceabiltiy, its hard when you only want to work part time and earn 20k pa lol.

Also, be mindful that Perth has pretty much experienced 2 years of growth, and we have now moved from a market of undersupply to perhaps too much stock??? Times are a changin'.

Depending on your specific scenario with regards to servicing, there is a RAMS product lo doc, borrowing under $750K, however your accountant will need to sign off on income.

 

[Gecko235]

I have spoken to brokers as well. I have 2 mortgages of $338k and $331. Both IP and both rented. Rents are $360 and $410 p/w.

I would prefer not to sell obviously for CGT but I am considering the idea.

Selling is not how I would like to do it either but I want to consider all avenues.

 

[Gecko235]

Originally I bought the house for potential to live in (if i ever had to move out of home) and as an ip. Now it is purely for an ip.

I plan on living in other areas such as Mandurah or Rockingham now