Leeming anyone?

[timmyboy]

Hello All,

I'm looking for info and opinions on the state of play down around the Leeming area.
The option to purchase a 4 x 2 on 760 sqm has presented itself.
The place is in need of a bit of work - it was built 22-25 yrs ago - such as new kitchen and bathrooms, but the majority of the place really just needs freshening up ie: new carpets, paint and window treatments etc.

I have had a bit of a look on RE.com but am interested in real people's feedback on what sort of prices places in Leeming are currently worth and also likely to be worth after I've done the work.

Tim

 

[casper007]

Try Spearwood as it is closer to new marina at Pt Coogee. Close to Ocean (particularly if it is sub-divideable later) is always a sound strategy.

Leeming is pretty old and with canningvale up the road with much newer stock ... might be paying too much.

Check REIWA what is my suburb worth for more info

 

[Dazz]

G'day Tim,

I grew up a few suburbs across from Leeming, when it was mainly bush, actually anywhere south of South St was....hence the name of South St.

My parents bought a nice 3x2 B&T house on a battleaxe block in Leeming about 10 years ago, with a view to retiring there after renting it out for a few years. They are big golfing fans, and having Melville Glades GC across the road was appealing to them.

They bought it in fantastic condition off an elderly lady for 230K back in 1998, popped some tenants in there who forgot to regularly pay the $165p.w. and who proceeded to trash it with unruly teenage daughters and violent ex-hubbies trying to bash the woman every other weekend when he got drunk.

Dad eventually was forced (to protect the investment) to wade through their very messy private lives all to no avail. They managed to overuse a few candles which caused a charming black smoky effect. Eventually they left leaving a shed full of household garbage and a house full of rotting junk which I helped Dad pick up and square away. (No revenue in that caper).

Dad spent 3 full months and 15K doing the place back up to the standard to which he'd presented it initially to the tenants, and thankfully, he listened to me whilst we had a chat painting over the stained walls.

Instead of renting it out again, they pulled out of Leeming and sold it for 270K in 2004. Not good economics given the time, hassle and expense involved.

They invested the funds elsewhere in the stockmarket and have outstripped the growth seen in Leeming since. Of more importance to them at their stage in life is the lovely stream of dividends and imputation credits with no costs and no domestic screaming headaches. You sound like are in a different stage of life to my parents and therefore are probably looking forward to the inevitable hassles and expenses involved.

As to the price of houses in Leeming right now, I cannot help on that score, but expect gross yields would be about 3%, nett yields after standard outgoings about 2.2%.

 

[Ausprop]

I grew up in Leeming... use to be the dog of property investment - everytime the stats came out Leeming would be near the bottom. Anyway the huge 5x2 became too big for my empty nester parents so they followed the train line down south. Of course Leeming has since had a healthy jump and seems to be mentioned more in tipped suburb reports. But as per previous post, it was always in competition to the newer and flasher Canning Vale, tho good luck getting down South St from CV to the freeway at any sort of peak time.

 

[kelvinh]

Pretty general question.. pricing would vary alot... depending what part and what street in Leeming...

Prob do a search with VGO or similiar to get your past sale sto see what people paid for the property inthe last 3 or 6months.. $20 well spent i say...

 

[Francesca C]

Try Spearwood as it is closer to new marina at Pt Coogee. Close to Ocean (particularly if it is sub-divideable later) is always a sound strategy.

I am a big Spearwood fan at the moment, i think it is an excellent investment, medium 480k, big blocks, close to new marina, close to fremantle..... rezoning in the pipeline

Go for for a big block, so that you can knock the house down and develope

 

[timmyboy]

Cheers

Thanks for the replies so far guys, much appreciated.

I should probably add a few more tidbits of info to the initial post to include some more relevant info.

It is currently owned by my parents-in-law. The place would be as a PPOR, however I simply cannot make a property purchase without considering the prospect of capital gain even if it is going to be my home forever more....

Purchase price is in the region of 490 - 510K, which seems to be about 60K less than the cheapest house of similar standards in the area. I'm wondering how much more value we would actually add to the place by doing the renovation.
Anyone know the prices that fully reno'd/modernised places go for in the area?

Location is in a small and quiet street just off Findlay Rd (about halfway down to Farrington).

We currently reside in Ellenbrook and are more than well on the way to the great aussie dream. However, both sides of the family all live down in the cannington / willeton areas so the prospect of being "closer to home" is inviting. Not inviting enough, though, to buy in to a place with no upside.

Keeping the Ellenbrook place and buying in Leeming is not an option due to cashflow issues.

Thanks

Tim