Looking to buy first property

Hey guys,

I have been browsing the SS forums for a few months now and thought it would be the right time to ask a few questions. I am currently looking to purchase my first property (hopefully not my last!) and this seems like the place to bounce ideas around. At this stage I'm looking at the areas of Girrawheen and Koondoola as good entry points. Both areas are with 15km of the city and much like Balga they are changing from majority state housing to villas etc. Block sizes are generally around 700m2 with areas flagged for re-zoning R40 & R60. These factors indicate a good long term investment in my opinion with Perth still set to expand and land within 15km of the city a finite resource.

My two main questions are;

1. Are these areas now over-priced due to investor interest? Both areas have had marked increases in price over the past two years. Is it too late?

2. Through looking I have seen many properties highlighting "potential triplex site" on 690-700m2 blocks , my understanding of the R codes (still somewhat limited) is that for R40 the minimum size per dwelling is 200m2 with an average of 220m2. Given that, having 3 dwellings on these sites is theoretically possible but would it be too small and cramped?


Any help on these would be greatly appreciated :D

Thanks guys!
 
I think Koondoola still has some value. Girrawheen is approaching $500k fast. I purchased in the Marangaroo area included in the rezoning last October, but it is a combination of my PPOR and will subdivide and have my investment at the rear.

As for triplex on that amount of land, it is near impossible unless you have a corner lot, and even then...

I still think for the price that whole area is still decent value, though not as good as it was, since as you said, there is not much within 15km of CBD on 700m2 at that price.

My only note from the last couple of weeks is that Girrawheen High School is being looked at along with Warwick for potential closure/merging due to small size. Ideally if they merged into Girrawheen it would be fantastic, but it is all chinese whispers at the moment.

Could be interesting, since I am fairly sure areas to be rezoned were worked around certain metre radius of the school for some spots.
 
Good thread, these are pretty much the same questions I have. I am looking for a PPOR, which I want to turn into an IP later down the track. Within 15kms of CBD, size open to development later is a bonus but not a requirement. Budget ~$450k.

Keep this thread going!!
 
Hey guys,

Sorry for the late reply. Busy weekend and R&R.

Thanks for that info boeman, good to get other peoples opinions! I went and had a look at a couple of properties over the weekend that were in the low 400's. I think if you can get in at that price the potential is definitely there for the future, but as you said the majority of properties are heading towards 500.

With the rezoning of these areas I have been reading many people think this may not be occurring until 2017? Can anyone shed any light on that?
 
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