Majorly ANNOYED

[D.T.]

Am thinking original plan of townhouse in Brisbane and one in Hobart, as close to CBD as possible

then I can shut up and go back to living my life

... for 6 months til you get some equity to go again

 

[Tulamalula]

going to see this one tomorrow

http://www.realestate.com.au/property-house-wa-east+victoria+park-116010387

 

[perthguy]

going to see this one tomorrow

http://www.realestate.com.au/property-house-wa-east+victoria+park-116010387

I like! When you are inspecting, have a look at those ceilings. Some might be a bit wonky... good for you if you include replacing them in your budget. Also, the 1960's extension may have asbestos. Again, not an issue if you budget for it.

 

[perthguy]

A retain and subdivide for me: yeah right, retain as a pile of rubble after you run a bulldozer through it.

http://www.realestate.com.au/property-house-wa-queens+park-116081027

 

[Tulamalula]

Yeah I saw the wonky ceilings, may just need a screw up. The extension is a nice space, but something that would eventually have to come off.

Mmmm, that Q Park one, flight path? Damn there's a lot of concrete the remove from that. Are you going to look at it?

 

[perthguy]

Yeah I saw the wonky ceilings, may just need a screw up. The extension is a nice space, but something that would eventually have to come off.

Mmmm, that Q Park one, flight path? Damn there's a lot of concrete the remove from that. Are you going to look at it?

Maybe. It's way further from the train station than I am looking for. Also, have to check out the ANEF. If it hasn't sold in 48 hours I might go and look on the weekend.

When you are looking at vic park, see if the bathroom might be asbestos. If so, make sure you budget for it to be removed if necessary.

 

[Tulamalula]

Not touching anything with asbestos in it, it's too expensive to remove. They already have offers on the place.

http://www.realestate.com.au/property-house-wa-belmont-116027479

another devvie block for you, $649K

one I drove past at $750K is still available ...

and this one I inspected in Leake Street - not a devvie one, but on a huge block, with small crappy house, also not sold. Will keep watching these areas. http://www.realestate.com.au/property-house-wa-belmont-115881707

Also like one in Rivervale, house is a knocker downer, but the area is really lovely and close to GE Hwy. Going to watch that one and hope the price comes down. http://www.realestate.com.au/property-house-wa-rivervale-115400603

 

[perthguy]

meh to Belmont.

The Rivervale one on the other hand...

 

[BayView]

bzzzzt incorrect.

while i dont agree with what success is saying re "wait for the crash" the above is definitely incorrect. there were significant drops in many parts of perth over a period of 4 or 5 years until the pickup began in 2012. not just distressed individual sales either but a general drop in the market.

this was all over the place, "blue chip", coastal, fringe, inner suburbs, CBD, the lot (to varying levels of course).

claiming that "they dont go backwards in Aus ever" is just as dangerous a post as saying "wait for the crash" imo.

By general drop, are you saying that all over Perth property prices were going backwards during that time you are describing?

Are there any other Perthites here - especially r/e's who can verify that the Perth market tanked like the GFC stricken USA?

Or are we really just talking a plain old stagnation?

Even during reasonable times, I have seen folks lose money on a r/e transaction. It happens every single day.

Completely operator error.

If you buy a mainstream property and adopt a longer term strategy - say; at least one cycle, I would be very surprised to see it ever go backwards.

Maybe I should have made that distinction.

I'll grant one exception; small Country town where noone wants to live anymore, which is dying a slow death.

With trading and flipping; all bets are off.

 

[ok180]

Wait for the Property correction ... it will come.

 

[perthguy]

Are there any other Perthites here - especially r/e's who can verify that the Perth market tanked like the GFC stricken USA?

Or are we really just talking a plain old stagnation?

I can't say I really followed the Perth market during the GFC because there are so many sub-markets (high end, first home buyer, apartments, OTP, inner, mid ring, out ring etc) I think it is impossible to follow the whole "market". In my little patch of Perth prices more stagnated than crashed. I saw prices ease a little and stay flat for a while. I understand the high end market did come off a bit more but I didn't follow it so I can't confirm.

 

[MTR]

By general drop, are you saying that all over Perth property prices were going backwards during that time you are describing?

Are there any other Perthites here - especially r/e's who can verify that the Perth market tanked like the GFC stricken USA?

Or are we really just talking a plain old stagnation?

Even during reasonable times, I have seen folks lose money on a r/e transaction. It happens every single day.

Completely operator error.

If you buy a mainstream property and adopt a longer term strategy - say; at least one cycle, I would be very surprised to see it ever go backwards.

Maybe I should have made that distinction.

I'll grant one exception; small Country town where noone wants to live anymore, which is dying a slow death.

With trading and flipping; all bets are off.

Hi BV
I can confirm that Sanj is correct with regards to Perth market, we had a mother of all booms from 2001- 2006, then prices crashed late 2006, in fact blue chip high end has still not fully recovered, anything over $1.3M+.

It effected all areas in Perth, however some areas did drop back as much as 40% in particular southern corridor, Mandurah area etc. Southern corridor started moving 12 months ago, Perth market around 2 years ago, started with FHB activity major factor that initially drove this current rise, sub $500K range. Now we have shortage of stock, what is particularly bullish are development sites as developers are back into swing.

I am not interested in the buy and hold strategy, waiting 7 years for growth cos I got the cycle wrong while holding negatively geared property, this is the best way to lose money. I personally would rather time the market and jump in when it is rising and selling down some stock prior to the market tanking, this way you can distribute the cash and turn negative into positive cash flow.

Not all markets tanked when GFC hit, Melb market experienced a boom during this period I think for about 18 months, started with inner city property (supply vs demand), and then the ripple effect.



Cheers
MTR

 

[westminster]

By general drop, are you saying that all over Perth property prices were going backwards during that time you are describing?

Are there any other Perthites here - especially r/e's who can verify that the Perth market tanked like the GFC stricken USA?

Or are we really just talking a plain old stagnation?

Even during reasonable times, I have seen folks lose money on a r/e transaction. It happens every single day.

.

It tanked Not like USA but many places lost 20% plus. It was called market correction after a boom causing prices to go absurd.
My Westminster block was valued as $540k during the boom for the Seller and I bought it during the 'correction' for $450k. It stayed at that value of $450k up and down a very small amount for 3 years.
High end and areas like Mandurah and surrounds tanked badly and are only now getting back to growth after stagnating since the GFC.
Some Perth people got badly burnt buying in that boom and then reality plus GFC happening.

 

[INVSTOR]

By general drop, are you saying that all over Perth property prices were going backwards during that time you are describing?

Are there any other Perthites here - especially r/e's who can verify that the Perth market tanked like the GFC stricken USA?

Or are we really just talking a plain old stagnation?

Even during reasonable times, I have seen folks lose money on a r/e transaction. It happens every single day.

Completely operator error.

If you buy a mainstream property and adopt a longer term strategy - say; at least one cycle, I would be very surprised to see it ever go backwards.

Maybe I should have made that distinction.

I'll grant one exception; small Country town where noone wants to live anymore, which is dying a slow death.

With trading and flipping; all bets are off.

My Perth properties held up during GFc. I have a capital city (not Perth) property that dropped 25%. It is worth the same as when I purchased 9yrs ago. I timed the market and purchased before any growth. I wouldn't want to be one that purchased after the growth! I'm waiting/hoping for an upwards correction soon!

 

[INVSTOR]

I saw that as soon as it listed. Looked promising but potential issues with retaining.

What do you mean by that? Retaining house or block not flat - extra costs for retaining walls??

 

[perthguy]

What do you mean by that? Retaining house or block not flat - extra costs for retaining walls??

Just looking at google maps looked like some potential issues with building retaining walls. I know this is not an issue as such but something that would need to be budgeted for. The house was in a great location on the block to keep and build either behind or on the side. Good options subject to retaining the site properly.

 

[INVSTOR]

Just looking at google maps looked like some potential issues with building retaining walls. I know this is not an issue as such but something that would need to be budgeted for. The house was in a great location on the block to keep and build either behind or on the side. Good options subject to retaining the site properly.

Thanks for explanation! Yes there's a bit of hill happening in that location! Some nice views also.

 

[perthguy]

Thanks for explanation! Yes there's a bit of hill happening in that location! Some nice views also.

It was a great block at a good price! I'm not surprised it sold in 48 hours.

 

[D.T.]

By general drop, are you saying that all over Perth property prices were going backwards during that time you are describing?

Are there any other Perthites here - especially r/e's who can verify that the Perth market tanked like the GFC stricken USA?

Or are we really just talking a plain old stagnation?

Even during reasonable times, I have seen folks lose money on a r/e transaction. It happens every single day.

Completely operator error.

If you buy a mainstream property and adopt a longer term strategy - say; at least one cycle, I would be very surprised to see it ever go backwards.

Maybe I should have made that distinction.

I'll grant one exception; small Country town where noone wants to live anymore, which is dying a slow death.

With trading and flipping; all bets are off.

Only going up by +5% is considered a crisis here. We wouldnt survive on a cent less.

 

[Tulamalula]

another one bites the dust. It's full of asbestos. Needs restumping, floors majorly uneven, most ceilings need replacing, as the originals broke they just plastered in a new ceiling, so all heights are different levels in different rooms. You'd need to spend $250K on it at least, and add $250K to a house you buy with stamps and legals for $660K, it wouldn't be worth $910. It's East Vic Park, not Subiaco.

http://www.realestate.com.au/property-house-wa-east victoria park-116010387

Back to the drawing board.