Hi All
Just got back from Mandurah, very interesting development blocks have gone up apparently between $60-70,000 and rising.... how did I miss that, too busy with Perth stuff
Apparently there are now multiple offers, in particular deve sites, highest wins out, 5 unit site sold for $400,000 last week I think. Oh yes this sounds very familiar, but there is time I think.
Also, not only deve sites moving but stock in general. My agent sold 12 over the last month, with Spring on its way I think we may even see more activity. Not sure whether we will see another IR drop, if we do, it will be bedlam I imagine.
For those looking at deve sites in Perth that are ridiculously expensive, perhaps it is now time to start looking at Mandurah and southern corridor.
My be a good idea to also do the sums on land and house packages, see if it works, Madora Bay, Singleton, Meadow Springs, Halls Head .. wherever you can source at the right price that stacks up.
Also with developments, I think keep it simple, build what people want, agent on to his next development and wont sell one, cos the rents cover the loan. We agreed that developers should not build cheap and tacky, buyers expect more these days, ie stone bench tops, skirting, you may be surprised to find out the end value will be more and easier to sell.
From my little research I found that if I use a spec builder and add the fruit it costs me more than going down the route of a smaller builder, I think cos they have got it worked out the best way to minimise costs but still have the right impact, the 'x' factor.
Time to be networking with RE agents and builders in the area and start looking at comparable sales/sold properties. Most importantly find out what buyers want in the area and build that product.
MTR
Just got back from Mandurah, very interesting development blocks have gone up apparently between $60-70,000 and rising.... how did I miss that, too busy with Perth stuff
Apparently there are now multiple offers, in particular deve sites, highest wins out, 5 unit site sold for $400,000 last week I think. Oh yes this sounds very familiar, but there is time I think.
Also, not only deve sites moving but stock in general. My agent sold 12 over the last month, with Spring on its way I think we may even see more activity. Not sure whether we will see another IR drop, if we do, it will be bedlam I imagine.
For those looking at deve sites in Perth that are ridiculously expensive, perhaps it is now time to start looking at Mandurah and southern corridor.
My be a good idea to also do the sums on land and house packages, see if it works, Madora Bay, Singleton, Meadow Springs, Halls Head .. wherever you can source at the right price that stacks up.
Also with developments, I think keep it simple, build what people want, agent on to his next development and wont sell one, cos the rents cover the loan. We agreed that developers should not build cheap and tacky, buyers expect more these days, ie stone bench tops, skirting, you may be surprised to find out the end value will be more and easier to sell.
From my little research I found that if I use a spec builder and add the fruit it costs me more than going down the route of a smaller builder, I think cos they have got it worked out the best way to minimise costs but still have the right impact, the 'x' factor.
Time to be networking with RE agents and builders in the area and start looking at comparable sales/sold properties. Most importantly find out what buyers want in the area and build that product.
MTR
