Midland Property WA Investors

[hrichmond]

Hello to all,

Could anybody put some light on whether it is worth purchasing a new 3 bedroom unit in a secure block in East Midland(2mins to Midland Gate)($155,000) aircon, two wc's,security fencing,single garage with electric door.

Not sure about the area but heard it is a good booming suburb. Anybody who has or currently investing in the suburb I would appreciate your thoughts.

Regards.
"H"

 

[TheBacon]

mmmm, sounds OK.

150k for a new apartment is cheap. However 150k will buy you a house in the area also. Also what will it rent for - $170/pw? As far as I know there is no such suburb as east midland, the next one east is Belleview.

If you let me know where exactly I can go have a look (I live 10mins from midland). Note; I am NOT going to beat you to a deal, I am up to my eyes as far as loans go already

Midland has a great old town centre, is about 35 mins to town by rail and about 35-45 by car (depending on time of day and route). It was once a 'regional' centre that is now part of metro Perth and as such has a lot of it own infrastructure (banks, hospitals, shops, etc). The only downside is that Perth people (and aussies in general) love the beach and Midland is along way from the beach. Also it s one of the last places to get the "Freo doctor" in summer, therefore hot as hell in January !!!

There is a MAJOR redevelopment project underway which has already pushed prices up a lot (over 30% compared to about 13%? for perth overall). However Midland was (and still is) relatively cheap. There is a lot of land where the old train yards were that is earmarked for a new housing precinct. If your unit is in here then I would say its not a bad buy as this is very close to all amenities, very convenient and close to the historic town centre.

Midland has shot up in value because of the coming redevelopment, however the major part of this has not occured yet. Because this development hasnt happened yet I feel there is still a fair amount of upside in the area, although I havent looked there seriously for about 6 months (you may need to talk to agents inthe area to get a feel for CURRENT trends).

Chech the reiwa site for info on the area including;
midland http://www2.reiwa.com/content-suburb-detail.cfm?StatsID=124
Belleview http://www2.reiwa.com/content-suburb-detail.cfm?StatsID=21

You could do worse than Midland. But check just how close you will be to the new developments, anything walking distance to the old town will do well. Dwellings further out may lose that 'convenience factor' of being right on top of the shops, resteraunts etc.

Good Luck

PM me if you want me to go have a look for you, or with you

TheBacon.

 

[hrichmond]

Thanks the Bacon,

You certainly do explain your self very easy. I am too from Perth but very new to investing. The development is just up Gt Northern highway about 200metres up from Morrison road so I believe it is close to everything but not exactly right in the middle of Midland Gate. I am seeing the developer today to make a decision so thanks for the offer of drive by. I will try to call into a couple of real estate offices beforhand.

So it is more towards the Guildford end of Midland rather than Midvale.

Is this a better area???

Thanks
H

 

[TheBacon]

Sounds good HR,

remember with new units you can still offer less than the list price... Look up the FAQ on negotiating and see if you can get a reduction (even 1k less is 1k more in your pocket).

Sounds reasonable so long as you've done your numbers and they work for you in your personal situation and within your strategy.

Good Luck

TheBacon