mirrabooka, balga, nollamarra

[sanj]

This one went for $575,000 cash offer day 1, 8 offers on the table.

http://www.realestate.com.au/property-house-wa-morley-113114959


Front property, depending on location and condition will sell for $450,000
rear villa depending on specs will sell for $525,000, but they have also sold higher, once again lots of variables to consider.

What can I say, its a crazy market, it just keeps rising, I know cos I keep having to pay more for next deal, I'm done now, until I finish my build.

so rear block will prob cost $180-200k

Add $200k to build (incl planning and holdign costs), take into account selling costs, GST etc and youve prob got $80k profit.

 

[MTR]

so rear block will prob cost $180-200k

Add $200k to build (incl planning and holdign costs), take into account selling costs, GST etc and youve prob got $80k profit.

If I was going down this road I would not sell any, access equity as it would be neutral/cashflow positive on completion.

Rear blocks - I believe there is a demand for these and I have seen prices as high as $295,000, which I find this amazing, but from what I have seen they do sell.

Retaining the front, would need to build carport ($5000-10,000) and of course the front house would need to present well if one was considering selling rear (land or house).

 

[aramz]

I have regarding retaining existing houses and building at the back. On a site that is 750sqm but is R40 is it possible to build a 200sqm unit at the back whilst renting out the existing dwelling (side access permitting a laneway to the back of the property) the upon completion of the unit at the back using that equity to fund demolishing and construction of the other 2 units? Kind of like a staged construction... anyone ever heard of this being done before?

 

[aramz]

Also with regards to putting a dwelling behind the existing house you would need a min of 420sqm for say an R30 coding but if you built a driveway to the back of the property and the existing front property had a newly built carport with access simply running off that driveway rather then it's own driveway to the street front would that now make the minimum space required for the rear dwelling 270sqm (under R30 zoning)?

This was mentioned before by someone but I just wanted to clarify as I was challenged by someone about this earlier today.

 

[HD_ACE]

This one went for $575,000 cash offer day 1, 8 offers on the table.

http://www.realestate.com.au/property-house-wa-morley-113114959


Front property, depending on location and condition will sell for $450,000
rear villa depending on specs will sell for $525,000, but they have also sold higher, once again lots of variables to consider.

What can I say, its a crazy market, it just keeps rising, I know cos I keep having to pay more for next deal, I'm done now, until I finish my build.

WOW!!! Good news for me.

The market really has picked up.
Im glad i got in with mine 12months ago which is just around the corner from this one. Similar potential.
Keep it coming

 

[westminster]

Also with regards to putting a dwelling behind the existing house you would need a min of 420sqm for say an R30 coding but if you built a driveway to the back of the property and the existing front property had a newly built carport with access simply running off that driveway rather then it's own driveway to the street front would that now make the minimum space required for the rear dwelling 270sqm (under R30 zoning)?

This was mentioned before by someone but I just wanted to clarify as I was challenged by someone about this earlier today.

This is correct - this is the way to do it using the strata grouped housing rules instead of the battleaxe rules. Once the properties have Common Property you can use the grouped housing rules

 

[westminster]

I have regarding retaining existing houses and building at the back. On a site that is 750sqm but is R40 is it possible to build a 200sqm unit at the back whilst renting out the existing dwelling (side access permitting a laneway to the back of the property) the upon completion of the unit at the back using that equity to fund demolishing and construction of the other 2 units? Kind of like a staged construction... anyone ever heard of this being done before?

Yes - though you might not have any equity. You would strata title the rear block once built and then seek permission from the bank to demolish the front to build 2 more. .
Personally this is the way I would recommend doing it to make the most of the block and make it future proof.
Down the track when the front house no longer holds value to you then you can demolish and put 2 units on it.
HOWEVER the downside is that you might not get as good a deal on the construction as you aren't building 3 at once.

 

[Aaron Sice]

Also with regards to putting a dwelling behind the existing house you would need a min of 420sqm for say an R30 coding but if you built a driveway to the back of the property and the existing front property had a newly built carport with access simply running off that driveway rather then it's own driveway to the street front would that now make the minimum space required for the rear dwelling 270sqm (under R30 zoning)?

This was mentioned before by someone but I just wanted to clarify as I was challenged by someone about this earlier today.

min 270sqm, average 300sqm.

min battleaxe size must be 420sqm for a GREEN TITLE but if you choose survey strata you can have both lots at 270sqm and the common driveway area (min 60sqm) to make up to your average 300sqm.

generally, you put as little as possible in the driveway and as much as possible per individual lot as you can sell the individual portions but the driveway area tends to be lost value.....but its needed to provide the lot in the first place....catch 22.

*edit* just saw westminsters post. sorry!

 

[MTR]

WOW!!! Good news for me.

The market really has picked up.
Im glad i got in with mine 12months ago which is just around the corner from this one. Similar potential.
Keep it coming

I did not secure this one, but I thought it was a little gem, deceased estate, great location and the house was immaculate.
I eventually secured a 3 unit site, one door closes and one door opens

 

[MTR]

morley retain and builds are $570k now???

good lord. arent front homes still 420-440? Why would anyone pay these crazy prices?

Morley was always undervalued imo but now is looking a bit expensive.

Hi Sanj
just had to post this one, the agent phoned me last week before it hit the market, not an ideal location, backs onto Tonkin Hwy. I will be watching to see if anyone pays this silly price.

http://www.realestate.com.au/property-house-wa-morley-113314531

 

[HD_ACE]

Hi Sanj
just had to post this one, the agent phoned me last week before it hit the market, not an ideal location, backs onto Tonkin Hwy. I will be watching to see if anyone pays this silly price.

http://www.realestate.com.au/property-house-wa-morley-113314531

Maaaate your dreamin' ,
but then again ..........................

 

[Rhinsor]

Less then 100 views and only up yesterday.

What do people think?

I would be really interested but looking at two properties already.

http://www.realestate.com.au/property-house-wa-girrawheen-113376915

 

[Rhinsor]

http://www.realestate.com.au/property-house-wa-balga-113371923

Easy retain and build.
Right near the tafe and starting point of the proposed light rail.

Auction in 2 weeks.

 

[ems]

Less then 100 views and only up yesterday.

What do people think?

I would be really interested but looking at two properties already.

http://www.realestate.com.au/property-house-wa-girrawheen-113376915

Apparently there's an offer on this one, just waiting to hear back from the owner who is interstate. Places are going fast, too quickly for us! Everything we enquire about is taken within a day of advertising..

Ems

 

[Rhinsor]

I wonder how long this crazy buy up will last!

I personally know first home buyers who slept out in ellenbrook last night just to have a chance to buy some land which they got.

 

[sanj]

Apparently there's an offer on this one, just waiting to hear back from the owner who is interstate. Places are going fast, too quickly for us! Everything we enquire about is taken within a day of advertising..

Ems

If youre serious about buying in Perth atm 8d suggest using a buyers agent for interstate buyers

 

[Of The Vultures]

If youre serious about buying in Perth atm 8d suggest using a buyers agent for interstate buyers

I wanted to and spoke to one about a duplex block but since my purchase budget is fairly low ($300-400k), the fees really eat into any equity I'm looking to make

Looks like I'm on my own for this one, but then I'm looking in the outer suburbs/Mandurah way (market's not as crazy... yet).

 

[ems]

I wanted to and spoke to one about a duplex block but since my purchase budget is fairly low ($300-400k), the fees really eat into any equity I'm looking to make

Looks like I'm on my own for this one, but then I'm looking in the outer suburbs/Mandurah way (market's not as crazy... yet).

Yep I was told the same by a buyer's agent yesterday as our budget is around the same as yours..

Ems

 

[scarboroughwa]

I wanted to and spoke to one about a duplex block but since my purchase budget is fairly low ($300-400k), the fees really eat into any equity I'm looking to make

Looks like I'm on my own for this one, but then I'm looking in the outer suburbs/Mandurah way (market's not as crazy... yet).

I'm liking Mandurah too.

Just a shame there's no employment down there.

Still, I've got a close eye on it.

 

[Of The Vultures]

I'm liking Mandurah too.

Just a shame there's no employment down there.

Still, I've got a close eye on it.

I'm slowly making my way through Directions 2031, according to that employment self sufficiency in Mandurah is ~60-70% (can't remember exactly) which compares relatively well to say, Armadale (40%ish?). I know the unemployment rate there is currently higher than Perth but overall I'm liking what I'm reading regarding future plans for the area.