mirrabooka, balga, nollamarra

[scarboroughwa]

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.

I guess that Mandurah residents are travelling out of the area to work as there is little to no employment there.

Whereas Armadale is, on the whole, lower socio economic, which may account for the figures.

All the same, I like the look of Mandurah, and I wouldn't mind retiring there which is a bonus if I had properties in this location.

 

[Of The Vultures]

I guess that Mandurah residents are travelling out of the area to work as there is little to no employment there.

I would have thought employment self sufficiency meant the opposite? Anyway, lets not hijack this thread with discussions about Mandurah.

 

[MTR]

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 it did not go to auction someone must have paid at least $410,000, it was only about 1 month ago that I could have purchased a property in Balga for $385,000.

Wonder if the villas are moving though???? Last time I looked you could purchase the average villa around $350,000-360,000.

Its hardly worth developing in this area as there just is no fat in the deal.

 

[MTR]

I guess that Mandurah residents are travelling out of the area to work as there is little to no employment there.

Whereas Armadale is, on the whole, lower socio economic, which may account for the figures.

All the same, I like the look of Mandurah, and I wouldn't mind retiring there which is a bonus if I had properties in this location.

If you are interested in Mandurah I would also look at Golden Bay and Singleton north of Mandurah, properties close to the beach, they are cheap.

Also, FYI, Madora Bay stats recently reported 15% increase, highest in Mandurah. Nice spot.

 

[MTR]

Girrawheen over $400,000

Looks like we are now starting to see properties in parts of Girrawheen selling for over $400,000, admittedly renovated and a corner block, but I do not believe you can retain the house.
I purchased a nice house on this street for $325,000 June 2012.

Be interesting to see how quickly it sells/selling price??

http://www.realestate.com.au/property-house-wa-girrawheen-113370539

 

[MTR]

Looks like we are now starting to see properties in parts of Girrawheen selling for over $400,000, admittedly renovated and a corner block, but I do not believe you can retain the house.
I purchased a nice house on this street for $325,000 June 2012.

Be interesting to see how quickly it sells/selling price??

http://www.realestate.com.au/property-house-wa-girrawheen-113370539

Its under offer and went relatively quickly so assume buyer is paying close to top end. Has the world gone mad, you can buy in Balga cheaper with zoning.

I think panic buying is setting a new trend in the area, or is it everywhere????
If this continues who knows what prices they will fetch at the end of the year.

 

[westminster]

Its under offer and went relatively quickly so assume buyer is paying close to top end. Has the world gone mad, you can buy in Balga cheaper with zoning.

I think panic buying is setting a new trend in the area, or is it everywhere????
If this continues who knows what prices they will fetch at the end of the year.

To be honest that corner of Girrawheen is much nicer than Balga even if it is further from the city.

It's very interesting to see Girrawheen doing better.

Want to see a holy crap link? OTP Westminster Triplex - 3 x 2 with Theatre $490-525k

http://www.realestate.com.au/property-house-wa-westminster-113467691

 

[Blacky]

To be honest that corner of Girrawheen is much nicer than Balga even if it is further from the city.

It's very interesting to see Girrawheen doing better.

Want to see a holy crap link? OTP Westminster Triplex - 3 x 2 with Theatre $490-525k

http://www.realestate.com.au/property-house-wa-westminster-113467691

They are having a laugh surely?

I see no way they will get that... will they?

 

[MTR]

Blacky
they are giving it their best shot, I have seen stranger things happen, irrational buying, panic setting in, people do crazy things when they think they are going to miss out.

 

[MTR]

Update

Hi All
Just thought I would give an update.
I also spoke to RE agent yesterday who sells in these areas.

Balga
Apparently Balga villas are now selling for around $400,000 and of course RE agents can not get enough stock. It was only 2 months ago I think you could pick these up for $360,000

Balga Development site/triplex 728 sqm selling for over $420,000, only 2 months ago could buy for $385,000.

Girrawheen
3x1 homes, with potential for rezoning in reasonable condition getting close to $400,000, this area continues to rise, I think it may shortly break the $400,000 barrier.
Satterley selling and renovating homes JV with Govt, have always sold perhaps 10% cheaper where only FHB could purchase. Was advised that these homes will be now selling for $400,000. I have not seen many come on the market lately.

Where from here??? I think its just going to continue to rise.

I got a phone call regarding a Balga block yesterday over 800sqm, they want $500,000

 

[HD_ACE]

I got a phone call regarding a Balga block yesterday over 800sqm, they want $500,000

In balga

 

[MTR]

In balga

Yes, I know shock horror, actually I think it could be around 880sqm, I don't believe you would be able to build 4 units.
Will see how long this one takes to sell

 

[HD_ACE]

Will see how long this one takes to sell

They must be confident. I actually wouldnt be suprised if the manage to sell it for around that with the lack of stock and all.
Time will tell.

 

[MTR]

A new twist to the game.

I met up with building company today and he told me his developers are now paying real estate agents $2000 to secure a property, forget the buyers agents go directly to the agent. Infact its cheaper than a BA, the problem I see is the price will keep going up.
.

 

[westminster]

A new twist to the game.

I met up with building company today and he told me his developers are now paying real estate agents $2000 to secure a property, forget the buyers agents go directly to the agent. Infact its cheaper than a BA, the problem I see is the price will keep going up.
.

Ouch and illegal - you can't act for both parties

 

[MTR]

Ouch and illegal - you can't act for both parties

Conflict of interest, but who is going to tell, desperate buyers and greedy RE agents.

 

[INVSTOR]

Conflict of interest, but who is going to tell, desperate buyers and greedy RE agents.

You forgot lazy there's a re agent around my way who isn't bothering with photos or home opens unless the property doesn't sell after a week. I guess it saves a lot of work!

 

[MTR]

This RE agent is not lazy, he gets the best price for his sellers.
He sold this for $415,000 nothing special

http://www.realestate.com.au/property-house-wa-girrawheen-113573139

He also sold another, forgot the address, apparently 4 mtre drop, $420,000.

Oh well, I think we could see price heading towards $450,000 sooner than later, never expected this to happen so quickly.

MTR

 

[sanj]

these buyers are officially insane.

2 lot site, still a few years away from rezoning, generally cant be retained etc and theyre paying nearly the same as 3 lot sites in balga which are ready to go but still have rubbish returns?

whoever bought in low 300s is looking pretty good atm

 

[MTR]

these buyers are officially insane.


whoever bought in low 300s is looking pretty good atm

I know

Though, it is not only aspiring developers that are purchasing, there is also great demand from FHB that want double brick homes and are not too worried about the development potential.

Surrounding areas have higher entry levels and Balga homes at this price in the main need to be demolished.

Affordable housing for FHB this close to city is difficult to find at this price point. One other area that comes to mind is Alexander Heights, however not as close and IMO not the same potential growth due to rezoning.

MTR