Mt Lawley unit - going to start looking

True, I've always stayed a little further out. We were wanting to buy our family hoe in Mt Lawley, couldn't afford it back in 2007 when things were crazy, couldn't even afford Inglewood, so we went to Maylands. The changes here in 6 years, wow - but still a cruddy local Coles and problem with boozing drunks and drug addicts at local IGA.

May have to reconsider prices in Mt Lawley, there are 2 listed under $450K and one is actually in Menora. They want $399K for this run down POS, check out the bathroom and what is holding up the vanity!!!

http://www.realestate.com.au/property-apartment-wa-mount+lawley-115629291
 
Love the art deco houses and units, our PPoR has deco lead lights pulled out of a 1920s house - best part of the house. Was salivating over a deco unit at Bondi Junction.

Those links are good, good prices, the third one looks a bit weird.

i would prefer something that is in good condition but needs at least a new bathroom somewhere down the track. After owner building this place I have a good team who do things well under price, our bathroom was a complete strip and change around of plumbing - cost $12K including fittings and a $2000 spa bath) when we were quoted $20K by one of those "we'll do up your bathroom and take care of everything" type companies.

I also enjoy renovating.

The third property is the property with the wow factor, just drive down this street and you will get it. Also land component with these townhouses.
 
Beanie Girl,

I have never been into units or townhouses, but want to start small with the first IP. I hear you re land appreciating not houses, but keep in mind units etc are also built on land, and they do appreciate in value.

Very mindful of the strata fees; have factored in all that. The numbers I have crunched thus far leave me with $400 month to add to the cost of a unit, but with a house what i have to take from my own pocket is much more as rents aren't equivalent to mortgages - from what I have seen anyway.

Eg 2 bed house in Perth inner city cost to buy approx $600, but only attracts $400 rent at most.

But maybe I will buy 5 Ips in 2014, getting greedy now :)

Why do investors want to keep comparing units vs houses, these should be considered separately, its all about demand vs supply. Sometimes there are some great opportunities buying units as there is a shortage of stock, no brainer, you will achieve growth.

This is the case in Mt Lawley at the moment, $1.2m+ not moving, however units are moving, its very basic, supply vs demand, so houses and units are trending in different directions.

Another example......Would I buy a unit in Marrickville Syd, of course its a rising market there is money to be made

MTR
 
Because every time you went out the front door, you would be propositioned by a hooker and then stabbed by a meth freak

It's not that bad :)

I have 2 properties in the Highgate end of Wright Street and the area has cleaned up a bit - location really is very good with walking distance to everything.
 
It's not that bad :)

I have 2 properties in the Highgate end of Wright Street and the area has cleaned up a bit - location really is very good with walking distance to everything.

This is correct, it has improved greatly. My daughter was living in this precinct and really no issue.
 
As MTR has stated the 'hub' of Mt.Lawley is the place to be if possible.This is encompassed by;Railway Parade,Central Ave,Walcott Street and Alexander Drive.The areas either side of Beaufort Street are the most affluent.
 
Oh the fence is a lot better than it was when photographed for Street View, am sure a well directed molotov cocktail and resulting fire will fix that fence :D
 
I doubt it would get the rents in Bassendean, it's pretty far out and for same price I can get a 2 bed unit/villa in Maylands, Inglewood, Mt Lawley.
I have managed properties in Ashfield, Bassendean, Eden Hill and Yokine, there is huge rental demand for all. With a new cheap kitchen I think the unit would easily rent at $420/wk, no body corp fees.

It does, and yes there is new shopping centre going in there, but Mt lawley already has this and the prices are around the same. I certainly won't count the area out, but I need to focus on one area at a time otherwise my brain fries!

Would love a house on a subdividable block in Bassendean - but too much for our first IP. :)
Bassendean has proposed re zoning. You could possibly get a proposed duplex block for $430,000 - $530,000.
Proposed triplex block for around $580,000.
If worst comes to worst, zoning won't go ahead but you chuck a granny flat on it. The riverside of Bassendean is now selling for around $100,000 more. It could also cost more to develop due to clay. There are parts of Bassendean that are allowing lane way access to back of properties, and some that aren't, could be some opportunity there! Land is becoming more scarce, there is still some large blocks avail so good time to jump in!

I unsuccessfully made offers on these properties. They both sold in low to mid $400,000. Price range. They would rent for $450-$460. The property with no pictures was a very neat home built in 1999. The other property which was fully fenced had good potential for a granny flat In my opinion. (Close to train, proposed r40 area)

Still opportunities in Bassendean.





http://www.realestate.com.au/property-house-wa-bassendean-114759483

http://www.realestate.com.au/property-house-wa-bassendean-110999915
 
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So say you got it for 600K, add stamp duty and legals, 20K

IO on 4.88 is $2521 month

income would be approx $400 week - so $1733 month

plus rates, PM fees, insurances

that's a lot to add to the loan each month.
 
So say you got it for 600K, add stamp duty and legals, 20K

IO on 4.88 is $2521 month

income would be approx $400 week - so $1733 month

plus rates, PM fees, insurances

that's a lot to add to the loan each month.

It all comes down to numbers and strategy. You could possibly subdivide, sell off block, build a second property. I haven't researched that block so I don't know what potential it has. I think the easiest way to start out is purchase in low to mid $400,000 and pick up $450/wk rent. Look at suburbs with decent rail/bus/caf?s/schools/within 15k's CBD
 
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