Noranda Perth Renovation

AXXO

AXXO

Hi Guys, haven't been around lately due to being busy with work and spending a lot of my time on professional development.

I've just purchased a 700sqm 4 x 2 house on Benara Rd Noranda. I haven't decided whether to move in or renovate & sell. We can do the renovations, landscaping, etc in about 1-2 months.

Can anyone give me some advice on what the market value of a house like that in Noranda would be fully renovated to give me a better idea of profit potential if any.

Checking on the Internet the range seems very wide and I cannot gauge without actually inspecting the houses.

Thank again.
 
Your plan to move in, renovate and sell so there is no CGT event triggered? Property in Perth seems to be increasing in value very quickly of late throughout the entire city, so if that is your plan, it would be good to implement over the next 12 months.

No idea about Noranda values sorry.
 
WesternRat said:
Your plan to move in, renovate and sell so there is no CGT event triggered? Property in Perth seems to be increasing in value very quickly of late throughout the entire city, so if that is your plan, it would be good to implement over the next 12 months.
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No, it's either move in OR renovate & sell.

I'm not querying CGT stuff but the market value (from anyone who has recent experience in that area) of a fully renovated house 4 x 2 on Benara Rd Noranda
 
Tony - with the market moving like it is, you're probably best talking to a few local REs.
They can probably let you know.
It's not an area I'm overly familiar with.
 
Most REA are happy to do a free quote if a potential listing is on offer - just make sure to ask for an as is price and an if renovated price range.
 
I looked at a few properties for sale in Noranda 9 years ago for Ppor but ended up buying elsewhere as they were too 70's -facebrick, arches, slate; and I wanted modern and was still finishing off a long/major ppor reno. You would need to compare your house with the busier roads prices. Get opinions from multiple agents. Be aware that in downturns it's harder to sell on main roads.
 
INVSTOR said:
I looked at a few properties for sale in Noranda 9 years ago for Ppor but ended up buying elsewhere as they were too 70's -facebrick, arches, slate; and I wanted modern and was still finishing off a long/major ppor reno. You would need to compare your house with the busier roads prices. Get opinions from multiple agents. Be aware that in downturns it's harder to sell on main roads.
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Thanks Invstor, you are correct, main road homes cuts out a lot of the buyer market.

This one does look 70ish but we can easily make it look 21st century.

I have my connection at Ray White checking and hopefully get back to me.
 
AXXO said:
I've just purchased a 700sqm 4 x 2 house on Benara Rd Noranda. I haven't decided whether to move in or renovate & sell. We can do the renovations, landscaping, etc in about 1-2 months.

Can anyone give me some advice on what the market value of a house like that in Noranda would be fully renovated to give me a better idea of profit potential if any.
Click to expand...

Tony, dont mean to sound negative, but shouldnt you have conducted all that due diligense before deciding to purchase it or not?
 
Last edited:
Rixter said:
Tony, dont mean to sound negative, but shouldnt you have conducted all that due diligense before deciding to purchase it or not?
Click to expand...

Obviously, I purchased it to move into as it's closer to my work location and I love living on busy roads.

The renovate & sell is a second consideration. If I can make a profit on resale I will consider that option.

I know all the cost estimates but I had not done sale market value appraisals for the second option thus the question I've posed to the forum. I'm in the process of getting expert advice including this forum and real estate agent.

Either way I'm easy does not bother me with this property.
 
I don't think it would get more than $600-630k considering main road and it being the East end of Noranda - and that is depending on how much nicer you make it. The west end closer to Dianella is a bit more premium.
 
westminster said:
I don't think it would get more than $600-630k considering main road and it being the East end of Noranda - and that is depending on how much nicer you make it. The west end closer to Dianella is a bit more premium.
Click to expand...

Thanks Westminster, it's about the range I had, maybe $650000 max as it would be a complete makeover.
 
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