I picked up a house in North Perth today. $595k on a 460sqm block with a 3 x 1 house which is basically a 4 x 2.
Good things about the deal:
- block is R60. So I can build 322 sqm of apartments on it. (4 x 3 bedrooms perhaps) (zoning not mentioned in ad)
- has a rear laneway for easy parking for apartments
- is rented out by the room for 800-900 per week ( high rent not mentioned in ad)
Downsides:
- on a busy main road. I'm not worried about that - it means public transport, shops/amenities close by etc.
At $1300/sqm I'm pretty happy to get a R60 block in North Perth.