Ocean Reef, Perth WA

We need more people to provide real estate info for the interesting Perth and WA market. Perth along with the obvious regional towns such as Port Hedland can be a boom city as it is linked to the mining resources boom up north.

I have recently purchased a property in Ocean Reef, Perth which is a northern beach side suburb approx 38km from CBD. Still very good buying here if you check out the medium price V metro medium and you get beachside (views available), New multi million dollar Marina planned, easy access to Joondalup shopping precinct and link to the Major Mitchell freeway off Ocean Reef Drive. Check out the Ocean Reef Sports club where the new Marina will be built: http://www.orssc.asn.au/

cheers
 
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hey zebop

me an my partner are lookin to buy around perth very soon, there isnt that much about perth on here that i can see, you dont know roughly wat sort of houses are up at ocean reef an for wat sort of price?

thanks pete
 
Ocean Reef Prices

Hi,

Go to REIWA.com and put in search for buy for Ocean reef. There you will see the latest prices and photos of homes etc. The suburb has a good variety of modern double brick homes anywhere from say $600,000 to million dollar homes. Prices are starting to rise as the bottom has been reached some months ago and there is a view that it has boom potential due to it's beach location and approved marina. See the City of Joondalup website and search for marina at : http://www.joondalup.wa.gov.au/Homepage.aspx


Cheers
 
Zeebop are you looking from a ppor or IP perspective?

What yields are you finding from a IP perspective?

Whats the supply and demand factors like?
 
Zeebop are you looking from a ppor or IP perspective?

What yields are you finding from a IP perspective?

Whats the supply and demand factors like?

Yeilds in Ocean Reef are a little on the light side for my liking in regards to IP's, however, if you can afford the NGing, I think you should do quite well in the medium to long term. You just have to be slightly vigilant as the vendors are already starting to factor in the cap growth potential that the new marina will bring, into their asking prices.
Negotiate hard and you should be able to get a reasonable buy.
Also, Connolly, Joondalup, Heathridge, Craigie... will be good ones to watch in the near future as the ripple effect takes hold.
Try doing a search on properties for sale in either Craigie, Heathridge, Beldon...every property is pretty much under offer...

Boods
 
We are looking very seriously at Heathridge, Beldon as the prices are still very low compared to surrounding suburbs. Originally looked at Mullaloo and Ocean Reef but can't see them going to much higher in the near future as I believe there are not enough of the population that can afford 7 or 800000 mortgages on an average wage. Where as you can still pick up a 4 x 2 on a decent block just up the road for low 400's
 
Ocean Reef

yes I am looking at the suburb from a homeowner perspective with potential boom characteristics (Marina + Beach). I read in the Real Estate section Sunday Times the other week that there is a big jump in people purchasing to upgrade. In other words the first home owners are deminishing and those with capacity to upgrade are.

This will result in increases market for the $600k+ market and hence Ocean Reef fits the bill. It is true that suburbs east of Marmion Ave such as Heathridge are lower in price however it depends on your outlook and strategy. It wont be too long before you will not get into these northern beachside suburbs.

Cheers
 
Article Upgraders

here is an extract form the article found at:
http://wa.professionals.com.au/cgi-...gid=12878&page=marketnews&type=sale#Upgraders storm market during October

"According to David Hobbs, CEO of Professionals, sales of properties in the price range $600,000 to $1.0 million during October 2009 have jumped by more than 20% compared to the previous month.

"In particular, Professionals are finding very strong sales and enquiry levels in top tier northern coastal suburbs such as Sorrento, Hillarys, Kallaroo, Mullallo, Ocean Reef, Illuka and Mindarie.

"Typically, we are find that property owners in second tier coastal properties in the price range between $400,000 to $500,000 are selling their property and upgrading to a top tier coastal suburb".

Cheers
 
"In particular, Professionals are finding very strong sales and enquiry levels in top tier northern coastal suburbs such as Sorrento, Hillarys, Kallaroo, Mullallo, Ocean Reef, Illuka and Mindarie.



Cheers

I wish this was the case for me, I've had my house on the market for quite a while now with no offers...:(


Boods
 
Hey there Zebop,

Ocean Reef is a lovely suburb.

I think it has all the characteristics of a Capital Growth suburb. Close but not too close to Perth city. Beachside. Easy access to highways. Just a really nice part of Perth.

Regards JO
 
I wish this was the case for me, I've had my house on the market for quite a while now with no offers...:(


Boods

Boods, how long is 'quite a while' - why do you think there's been no offers?

Are you getting lots ppl thru? If not, look at the marketing of your property.

If so, look at the one or both of the following -

1/ The property it self. Does it have anything wrong with it.
2/ The pricing. Is it priced competitively with current comparative listings.

Hope this helps.
 
Boods, how long is 'quite a while' - why do you think there's been no offers?

Are you getting lots ppl thru? If not, look at the marketing of your property.

If so, look at the one or both of the following -

1/ The property it self. Does it have anything wrong with it.
2/ The pricing. Is it priced competitively with current comparative listings.

Hope this helps.

Getting people through in dribs and drabs...its listed with one of the top agents for the area.

The reality of the situation is that we are asking too much for the property, however, I need to add that if we were to sell for it's current asking price it would be sold for over $100k under it's replacement value in today's dollars. You see, even though land prices have receded considerably over the last 12-18 months in this area, the cost of building has remained constant, and even increased in some instances.

There are quite a few vacant sites around the estate that don't look like being built on any time soon (this is the reason I want out - sick of living on a building site after nearly 5 years:mad:)

I am well aware that the time on the market is my doing, however, our agent still feels it is priced right. At the end of the day, we don't need to sell, as we will just rent it out for a while until market conditions are more favorable. I have a plan A as well as a plan B and C!:D

Boods
 
Yeah it only becomes a loss if you choose to trigger it by selling.

Getting people through in dribs and drabs...its listed with one of the top agents for the area.

The reality of the situation is that we are asking too much for the property, however, I need to add that if we were to sell for it's current asking price it would be sold for over $100k under it's replacement value in today's dollars. You see, even though land prices have receded considerably over the last 12-18 months in this area, the cost of building has remained constant, and even increased in some instances.

There are quite a few vacant sites around the estate that don't look like being built on any time soon (this is the reason I want out - sick of living on a building site after nearly 5 years:mad:)

I am well aware that the time on the market is my doing, however, our agent still feels it is priced right. At the end of the day, we don't need to sell, as we will just rent it out for a while until market conditions are more favorable. I have a plan A as well as a plan B and C!:D

Boods
 
Boods, how long is 'quite a while' - why do you think there's been no offers?

Are you getting lots ppl thru? If not, look at the marketing of your property.

If so, look at the one or both of the following -

1/ The property it self. Does it have anything wrong with it.
2/ The pricing. Is it priced competitively with current comparative listings.

Hope this helps.

to answer your questions as I dont belive that I did in my previous post:eek:

1/ Nothing wrong with it at all, to my knowledge.
2/ it is priced around about $100K below other comparable properties on the market. Ours is bigger than most, 5 bedrooms, 3 bathrooms etc, however we do not have stone bench tops, as most others seem to have in the area (some don't though)

The fact is, everything in the "Wharf" at Mindarie is taking forever to sell so I know I'm not the only one experiencing this. Unless I keep constantly lowering the asking price to a ridiculously low level, I can't see it moving any time soon.


Does'nt help matters that the developer has moved out and is not upholding the myriad of covenants they imposed on the whole estate, especially the one concerning the building timeframe:rolleyes:

Bitter. Much??:D

Boods
 
Four reasons I would not build or buy in the Warf
1) Sumer sea breeze to bloody windy
2) Winter storms covers your home with sea salt mist
3) Late night music from the pub and yobbos doing burnout's
4) Early morning fishermen in the cars and boats revving their engines
I to live in Mindarie but up by the primary school still get the salt and the wind.
 
Four reasons I would not build or buy in the Warf
1) Sumer sea breeze to bloody windy
2) Winter storms covers your home with sea salt mist
3) Late night music from the pub and yobbos doing burnout's
4) Early morning fishermen in the cars and boats revving their engines
I to live in Mindarie but up by the primary school still get the salt and the wind.

1) That's good in my book, cools the house down just nicely! ;)
2) Same thing happens anywhere along the coast, it comes hand in hand with living near the water
3) The Boat is not exactly known for its live bands and loud music, however I do agree about the burnouts...I hear them every night.
4) I live about 100m from the boat ramp and never hear them.

Boods
 
granite kitchen bench tops

boods

kitchen stone bench tops are expected in the Mindarie wharf area. It might be a small price to pay to make your house more attractive to buyers instead keeping lowering your asking price.



Jsandso
 
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Ocean Reef Marina. Hot spot?

Ocean Reef has enormous potential with regard it's planned Marina. Whenever government spend on infrastructure such as building a new marina then property prices take off.

Some of the facilities of the Ocean Reef project will include an ocean pool, open spaces, underground parking, a beach, a Bush Conservation Walk, helipad, sea sports club, boat pens, boardwalk, amphitheatre, memorial park, sea sports club, fauna underpass, central pier, marine museum, lookout, water park & playground, landmark, island groyne, floating jetty, boat ramp, boat trailer parking, super yacht berths and artificial reef.

:)
Zebop
 
Any news on when this is actually happening? Last I heard about it was when I recieved a pamphlet in the post about the proposed design for public comment.
 
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