Options for PPoR <10km from Perth CBD

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perthguy

I am currently exploring options to purchase a PPoR to move into and live in long term. Because I cycle to work, my new house will preferably be located within 10km of the CBD. These are the options I am investigating:

1. Retain and subdivide where I would build a my new house on the back block. Pros: cheap land for my house + rental income from the front house. Cons: price, location, condition of retained dwelling. My budget for purchase would be around $600k which I think won't happen within 10km of the CBD. An example of what is around which IMO is $200k what I would be prepared to pay:

http://reiwa.com.au/Buy/Pages/More-...1&listingid=10410827&listingno=3412622&puid=0

2. Buy a block and build. Pros: I get what I want in terms of a house, stamp duty. Cons: size of blocks, price of land, location. I want a block around 350sqm or bigger with a budget of around $300k. Again, I can't see this happening within 10km of the CBD. It's just that for what I want to build, something like this seems very small:

http://reiwa.com.au/Buy/Pages/More-...1&listingid=10406423&listingno=3408215&puid=0

3. Buy an established good house. Pros: nothing to do, just move in. Cons: price, stamp duty, location, decor, lack of outdoor living area. My budget would be around $550k for something pretty good. For example, there is nothing much wrong with this... except the price:

http://reiwa.com.au/Buy/Pages/More-...1&listingid=10395588&listingno=3397370&puid=0

4. Buy and renovate. Pros: add value, select own decor. Cons: price, stamp duty, location. Budget would depend on the condition and potential end value. For example, I would tackle something like this if I thought the end value would make it worthwhile.

http://reiwa.com.au/Buy/Pages/More-...1&listingid=10407667&listingno=3409459&puid=0

Because I am going to live there for a while, I would like a 3 or 4 bed which must have two separate living areas, close to shops, parks and public transport, off busy roads, not too close to a school, not near a drain or drainage reserve with a bit of yard to play with. These properties are possibly quite rare within my budget.

Any ideas?
 
What about postcode 6149 - leeming, bull reek, willetton?

Bull Creek, leeming have a good freeway cycle path which makes getting to city easy. You could perhaps buy a house and put a GF on it for income.
 
westminster said:
What about postcode 6149 - leeming, bull reek, willetton?

Bull Creek, leeming have a good freeway cycle path which makes getting to city easy. You could perhaps buy a house and put a GF on it for income.
Click to expand...

I had not thought of the granny flat (ancillary accomodation) idea. That could be a winner. It looks like there are properties with potential to improve the value too.

http://reiwa.com.au/Buy/Pages/More-...1&listingid=10400840&listingno=3402626&puid=0

Thanks! :)
 
I would suggest looking for large r20 retain and build sites that way you wont be paying through your teeth for higher dev potential like belmont etc r40s.

Have you looked at morley? Or embleton? A little further out 11-12km but can get reatain and builds for 550-600k if you look hard :D

Or else cloverdale kewdale etc have some pretty big r20 blocks that could suit either of your plans at reasonable prices.

Cheers
 
HD_ACE said:
Have you looked at morley? Or embleton? A little further out 11-12km but can get reatain and builds for 550-600k if you look hard :D
Click to expand...
Yep, Embleton and Morley are on my list.

HD_ACE said:
Or else cloverdale kewdale etc have some pretty big r20 blocks that could suit either of your plans at reasonable prices.
Click to expand...
I'm looking really hard in these areas but I have not run any properties through feasibility with ancillary accommodation in the equation. I hadn't though of that before so might have to start a thread with some questions.
 
perthguy said:
That's an interesting property. When I get a chance, I will go and inspect. Although, time on market and TOTAL PAGE VISITS: of 1501 tells me there is something wrong with it, it is overpriced or both. Still, it's certainly worth a closer look. I like Embleton.
Click to expand...

the property cannot be retained which is why it hasnt been snapped up. to develop it you'd have to knock over the house and the numbers wouldnt work.
 
perthguy said:
I saw that. It's a pretty decent house but I would not want to live next to a drain. My other name is 'goldiblocks'. I'm probably being too picky :rolleyes:
Click to expand...
I realised afterwards as I have friends directly opposite and a few doors up on the corner of Cumberland Way. Why are you worried about the drain?
 
INVSTOR said:
I realised afterwards as I have friends directly opposite and a few doors up on the corner of Cumberland Way. Why are you worried about the drain?
Click to expand...

Personal preference. Amenity, street appeal (they are shabby if not well maintained), mozzies and I don't want someone wandering down the reserve and jumping the back fence into my property. I don't let personal prejudices get in the way when purchasing an IP but I'm fussy when it comes to my house.
 
perthguy said:
Personal preference. Amenity, street appeal (they are shabby if not well maintained), mozzies and I don't want someone wandering down the reserve and jumping the back fence into my property. I don't let personal prejudices get in the way when purchasing an IP but I'm fussy when it comes to my house.
Click to expand...
Fair enough! Was just curious.
 
FMS said:
Only one aerial picture makes you wonder or is it clever marketing by the agent?

I wouldn't mind having a look just to see the "two level granny flat".
Click to expand...

Lazy marketing. Property is so hot right now that they are selling from listing the address, no photos required.

I was thinking about the granny flat idea with a PPoR. I would want to split the loan in line with the value of the main residence (interest not tax deductible) and the granny flat (tax deductible interest). Then I started thinking about services (gas, electricity, water etc). I assume the granny flat would not be separately metered so how does gas/electricity/water etc work with the tenant. Then I realised I would lose my capital gains tax exemption on my PPoR (or at least a portion of it) and my head started to hurt, so I'm not thinking about it any more :p
 
I am wondering what the benefit of putting in a granny flat behind an existing residence would be when you can put a unit or house. I guess a granny flat doesn't need to have the land subdivided and a unit or house would?
 
perthguy said:
Yep, Embleton and Morley are on my list.


I'm looking really hard in these areas but I have not run any properties through feasibility with ancillary accommodation in the equation. I hadn't though of that before so might have to start a thread with some questions.
Click to expand...

Satterley sell off government land/house in this area, one recently in Embleton, it may be a good idea to find out when/where auctioning, usually close to the city and you never know you luck
 
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