Perth for $400K?

OK, not enough Perth threads on here, so let me open my situation up :)

Looking for IP1, sticking with Perth until we've learnt the ropes and currently not getting anywhere fast... there doesnt seem much for sale:

- $400K or thereabouts. $415K max.
- modern(ish) villa/ townhouse preferred, i.s. some land content, depreciation
- would love CF+ but not scared off by a little negative gearing if additional (perceived) CG worthwhile. We have high income.
- low strata fees, no blocks of units with pools, lifts etc.

Where do people think?

Am looking at vic pk. & east vic pk villas but might need to dig a little deeper... stuff sells quickly at the moment.

Any opinons on scarborough? Plenty of villas there... but only 2/1.

Thoughts? Suggestions? Alternatives? I need some inspiration to get moving :rolleyes:
 
Hi Samwise
I have been reading some of yours posts for a while and it seems to me that you have good knowledge on the Perth market, what and where to buy.

You say you need inspiration, I think you need to just do it and stop chasing your tail. :p

There is only so much analysing you can do. If you are happy to go -ve you can easily find a suitable property, it's not rocket science.

If you want someone to hold your hand then go and network with an experienced investor, but just do something.

Cheers, MTR:D
 
Thats what i'm doing - networking wih experienced investors!! :p

Yeah, i'm struggling to take the plunge (9 week old baby boy doesnt help :) )... i'm probably the worlds worst (best) procrastinator!! Yes, -ve props are easy to find but i reckon there's -ve and there's -ve... if you know what i mean? I want one of the god -ve ones!

I guess i just want to know i'm on the right tracks... a mistake on IP1 could have financial repurcussions for years but a mistake on IP6 or IP9 probably wont affect things much....
 
Hi Samwise,
You could try looking at places like Yokine, Maylands, Lathlain, Nollamara, Tuart Hill, Balcatta...just to name a few...

Hope this helps:)

Boods
 
Yeah that does help boods... was just looking at Yokine/ Tuart Hill when i read your reply :) ... they look orright

Problem is the further east/out from the city i look the less knowledge i have :rolleyes:
 
Thats what i'm doing - networking wih experienced investors!! :p

Yeah, i'm struggling to take the plunge (9 week old baby boy doesnt help :) )... i'm probably the worlds worst (best) procrastinator!! Yes, -ve props are easy to find but i reckon there's -ve and there's -ve... if you know what i mean? I want one of the god -ve ones!

I guess i just want to know i'm on the right tracks... a mistake on IP1 could have financial repurcussions for years but a mistake on IP6 or IP9 probably wont affect things much....


Hi Samwise
I like Wembley but would not buy units in this area.

What about Leederville, lots happening, just not sure whether $400K would do it, if you can stretch it, may be worth looking at.

Also, I noticed something in Mt Lawley where you could add value, huge courtyard, this is a public trustee sale, not sure how this works. Might be worth looking at this.

I like Maylands as the area is getting revamped, though lots of units in area and some undesirable pockets, but there are certain pockets that are worth looking at.

Cheers, MTR
 
Heres a tip: buy good quality, within walking distance area along the train line, up to 20km's out from Perth CBD and within a satellite cbd.
 
I like Mt Lawley... but prob looking at an older unit here, so no land value/ depreciation.

What do people think about older (usually larger) units in small blocks in Mt Lawley vs Newer villas in an area such as Tuart Hill? This is something ive pondered a lot.

$400K wont do it in Leederville i think. Hmm, had a look at Maylands but heard stories about their being a bikie element their still?? :eek:

This looks orright linky ... newish, no strata fees, close to transport, park etc... dont think ive ever set foot in the suburb though! :eek:
 
you'll never find the perfect property, so I think you'll always have reservations. I've suffered buyers remorse on every property I've bought, but so far they've all turned out to be good buys. I think trust your gut, and your numbers and go for it.

By the way, you could probably afford a house on a subdivided block in East VP or St James or Rivervale for that price. Might be worth looking into getting something with a more land content than a villa or townie.
 
By the way, you could probably afford a house on a subdivided block in East VP or St James or Rivervale for that price. Might be worth looking into getting something with a more land content than a villa or townie.

St James appeals for proximity to Uni - possible to rent out by the room and improve CF?

What land content would you aim for?
 
so thats south of the CBD then...?

North, south or east. Areas such as (in no particular order) Midland, Cannington, Queens Park, Cockburn central surrounds such as Success and Atwell)

3 x 2 near new Villa or Townhouse

A property that addresses security for cars and occupants, bright spacious not cluttered & comfort such as heating and cooling.
 
you'll never find the perfect property, so I think you'll always have reservations. I've suffered buyers remorse on every property I've bought, but so far they've all turned out to be good buys. I think trust your gut, and your numbers and go for it.

By the way, you could probably afford a house on a subdivided block in East VP or St James or Rivervale for that price. Might be worth looking into getting something with a more land content than a villa or townie.


That's good advice.


Samwise

As far as Mt Lawley goes, there was an absolute ripper on Clotilde Street, older style sold for $425K was on the market for one day, location was excellent. This particular block is tightly held.

If you are keen on this area narrow it down to a particular group, Street and then get the RE agent working for you, be his best friend it works wonders. It's one way of getting in before the herd.

Townhouse recently sold in Lawley Crescent, I think that one took 2 days, once again, brilliant location tightly held, however a tad over your price range $495K.

Cheers, MTR
 
Could get a house in Rockingham for less than that.

Otherwise any of the previously mentioned suburbs along the north or east rail lines will do fine. It's not as though Maylands will hugely outperform Tuart Hill or Vic Pk or the Perth average. All those suburbs mentioned within 10km of the city are likely to perform fairly similarly if/when a growth period comes along.
 
St James appeals for proximity to Uni - possible to rent out by the room and improve CF?

What land content would you aim for?

As much as you can afford. You can get subdividable blocks (700sqm+) in that area in the vicinity of 500k, some less.

It's the not nicest part of town but as you say, finding tenants shouldn't be a problem.

It's hard to find a place there at the moment though, not much available and anything that comes up is taken in a flash. Should send the prices northward if it keeps up.
 
$415K is pretty much my upper limit, unless i want to start selling the car or one of my spare kidneys etc...

Could get a house in Rockingham for less than that.

Otherwise any of the previously mentioned suburbs along the north or east rail lines will do fine. It's not as though Maylands will hugely outperform Tuart Hill or Vic Pk or the Perth average. All those suburbs mentioned within 10km of the city are likely to perform fairly similarly if/when a growth period comes along.

Not a huge Rockingham fan... but yes i cant see a whole lot of difference between the above listed suburbs except maybe that vic park/ east vic park areas i had picked out because it seems to be gentrifying and young professionals are moving in...
 
how about booragoon? close to garden city, close to bus station, close to freo, 20 mins to the city....

$400k can still fetch a 2 by 1 villa. Rent $325pw to $350pw.
 
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