Perth property listings - under 9,000

[MTR]

Nothing to do with fashionable, spearwood is a good up and coming area to invest in no doubt. my issue is that you can often buy in better areas for that money where the end sale price will be higher. this property sold for 816/sqm.

i just dont see value in it and good profit at 600k for a 735sqm r40 site in spearwood

I would like to know where because I would be jumping in. I do have a couple of areas in mind, but with the current market they may be wiped off if they continue to rise.

Too much competition and too expensive - Innaloo, Scarborough, Doubleview, Yokine, Dianella, Maylands, Karrinyup, Morley, Nollamara are very difficult to jump into at the right price to make it work, even if you were to secure a property.

Not keen on Midland due to clay soil, could wipe out your profit.

Don't like Balga cos there are too many developers selling stock.

Westminster - the area is so small, nothing comes up and if or when it does they want Nollamara prices.

MTR

 

[Ausprop]

given that discussion, maybe central Mandurah is a good area to look... still a buyers market I believe, but changing fast

 

[tyrone]

Heathridge, Craigie , beldon, padbury

 

[MTR]

Heathridge, Craigie , beldon, padbury

Have not looked at these areas, are they earmarked for rezoning but not yet approved???

 

[tyrone]

Have not looked at these areas, are they earmarked for rezoning but not yet approved???

Correct, but prices are pretty high.

Looking around the 480k mark.

 

[MTR]

Correct, but prices are pretty high.

Looking around the 480k mark.

You can buy in Girrawheen, Lockridge, Koondoola, Beechboro same scenario earmarked to be rezoned but a lot cheaper and closer to the city.

 

[tyrone]

You can buy in Girrawheen, Lockridge, Koondoola, Beechboro same scenario earmarked to be rezoned but a lot cheaper and closer to the city.

Want to help me find one

 

[tambourineman]

Want to help me find one

Plenty around I just bought one for 360

 

[MTR]

Want to help me find one

Align yourself with a RE agent in the area, but not Ray Whiteman Mirrabooka as they get the best prices for their clients.

There are a few around at the moment, check this post out as there is a lot in here that may help

http://somersoft.com/forums/showthread.php?t=82873&highlight=mirrabooka

 

[westminster]

You can buy in Girrawheen, Lockridge, Koondoola, Beechboro same scenario earmarked to be rezoned but a lot cheaper and closer to the city.

But the Beldon, pad bury etc have the lure of the ocean closer and are generally nicer suburbs in my opinion. I think they could be better than GirraDoolaRoo

 

[tyrone]

But the Beldon, pad bury etc have the lure of the ocean closer and are generally nicer suburbs in my opinion. I think they could be better than GirraDoolaRoo

Really? Even though there an extra 100k

 

[westminster]

Really? Even though there an extra 100k

That I don't know but they don't need the gentrification that the other area needs which is worth something.

 

[WesternRat]

What do the numbers look like for an $800k spearwood block? Say $180 build x 3, site costs, subdivision, you'd be looking at close to $1.5mil all up. Does a new 3x2 in spearwood go for in excess of $500k~600k? Seems very tight...

 

[MTR]

What do the numbers look like for an $800k spearwood block? Say $180 build x 3, site costs, subdivision, you'd be looking at close to $1.5mil all up. Does a new 3x2 in spearwood go for in excess of $500k~600k? Seems very tight...

These are my numbers to give you an idea.
I only paid $530,000 for my site, my total build is around $1,180,000 (decent specs, 140 sqm each unit) including holding costs.

At this point in time they will sell for around $480,000 each but have been quoted as much as $545,000, which I think is a tad on the high side. By the time they are completed I am hoping $490-495,000.

The $800,000 deve site is a larger block, therefore possibly an extra unit/villa, more $, there are a couple of builders in the area, if he picked this up his margins will be greater.

 

[Aaron Sice]

Align yourself with a RE agent in the area, but not Ray Whiteman Mirrabooka as they get the best prices for their clients.

There are a few around at the moment, check this post out as there is a lot in here that may help

http://somersoft.com/forums/showthread.php?t=82873&highlight=mirrabooka

lol, Ray White Mirrabooka.

I designed the most underdeveloped product for the director of the previous establishment on his own plot, 3 years in the making until it was finished.

6000 postcode and the most undercapitalised development I've ever done.

 

[tambourineman]

Can you let me know the address? What are the key factors you look into when buying a sub block

Not yet but will in time

Other people on here are better qualified to give that advice than me but I had the advantage of knowing somebody in real estate over there who could assist me

 

[MTR]

Can you let me know the address? What are the key factors you look into when buying a sub block

If you are looking at Girrawheen, all the blocks are around 692 sqm, most rezoning to R40.

Preference would be double brick home, but not a deal breaker, brick veneer home will be a cheaper buy.

Rear access (3 meters) and house in the right position so you can subdivide and build at rear. I have found most fit this criteria. My builder advised 692 sqm too small for 3 units, so I would want this option.

Find out if there are any easements on the property, ask RE agent for the docs on this.

West Girrawheen, closer to Wanneroo Road is the better pocket, but it really does not matter anymore cos everything is selling fast.

You would only be paying around $400,000 if the property is renovated, otherwise depending on condition should be less?? This will also determine rent, anywhere from $360-400 pw.

 

[Sasi]

MTR - how much are devt blocks in Spearwood selling for? Size/zoning. The area I'm trying to buy into is selling within two days or first home open if it gets to that. Friend of a friend is selling their house, not too sure of details, think its a triplex 1000sqm site for just under $600,000. Need to confirm but I may just look into buying that as I get frustrated dealing with other competition. Prices are still rising. Also my friend has a friend with family wanting to rent in the area. They are currently living in their attic and finding it difficult to get another rental after last one being sold. I'm thinking some suburbs are extremely tight with available rentals.

Hi INVSTOR,

I'm doing the very same as MTR in Spearwood. I purchased with tenants in place but they have purchased a property themselves and looking to move out early. If your friends are still looking for a rental in Spearwood, please PM me....may just work out well for all....current tenants can move early, your friends can rent at a decent rate ( really nice house with massive shed) and we can have someone short term renting while planning our development.....I'm all for things working in every one's best interest.

 

[INVSTOR]

Hi INVSTOR,

I'm doing the very same as MTR in Spearwood. I purchased with tenants in place but they have purchased a property themselves and looking to move out early. If your friends are still looking for a rental in Spearwood, please PM me....may just work out well for all....current tenants can move early, your friends can rent at a decent rate ( really nice house with massive shed) and we can have someone short term renting while planning our development.....I'm all for things working in every one's best interest.

Hi Sasi, they are looking for a rental in another suburb . I won't say suburb as I'm trying to buy into the same suburb and I already have enough competition and lack of listings.

 

[Sasi]

Hi Sasi, they are looking for a rental in another suburb . I won't say suburb as I'm trying to buy into the same suburb and I already have enough competition and lack of listings.

Ok...sorry misread in regards to suburb....wishing them good luck with a rental and yourself with finding your next purchase...hope it wont be too long for you until you have settled on a great buy and can reveal all