Perth Property Market updates
- Thread starter Tano
- Start date
Agreed. I suspect with a 250-300k reno someone could have a $1.2-1.3m PPOR for a decent discount
My figures could be out a bit as I don't follow that market closely but I think I'm fairly close
Yes, that's what I was getting at... A nice PPOR (perhaps - if you like that sort of thing!) but it's hard to see on what criteria it represents a good investment?
Maybe you could tickle it up and flip it but the transaction costs involved would be horrendous.
As an IP, I wonder what the new land tax bill will be?
I think you would be about right for Mt Hawthorn, this is what buyers want in this area.
Ausprop
I agree, I think it would be totally ridiculous to knock down a character home in this area, this is the product people want and un renovated because they want to add their own touches.
Aww! The front of the house was my favourite part. I'm not thinking of a cheap reno for rental. I was thinking more of a proper extension out the back, outdoor area, nice landscaping etc. Reno budget of $150k to $200k. It would have to be a main residence or resell after reno to make it worthwhile. A falling market is not the right time to buy, reno, sell though and I am fully aware of that. It makes it a tricky proposition but I really, really liked it!
A falling market is not the right time to buy, reno, sell though and I am fully aware of that. It makes it a tricky proposition but I really, really liked it!
trouble with reno and development is they take so long and the market isn't static... wait for a rising market and by the time you finish your project it's a fallen market. If there is enough fat in the deal you can allow an x% drop in end value and wear it
I don't think so mate, you're figures are a fair bit astray.
House on same street, 736 sq metres, fully renovated, double carport, swimming pool.
$1.3 million and it isn't selling??????????????
http://www.realestate.com.au/property-house-wa-mount+hawthorn-119889409
no ensuite, what a let down. So how much are they chasing, $1.4m? how long been on?
If they dropped it to $1.2m then Sanj is still on the money
also this example property is more 70's done up than character. Not to take anything away from it... looks like a nice house
How do you fathom that?
There's 250 metres difference in block size.
How will they get a double carport, 4 bedrooms and a swimming pool on that....... without going up..... which costs even more????
People should exit Perf prop mkt asap if they can.
The other thing is, that migrants, particularly discerning asian buyers, are not interested in these types of properties.
They want modern, double storey, double garages, shoppers entrance etc and these houses don't provide that.
These old homes require a lot of money to renovate and sell and they only rent for minimal returns if you don't go the whole hog.
The demographic that is interested in them has been reduced markedly and
they are very much a fad, much like the price of classic aussie cars which skyrocketed during the mining boom but have since been hauled in line.
They want modern, double storey, double garages, shoppers entrance etc and these houses don't provide that.
These old homes require a lot of money to renovate and sell and they only rent for minimal returns if you don't go the whole hog.
The demographic that is interested in them has been reduced markedly and
they are very much a fad, much like the price of classic aussie cars which skyrocketed during the mining boom but have since been hauled in line.
this has to be the most ridiculous thing I have read on this forum for a long time
I agree. Nothing about that house stood out to me. I think we one that just sold for $705k would have made a more impressive reno. If I was in a position to tackle a job like that, that is the exact type of house I would be looking for.
Wow fair enough, I was definitely off.
I was basing it on a few homes I went through in Mt hawthorn a couple of years ago when marker was just starting to get strong. I remember them being 500 sqm or so and going for around 1.2-1.3m
That renovated one does seem to be pretty good value I guess mt hawthorn is struggling atm.
The reno I'm thinking is one which retains the character in the front and goes ultra modern in the back, I've seen them in Mt hawthorn, mt lawley and subi. I think with smart design you could do it for 300k and the end product would be highly desirable
this sort of knee jerk advice can cost people a lot of money. It is quite possible there will be a break out before too long.
I disagree with him as well. Asian buyers might not ve interested in them but there is always strong demand for character homes in a few particular suburbs imo.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-404834762
Look at this rental on the same street, 3 x 1 $515, bigger block than the 490 of the 1 they paid $705 for and in better condition.
And it isn't renting at that price.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-415830981
Another house, 2 x 1 up the road on Dunedin Street, $450 weekly
Show me how they are going to make this $705,000 buy price a lucrative investment un the next 5years?
Look at this rental on the same street, 3 x 1 $515, bigger block than the 490 of the 1 they paid $705 for and in better condition.
And it isn't renting at that price.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-415830981
Another house, 2 x 1 up the road on Dunedin Street, $450 weekly
Show me how they are going to make this $705,000 buy price a lucrative investment un the next 5years?
the premium can be substantial. $500k-$1m in the right location. I admit it confuses me because if you spent the money (which would be a small fortune) to blend in with the street scape I think you could do a copy character and achieve that same premium... and still have the nice new home with superior lay out. Can recall 2 examples of people doing just that
Break out of what? Layoffs in the mining industry? Redundancies in Oil and Gas?
It is only beginning.
we all need to move on from the rental proposition... dev sites never yield well
