Perth survived perfectly well without all the excess bubble and froth of more recent years. The market has been down for so long now it is ridiculous. I believe it will return to trend growth... Bris and Perth always follow Syd and Melbourne
Perth Property Market updates
- Thread starter Tano
- Start date
Perth survived perfectly well without all the excess bubble and froth of more recent years. The market has been down for so long now it is ridiculous. I believe it will return to trend growth... Bris and Perth always follow Syd and Melbourne
I agree with you. However how are they going to make a lot of money renovating or building new on a 490 metre block?
If it was just a case of living in the area, they could have rented something better for $450 a week.
I really don't think in the current climate, they got it for anything more than fair value.... if that.
Perth is more similar to the Gold Coast.
Only ever boom or bust, never a happy medium.
The Vacancy rate in Perth is nearly at 5%, the highest in nearly 15 years.
what is it now? I thought it was just over 4% which is not bad given the amount of new construction under way from the beginning of last year. the skewing of the FHOG will keep the pressure on vacancies
Gold coast is more like Mandurah IMO
yes on yield they are terrible. for a PPOR they can be both a nice place to live in and provide some pretty good capital growth if bought and renovated well etc.
good character homes in subi have not dropped as much as its surrounding suburbs
good character homes in highgate have performed decently too compared to new ones.
Why do people buy million dollar houses at all?
IMO with a decent reno to covert the house to a 4x2 the house would sell for $1.1 to $1.2 million in the current market.
A 3x1 with a quite good reno sold in Nov last year for $1,065,000.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-118162619
A 4x2 weatherboard nearby sold for $1,010,000 in Feb of this year. The weatherboard has issues though: kitchen and bathrooms need a do-over. Outdoor living area is nasty for a million dollar house.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-118694479
My thinking is that properly renovated, the $705 house has a current end value of $1.1 to $1.2 million.
Deciding to buy or rent is not an economic/rational decision. If it was, no one would buy a $1 millon weatherboard in Mt Hawthorne. And yet, it sold at that price. It just shows that some people are paying those prices for these houses.
probably true. i do feel for the right person though, ie the person who wants to spend say $300k on a reno it is a decent deal. they would end up with a pretty great house on a good street in a good area for around $1.1-1.15m
there are plenty of people for whom that is the dream, a beautifully renoated character home in an area like this. for those people it was a decent buy. for others it would make no sense.
not everything has to suoit everyone, eg i wouldnt have bouht this but i can see why some people would have seen value
any reasoning or just leaving it at that?
I just rented my Mandurah build on 284sqm with a 18.5 sqm home for $390 pw.
Another guys on the forum also built and he got $380 pw...so not all bad.
Mandurah yielding close to 7% atm
well you could spend that in Sydney I guess, a lovely 1 hour commute comes free with the property
Here we go. Renovated house, 3x2, 490m2 block. Nice reno but I still don't think much of the kitchen and timber and plastic is tacky for the outdoor living area.
Sale date: 23/03/15. Sale price: $1,200,000.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-119362023
Looks like sanj was right on the money after all.
Sale date: 23/03/15. Sale price: $1,200,000.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-119362023
Looks like sanj was right on the money after all.
Check this one out. The view from the outdoor living area back into the family room kitchen is exactly how I imagined my reno of the $705k house would have looked
http://www.realestate.com.au/property-house-wa-mount+hawthorn-116309339
Sale price $1,365,000. Block size 489 m?. I wasn't putting a pool in mine though.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-116309339
Sale price $1,365,000. Block size 489 m?. I wasn't putting a pool in mine though.
Gold Coast: 600,000 people... and growing every year. The largest growth rate of any area in Qld. 10 million tourists a year
Mandurah : 80,000 people. The place you bypass when heading to the South West.
Here we go. Renovated house, 3x2, 490m2 block. Nice reno but I still don't think much of the kitchen and timber and plastic is tacky for the outdoor living area.
Sale date: 23/03/15. Sale price: $1,200,000.
http://www.realestate.com.au/property-house-wa-mount+hawthorn-119362023
Looks like sanj was right on the money after all.
So $705,000 + holding costs + renovation ( $300,000 + at least ) + flat market = ??????????
Where is the fat here?
My reno would not have cost $300,000. I would have spent $150k to $200k max. There is some fat.
Check this one out. The view from the outdoor living area back into the family room kitchen is exactly how I imagined my reno of the $705k house would have looked
http://www.realestate.com.au/property-house-wa-mount+hawthorn-116309339
Sale price $1,365,000. Block size 489 m?. I wasn't putting a pool in mine though.
That's a really nice job, but that's one hell of a lot more than $300,000 to get to that level.
