Perth Reno

[hematite]

Im looking for a house/villa to buy (with a family member) in Perth to renovate and sell since I have so much freeeee time as the council is taking their sweet time to approve my development.

These are the things I am looking for:

*Under 500k
*Close to train station/regular bus
*Can be a bomb site, I don't mind
*Not at the upper end of the price spectrum for its type of house

I am thinking an older house in Belmont, Rivervale, Kewdale, Cloverdale.

Any other thoughts? I also thought Bassendean, however my development is there and I prefer to spread the risk.

 

[cd83]

Gday,
Can only really offer comments on Kewdale, you would probably be looking at a villa for less than 500K, lots of competition from developers for anything with decent land size. Might also be difficult to compete with all the cheapish new builds in the area when you re-sell as there are plenty recently.
Cheers

 

[paulie]

Im looking for a house/villa to buy (with a family member) in Perth to renovate and sell since I have so much freeeee time as the council is taking their sweet time to approve my development.

These are the things I am looking for:

*Under 500k
*Close to train station/regular bus
*Can be a bomb site, I don't mind
*Not at the upper end of the price spectrum for its type of house

I am thinking an older house in Belmont, Rivervale, Kewdale, Cloverdale.

Any other thoughts? I also thought Bassendean, however my development is there and I prefer to spread the risk.

Hematite,
spreading risk, or diversification in a single capital city is a little strange in my opinion, as typically the same economic drivers affect the entire market.

If you are renovating for a short term profit - you need to know your local market better than the agents, so you know what properties can be improved cheaply for a quick profit. Having that sort of indepth knowledge, and the time and research required for multiple suburbs is just doubling your workload.

I'd suggest you focus in on the areas you know, andtalk to the agents you know in those areas.

happy hunting

 

[Kent Cliffe]

You need to source areas with high price divergence. This means picking a homogeneous property type (i.e. 3 bed / 1 bath 500sqm) and seeing a wide range in property prices being sold. Then you need to consider other market factors that are skewing the sales values.

A wide price suggests purchases in the sand boxed market are willing to pay more for a renovated property. The next step is to compare on a property by property basis what changes add value and replicate.

I've done a couple, but you need to look through a LOT of lemons to find a suitable project.

Best of luck with the search!

 

[heroine]

Cherie barber is doing a free renovating for profit seminar in Perth on the 9th of August. May be a day well spent.

Ps: hematite and lots of free time... Are you a rock doctor? Hope things pick up for you soon!