Perth - Rivervale/Belmont - 700sqm+

[intehnet]

So!
Perth has been going nuts, but can still pick up a 700sqm PLUS block of land less than 10 mins drive from the CBD FOR LESS THAN $500k in rivervale and belmont..

what do you guys think of this area?
it seems to have been cleaned up quite nice, and a lot of money going into it

all thoughts and comments appreciated

 

[Lucyinthesky]

What are you going to develop? Townhouses, units, duplex?
I like Rivervale over Belmont but that is just a personal choice.
I know people who live in both areas. My friend is paying
$300 per week for a 3br townhouse without a/c.

 

[intehnet]

well at the moment, maybe a 732sqm block with a 1950's brick and tile.. sit on it for a few years a PPOR.. maybe rent it out after 18 months or so

do you think the area is undervalued? it's so close to the city, but still quite cheap! I see it as a future kensington/sth perth... does anyone share my vision?

 

[Peter Parker]

well at the moment, maybe a 732sqm block with a 1950's brick and tile.. sit on it for a few years a PPOR.. maybe rent it out after 18 months or so

do you think the area is undervalued? it's so close to the city, but still quite cheap! I see it as a future kensington/sth perth... does anyone share my vision?

With prices like that, it's hard to see that any of Perth is undervalued at the moment

Belmont will never quite be like South Perth/Kensington.

South Perth/Kensington has the 1920-40s art deco architecture that Belmont lacks.

It's not like Melbourne where there are broad swathes of suburbs with interwar Californian bungalows. Due to Perth's small size (until the 1960s) only a handful of suburbs have clusters of these classic architecture types, and intact streets are even rarer.

Pre WW2 homes and suburbs in Perth are very much exceptions, and for those who subscribe to the theory, they offer considerable scarcity value.

Peter

 

[tonyd]

What's the zoning - R20? R30?

cheers, Tony

 

[Lucyinthesky]

With prices like that, it's hard to see that any of Perth is undervalued at the moment

Belmont will never quite be like South Perth/Kensington.

I have to agree with Peter in regards to it never being quite like South Perth/Kensington. If you are looking for a long term hold and develop
depending on zoning, could be a good strategy.

 

[intehnet]

much of rivervale is subdividable, the R20 properties are going for $500-550k

I see a lot of potential in the area - i think that it will attract more young families with the dual income affordable house and land package being close to the city and public transport

 

[Ricardo29]

would anyone actually choose to travel that stretch of Gt Eastern Hway, say from Ascot to Burswood ?
you couldnt pay me $500k to do so on a morning/afternoon....not to say some wouldnt i guess.

 

[intehnet]

it's that bad is it??
is it really any worse than the freeway??

i've never tackled it..

 

[tonyd]

much of rivervale is subdividable, the R20 properties are going for $500-550k

But 732sqm isn't subdividable if it is zoned R20?
If subdividable then you'd have >1000sqm, and ~$500k sounds more reasonable.

I'm missing something?

Tony

 

[intehnet]

sorry, my bad!
i'll be more clear.. i'm rushing my responses!

the subdividable properties are usually $500-550k, they are usually over 800sqm

 

[tropic]

WOW, is that how much it costs to buy a 700 sqm block in belmont/rivervale now
I still remember my colleague paid 207K for a house few years ago.

 

[stockt12]

i'm with ricardo here...

good on the people that are selling through that area and i hope you all sell your properties but i'd stay away from there thanks.

 

[tropic]

I think Rivervale has a good potential.
Kensington used to be a government housing area back in early 90s. Look at it now. They are pretty close to each other.
Having to say that does 500K represent a good value?
I am not one that is a good in finding value I must admit.

 

[gooram]

would anyone actually choose to travel that stretch of Gt Eastern Hway, say from Ascot to Burswood ?
you couldnt pay me $500k to do so on a morning/afternoon....not to say some wouldnt i guess.

I travel that stretch every monrning and afternoon. It's busy but it's moving. It's really not an issue.
Ever tried the freeway during peak our? Now THAT is a problem.

Rivervale has good potential being so close to everything. I think Belmont has a long way to go.
The trouble with Rivervale is the old character homes have not been looked after and they are not being restored, so developers are knocking them over and building long narrow project homes side by side.

Note that LandCorp has big plans for Rivervale:

http://www.landcorp.com.au/portal/p...minselect=blank&maxselect=blank&project=RIVER