So am I right in saying restrictions are becoming stricter? Will need to read on a pc properly when homeHere is a link on R codes that may be handy, Westminster is the expert when it comes to this.
What DT said about end values
This is what I like to see, multiple offers in first week, don't know what they got but there was competition, who would have thought these prices for houses in Willagee, OK not villas but my point is people are paying high prices to get into the area, a very good sign.
http://www.planning.wa.gov.au/637.asp
Now if you want try to secure a bargain you should start chasing the property that did not sell at auction. We purchased another in Butler Street (R40) for my niece for $625K about 3-4 months ago and it needed renovating and site works. I suspect the agent does not sell much in this area and not that savvy should have sold.
Perth ugly ducklings??
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Restrictions are pretty much the same as they always have been.
The R codes are your friend, especially page 58. Study that table and you will know most of your basic answers on how many dwellings you can put on a block.
Just remember :
single dwelling/grouped dwelling is for houses, villas and townhouses
multi unit or multiple dwelling is for apartments
I expect this one will be too expensive. Prices have jumped up and this does not need a reno, rear access, ??? not sure
This is the sort of thing I would look at for a quick flip.
http://www.realestate.com.au/property-house-wa-kardinya-118170667
R20/25, another option, try to find something in the area where the frontage of block is large enough to split in the middle, 2 front blocks, in this location would fetch about $450K+ each, its a numbers game if you get it at the right price and it ticks the boxes then perhaps money to be made. Will be up for around $50K to survey strata blocks/headworks etc
This is the sort of thing I would look at for a quick flip.
http://www.realestate.com.au/property-house-wa-kardinya-118170667
R20/25, another option, try to find something in the area where the frontage of block is large enough to split in the middle, 2 front blocks, in this location would fetch about $450K+ each, its a numbers game if you get it at the right price and it ticks the boxes then perhaps money to be made. Will be up for around $50K to survey strata blocks/headworks etc
Like this?
http://www.realestate.com.au/property-house-wa-mount pleasant-118097811
If you have the capital to do so? haha (no calculation were made)
http://www.realestate.com.au/property-house-wa-mount pleasant-118097811
If you have the capital to do so? haha (no calculation were made)
Dex
As I said a numbers game, they are asking from $1.2M really.... so perhaps it will be closer to $1.3M including stamp duty.
If I were looking at buying the property you posted I would want to be selling the blocks at at least $800K each.
I personally would not buy to build on these blocks because this is high end stuff and for me I see it as higher risk, less buyers in the market for this product, product has to be really out there, lots of bling / high spec to compete. Holding costs much higher and on completion would be highly negatively geared.
These blocks in Mt Pleasant similar size lots sold I expect for around $600-$650K, cost to strata around $50K, time frame around 8-10 months if you go hard. I don't know the area, don't know which is the better location as to what price can be achieved.
http://www.realestate.com.au/property-residential+land-wa-mount+pleasant-200961035
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Hang on WM we are not comparing apples with apples
What you are buying is a totally different beast, you may be paying close to same price for land, however, end value for Mt Pleasant needs to be much higher to make it work, IMO harder to sell as there are not as many buyers and unfortunately there are many choices when we are talking $1.8M+.
Also different zoning/higher density with what you are buying, therefore you can maximise what you can build on the land.
At the end of the day we are all at the mercy of the market, all we can do is mitigate the risk, but somehow I think you have this covered
What you are buying is a totally different beast, you may be paying close to same price for land, however, end value for Mt Pleasant needs to be much higher to make it work, IMO harder to sell as there are not as many buyers and unfortunately there are many choices when we are talking $1.8M+.
Also different zoning/higher density with what you are buying, therefore you can maximise what you can build on the land.
At the end of the day we are all at the mercy of the market, all we can do is mitigate the risk, but somehow I think you have this covered
Hang on WM we are not comparing apples with apples
What you are buying is a totally different beast, you may be paying close to same price for land, however, end value for Mt Pleasant needs to be much higher to make it work, IMO harder to sell as there are not as many buyers and unfortunately there are many choices when we are talking $1.8M+.
Also different zoning/higher density with what you are buying, therefore you can maximise what you can build on the land.
At the end of the day we are all at the mercy of the market, all we can do is mitigate the risk, but somehow I think you have this covered
Don't worry I was only joking
I'm going to mitigate the risk by running for Mayor of Vincent
There's only one idiot in Perth who keeps spending more than 1m on sites
who does that?... seriously
Don't worry I was only joking
I'm going to mitigate the risk by running for Mayor of Vincent
Please do!!! multiple story baby apartments for everybody!!!
But then they wouldnt be worth as much?
Hang on WM we are not comparing apples with apples
What you are buying is a totally different beast, you may be paying close to same price for land, however, end value for Mt Pleasant needs to be much higher to make it work, IMO harder to sell as there are not as many buyers and unfortunately there are many choices when we are talking $1.8M+.
Also different zoning/higher density with what you are buying, therefore you can maximise what you can build on the land.
At the end of the day we are all at the mercy of the market, all we can do is mitigate the risk, but somehow I think you have this covered
I guess if you know of rich overseas investors who are willing to buy a nice home for their family to stay while they are studying or whatever the reason, then you actually have a broader market?
The majority of us would be targeting different niche markets even in Perth, but it seems that multiple dwellings are a high priority? (Who doesn't like a big ROI)
Dex
I think there are some around, my selling agent is Chinese she mentioned that there are o/seas investors keen on Perth.
MTR
MTR
I was talking to an agent a few days ago and he said that there are many people from 1 particular nation that are willing to buy property. They don't care about yields they are only concerned about moving their cash over here and 'washing' it.
Can i just ask what the difference is between (Site area per dwelling) compared to (Battleaxe lot area).
Is the first one the sqm of the actual house, where as the 2nd is the total lot area?
Thoughts on this http://www.realestate.com.au/property-residential+land-wa-heathridge-200993775
In proposed rezoning area for R30.
25M frontage. Is a 913 sqm land.
Been to the top of the block and can see the ocean from the top, so potential views.
Stones throw from a nice park. Has schools not far away.
Propozed mariner at Ocean Reef mariner going to be the next Hillaries.
Downsides i see: The block is on an angle - not flat.
In proposed rezoning area for R30.
25M frontage. Is a 913 sqm land.
Been to the top of the block and can see the ocean from the top, so potential views.
Stones throw from a nice park. Has schools not far away.
Propozed mariner at Ocean Reef mariner going to be the next Hillaries.
Downsides i see: The block is on an angle - not flat.
If i am picking up what you are putting down then No.
Site Area per dwelling is the lot size ie minimum site area per dwelling on r30 is 260m2. This is used for grouped dwellings. You would then use the open space percentage to work out total build area in sqm ie 45% open space which equalls 55% site coverage /build area. 260x .55= 143sqm build area. Excludes alfresco, carport, porticos etc if open on two sides etc etc
For multiple dwellings r30 and above, plot ratio can be used where you can determine the total build area in sqm per site. Used to build apartments etc.
1000sqm site at r100 with a plot ratio of 1.25.
1,000m2 x 1.25 = 1,250m2 of floor space. At 80sqm an apartment thats 15-16 apartments if setbacks and car spaces requirements etc can be met.
Battleaxe Lot area is the size of the site in a battle axe configuration. Depends how you subdivide etc.
