Popping our IP Cherry

[wrexter]

Subdivisible houses in Embleton are proving a little difficult too find, and i am worried it could be a while before anything suitable pops on the market.

Are there any other suburbs that the experienced investors could reccomend for me to have a look at, North or south of the river, it doesnt matter.

My criteria is that i would like to be able to rent the house out and in a year or two subdivide the property and build on the back and rent out also.

I have up to 650K to spend on IP #1.

Thanks greatly

 

[thatbum]

What about Hilton?

 

[HD_ACE]

Subdivisible houses in Embleton are proving a little difficult too find, and i am worried it could be a while before anything suitable pops on the market.

Are there any other suburbs that the experienced investors could reccomend for me to have a look at, North or south of the river, it doesnt matter.

My criteria is that i would like to be able to rent the house out and in a year or two subdivide the property and build on the back and rent out also.

I have up to 650K to spend on IP #1.

Thanks greatly

That would be because it is a small and popular area. One area i would suggest for you to look into further would be morley for that price range. Its a big area so supply is a bit more.

Its looking to become a satelite city of its own if you look through directions 2031 and the councils plans for the future.

Seems to be alot of blocks are r25 and retain and build.

Just be aware the area has jumped 15-25% in the last 18 months for development sites ( based on observations and my recent vals)

Girrawheen and koondoola preposed rezoning but market has jumped hard

Some other areas are hamilton hill preposed rezoning and spearwood
Or else bassendean, ashfield bayswater and maylands show some good promise just hard to find something decent.

Possibly cloverdale and belmont on a r30 block or large r20 ( so your not paying premiums for multi dwelling potential).

I believe theres less competition looking for 900sqm plus blocks on r20 for a retain and build so quite a few areas with this potential.

Theres lots of areas really
Hope that helps

Cheers.

 

[stumpie]

Subdivisible houses in Embleton are proving a little difficult too find, and i am worried it could be a while before anything suitable pops on the market.

Are there any other suburbs that the experienced investors could reccomend for me to have a look at, North or south of the river, it doesnt matter.

My criteria is that i would like to be able to rent the house out and in a year or two subdivide the property and build on the back and rent out also.

I have up to 650K to spend on IP #1.

Thanks greatly

try hamilton hill or spearwood with that sort of money.

 

[wrexter]

How is this one in Morley drive?

http://www.realestate.com.au/property-house-wa-morley-115584759

 

[BayView]

Do keep in mind, everyone here was a newbie once, everyone developing here was once in the same situation as me, possibly getting the same conservative (and sometimes downright hostile as if developing is some select club no newbie is ever allowed to join) advice from the experienced, but chose to ignore it and are now developing.

Alex sometimes comes across a bit abrupt and short, and without patience (sounds like me! ), but he was pointing out a valid point.

Noone is saying don't do a development - and everyone is entitled to start one at sometime - it's when you are ready in your own head - but without experience it could be very expensive.

My advice to a newbie with half a million and no previous experience would be to look at buying something that is buy/hold and with the possibility of subdiv later....eg: a normal resi block that may become 2 or 3 town houses, or as Jerrym said - build in the back yard..

Or, maybe team up with someone who has already done two or three, and do a joint venture to get some experience and have their hand held for the first one...nothing too big.

 

[Tulamalula]

I do actually have experience, have done three houses and made money on all of them. Just that they were PPoRs not IPs. by asking questions on this forum I have very quickly established the costs of potential subdivisions and been able to see the properties I thought may be good, would not have made much money for me in the long term. That's why one asks questions - and I refuse to be one of those people who goes in without thinking through the issues and costs, buys something at top dollar with an idea to develop, and push the prices for everyone else up.

Not looking at doing a development ie building townhouses or units, just a retain, reno, hold and rent, and battleaxe the block for future development - in 2-3 years, or more.

Wrexter, I am looking for exactly the same as you, with the same budget. You can buy in Cloverdale/Belmont still for that price but you're paying a premium because the houses need a LOT of work. There are so many development blocks going, one RE agent told me his RE agent friend had sold 160 such blocks this year alone.

My concern for Belmont and surrounds is oversupply of units/apartments as these blocks are developed. I'm thinking ghetto. Belmonet/Cloverdale/Redcliffe are still not "good areas", I worry about who will be renting these properties in the future as they will be cheapies as more and more supply hits the market.

 

[HD_ACE]

How is this one in Morley drive?

http://www.realestate.com.au/property-house-wa-morley-115584759

Only things i can think of is morley drive is a pretty busy road.

And hard to tell from the pics but looks like a fair sloped and uneven section so possibly some $$ ith retaining walls etc.

Cheers

 

[wrexter]

Alex sometimes comes across a bit abrupt and short, and without patience (sounds like me! ), but he was pointing out a valid point.

Noone is saying don't do a development - and everyone is entitled to start one at sometime - it's when you are ready in your own head - but without experience it could be very expensive.

My advice to a newbie with half a million and no previous experience would be to look at buying something that is buy/hold and with the possibility of subdiv later....eg: a normal resi block that may become 2 or 3 town houses, or as Jerrym said - build in the back yard..

Or, maybe team up with someone who has already done two or three, and do a joint venture to get some experience and have their hand held for the first one...nothing too big.

That is exactly what i am doing Bayview, obtaining a suitable property now, using subdivision of my mothers property as experience for my own subdivision later............ if all goes well

 

[wrexter]

Only things i can think of is morley drive is a pretty busy road.

And hard to tell from the pics but looks like a fair sloped and uneven section so possibly some $$ ith retaining walls etc.

Cheers

Hmm thanks, would you reccomend straying away from the main road?

 

[wrexter]

What are thoughts on Hamersley, it is near train and it is in the city of Stirling, which i hear is quite a wealthy council.

I cant find what zoning the area is though, can anyone shed some light on current/future zoning?


Thanks

 

[perthguy]

What are thoughts on Hamersley, it is near train and it is in the city of Stirling, which i hear is quite a wealthy council.

I cant find what zoning the area is though, can anyone shed some light on current/future zoning?

I would have thought intramaps would have zonings but I can't seem to find them on Stirling's intramaps:

http://maps.stirling.wa.gov.au/ApplicationEngine/Application.aspx?project=StirlingMaps&

As a backup, there is always the scheme map:

http://online.planning.wa.gov.au/LP...of (Scheme 3)/Map 02 - Hamersley Locality.pdf

from that it looks like it is mostly R20. In terms of poential future rezoning, perhaps the local planning strategy?

 

[westminster]

What are thoughts on Hamersley, it is near train and it is in the city of Stirling, which i hear is quite a wealthy council.

I cant find what zoning the area is though, can anyone shed some light on current/future zoning?


Thanks

I believe Hamersley is scheduled for rezoning - especially around the shops.
Currently R20 not sure what it's moving too or timeline.

 

[wrexter]

I believe Hamersley is scheduled for rezoning - especially around the shops.
Currently R20 not sure what it's moving too or timeline.

Hi Westminster, do you know where i can find more about that?

The prices seem ok in Hamersely, would be a good location should a rezoning occur

 

[westminster]

Hi Westminster, do you know where i can find more about that?

The prices seem ok in Hamersely, would be a good location should a rezoning occur

Google

http://www.stirling.wa.gov.au/Resid...ning/Carine and Hamersley Local Area Plan.pdf

Its very old from 2008 but rezonings never move quickly. Skip to page 63 if you don't want to read it all.

Ring council to see if any changes may have been made since then and get update on progress.

 

[wrexter]

ok great, thanks, sorry should of google first

I have started looking more closely into Bayswater, what do you guys think of the following for a potential retain & build

http://www.realestate.com.au/property-house-wa-bayswater-115047059

Its a little on the pricey side i think but good subdivision potential, rear access it seems, 746sqm.

Is the soil prone to be clay around Bayswater?

 

[wrexter]

Negative on that property above, the existing house needs ALOT of work apparently, currently on rent for $150 a week.