Shoalwater WA
- Thread starter venno
- Start date
I like the idea, but just watch the rental returns are pretty low in that region at present (I believe).
The new marina got signed off recently, so that might give the area a bit of a boost.
Also there are a lot of people doing the same thing, which may keep re-sale values low for a while (a lot of supply).
One day I wouldn't mind buying a large block down there for my PPOR. Not sure about the numbers for development, but it is certainly some of the cheapest costal real estate in Perth.
Blacky
The new marina got signed off recently, so that might give the area a bit of a boost.
Also there are a lot of people doing the same thing, which may keep re-sale values low for a while (a lot of supply).
One day I wouldn't mind buying a large block down there for my PPOR. Not sure about the numbers for development, but it is certainly some of the cheapest costal real estate in Perth.
Blacky
Yeah, seems to be the way. The agents I have been speaking to are talking it up though and saying that things are starting to turn with rents increasing.
What kind of time frame are they looking at for that development, good idea for the area I reckon?
Is that a similar thing that happened down in Mandurah with the dev blocks there where everyone seems to have purchased last year or 2 and are now just sitting on them?
I haven't spent any great time down that way since I was a kid and the family lived in Orelia for a brief period, used to be a weekend treat for us to go down to the old Rocky City Shops
I really liked Shoalwater in particular with its unique geography and a piece of coast accessible in a short drive 3 directions from the shops there. be quite easy to set up shop there now that the Rockingham foreshore is getting cleaned up and a cafe culture is starting.
I was there in April, I have family there.
Always take a look around at property wherever I am and what sticks in my mind with Shoalwater are a couple of things.
1) Blacky is right, watch the returns
2) There is just too much going on at the moment. Vacant blocks for sale; new & old houses and townhouses, etc for sale; developments under way and planned; old cottages on big blocks for sale.
To me this says beware, too much action, maybe too late this time around? However having been involved in this area for 30 years or more I have always thought it was undervalued, I mean look at the area, is there anywhere more beautiful in the Perth region? And of course with the new railway line, the freeway, development and cafe strip at Rocky Beach and now the proposed marinas prices can only go up. And with the navy base there will always be demand.
Just don't tell everyone how beautiful it is!
Always take a look around at property wherever I am and what sticks in my mind with Shoalwater are a couple of things.
1) Blacky is right, watch the returns
2) There is just too much going on at the moment. Vacant blocks for sale; new & old houses and townhouses, etc for sale; developments under way and planned; old cottages on big blocks for sale.
To me this says beware, too much action, maybe too late this time around? However having been involved in this area for 30 years or more I have always thought it was undervalued, I mean look at the area, is there anywhere more beautiful in the Perth region? And of course with the new railway line, the freeway, development and cafe strip at Rocky Beach and now the proposed marinas prices can only go up. And with the navy base there will always be demand.
Just don't tell everyone how beautiful it is!
+1 for the above sentiments.
absolutely stunning area, seriously undervalued compared to similar areas nationwide but just too much activity at present.
absolutely stunning area, seriously undervalued compared to similar areas nationwide but just too much activity at present.
Shoalwater
Aaron,
I arrived in Australia from UK in 1981 and came straight to my parents and sister and brother living in Shoalwater. You can imagine the impact it had on me when they walked me down Coventry Road to the beach, what a view! Then we walked the sand bar to Penguin Island (yeah I know, not recommended), then walking Point Peron.
WOW!
My brother now owns the duplex in which my mother lives and waiting on the right moment to develop it (a large corner block).
My wife and I have every intention of retiring to Palm Beach by the jetty. Note to self: Buy sooner rather than later!
And if you get in now you can get great value all around the area. Will the marinas make a huge difference though?
Aaron,
I arrived in Australia from UK in 1981 and came straight to my parents and sister and brother living in Shoalwater. You can imagine the impact it had on me when they walked me down Coventry Road to the beach, what a view! Then we walked the sand bar to Penguin Island (yeah I know, not recommended), then walking Point Peron.
WOW!
My brother now owns the duplex in which my mother lives and waiting on the right moment to develop it (a large corner block).
My wife and I have every intention of retiring to Palm Beach by the jetty. Note to self: Buy sooner rather than later!
And if you get in now you can get great value all around the area. Will the marinas make a huge difference though?
You could use the new vehicle of GFs to manufacture increased yields if you want to get into the area now.
You could create a unique strategy if you want to hold.
Let me see
- buy a big block
- retain house
- build 70sqm 2 x 1 in rear garden
- wait for CG
- when the time is right demolish house and put 2 houses in it's spot retaining the GF in the rear.
It's a bit of an odd set up but you end up with a triplex and during the holding stage you have 2 incomes.
You could create a unique strategy if you want to hold.
Let me see
- buy a big block
- retain house
- build 70sqm 2 x 1 in rear garden
- wait for CG
- when the time is right demolish house and put 2 houses in it's spot retaining the GF in the rear.
It's a bit of an odd set up but you end up with a triplex and during the holding stage you have 2 incomes.
This warrants some serious thought, great way to boost earning power of property without outlaying too much.
What would a decent 2x1 cost I wonder?
About 80k.
Up to you guys to work out if the sums work - I'm just the ideas gal
Got cash? chuck this on it
http://www.gumtree.com.au/s-ad/balc...commodation-unit-donga-granny-flat/351945944#
Any comments/thoughts on this one, its r40?
http://m.realestate.com.au/property-house-wa-shoalwater-113923523
http://m.realestate.com.au/property-house-wa-shoalwater-113923523
Location is good. I wonder if you have that sort of money if you'd be better off purchasing closer to city for now like this? http://m.realestate.com.au/property-house-wa-bayswater-111827455
What does it rent for?
It is a nice location, rented currently for 350 but its acknowledged that's below market but a good long term tenant (hardly surprising at that rent).
What else I could with the money is a very good question, opportunity cost!
I'm looking at a townhouse in my lawley/nth Perth border for 700k rented for 600.
So what is the market rental?
Personally i would be buying near the city with that price range. But would also depend on the kind of development you plan on doing.
Cheers
The real rent should be 450. I would look to sit on the property for a bit prior to developing either a duplex or triplex.
Negotiations have stalled with vendor sticking steadfast at 590k.
I have been told that the mt lawley townhouse could be had for 690k.
Decisions....decisions.....
Well you could get a similar R40 quad development block in nollamara for that price - so 10 or so kms from city. Of course not close to the beach.
Personally I don't think I'd be targeting that one - I'd be looking in the sub 500 range so that there is less holding less negative cashflow.
On that note with my GF triplex plan I'm thinking that one should design the GF in such a way and position that you can add a master bedroom and ensuite later. Then your triplex would be better and the GF Can turn into a 3 x 2.
