Thoughts on Greenwood WA

[Point Break]

Hi All

Looking to purchase an investment property and have heard good reports about Greenwood and surrounding areas.

I am looking to purchase a property with proposed redevelopment potential. My strategy is buy and hold with future development potential.

I'd love to hear your thoughts, information and or experiences.

 

[HD_ACE]

I will add that you can get development sites alot closer to the city in that price range. And these are already zoned so no risk of the proposal not going ahead.

Cheers

 

[Point Break]

thanks for the reply hd ace
can you elaborate on the location? Do you believe these areas you suggest have as good if not better capital growth potential and rental yield.
I will also add that development is a few years off so the dwelling must be suitable to have tenants live.
Thankyou

 

[burning]

Hi, been a lurker for a short while, and this thread prompted me to register.

I've been looking at properties appearing in realestate.com.au around greenwood for a while now, however my input may be limited as I'm not a particularly experienced investor.

I personally like the idea of Hamersley, Warwick, Greenwood, as they are all close to the freeway and thus close to train stations.

Block sizes typically come through around 700sqm, but interestingly a few 1000sqm properties have appeared in the last month. They usually have 70's houses on them - and prices usually advertise at $650k for that.

Greenwood is in the City of Joondalup, and they have zoning maps on their website.

Hope that helps.

 

[westminster]

Hi All

Looking to purchase an investment property and have heard good reports about Greenwood and surrounding areas.

I am looking to purchase a property with proposed redevelopment potential. My strategy is buy and hold with future development potential.

I'd love to hear your thoughts, information and or experiences.

What is the proposed rezoning of the areas?

If you are prepared for the risk then note the size you will need for the subdivision type you want to do then search accordingly. For example is the proposed rezoning is R30 and you want to develop a triplex then you need 660sqm absolute minimum - 730sqm or so if you want to build 3bd 2 both double garage.

Then work out how much that is per block and compare it to a suburb tha is comparable and already has the zoning. No point paying more than an area that is already rezoned.

Then think about how much it would cost to build what you want and the end value.

If that all works and you can afford the property with its current house then it looks good.

The further north you go from the city the more I would be inclined to be near the train line or feeder bus service to train line.

 

[sanj]

This Westy poster really knows her stuff for a girl (her husband must be a developer). I'd recommend heeding her advice.

 

[Aaron Sice]

This Westy poster really knows her stuff for a girl (her husband must be a developer). I'd recommend heeding her advice.

you mean HIS advice - she must be his secretary or something.....

 

[westminster]

you mean HIS advice - she must be his secretary or something.....

Stop it you two

He's purely commercial and has no idea about Resi really even though he's done a resi subdivision. I suppose we make a good team - and kids

 

[hematite]

730sqm with 3 x 3x2's is pretty squashy too.

 

[HD_ACE]

thanks for the reply hd ace
can you elaborate on the location? Do you believe these areas you suggest have as good if not better capital growth potential and rental yield.
I will also add that development is a few years off so the dwelling must be suitable to have tenants live.
Thankyou

Well do you plan on acting on the future development? Or just land bank and flip off when rezoned hoping thats pushed the prices up?

The advantage of buying already rezoned is you can do your numbers and feasability before you buy. You can see what the end products are selling for and what the demographics are demanding

But on the flip side buying during the proposed period means you can get into the area a whole lot cheaper. Hopefully.

But you have researched the area so there may be a hole lot more potentiall to outway this risk.

Comes down to your risk profile.
But look through other threads on here about perth development suburbs. Very knowledgable and insightful stuff.

Hope this helps cheers

 

[MTR]

Hi All

Looking to purchase an investment property and have heard good reports about Greenwood and surrounding areas.

I am looking to purchase a property with proposed redevelopment potential. My strategy is buy and hold with future development potential.

I'd love to hear your thoughts, information and or experiences.

I don't think you could go wrong purchasing anywhere at the moment in Perth, its just such a great market that's if you can beat the competition.

Greenwood is only 15 km from the city and purchasing in the proposed rezoning precinct makes sense. Entry level is getting up there though, so I guess the only concern I would have is holding costs.

Then again I reckon if you hold for 6 months and offload you will make a tidy profit, I like this market

I know someone who purchased this corner property in the proposed deve precinct. Great property to landbank

http://reiwa.com.au/Property-for-sale/Greenwood/3300609

 

[D.T.]

I will add that you can get development sites alot closer to the city in that price range. And these are already zoned so no risk of the proposal not going ahead.

Cheers

Such as?

Also, isnt one that hasnt gone ahead likely to be cheaper?

 

[HD_ACE]

Such as?

Also, isnt one that hasnt gone ahead likely to be cheaper?

Yes thats the theory. Get in before prices rise because of the zoning.
All i was saying was that for the same price or less and alot closer to the city you can get development sites already zoned correctly which means no risk of being left with a buy and hold property when you were after a development.

Gives the op something to look into and consider.

A couple that come to mind
Morley
Bayswater
Belmont
Cloverdale
Bassendean
Cannington
Canning
Rivervale
Etc etc etc plenty more and others that are cheaper and dearer.

Cheers

 

[MTR]

Yes thats the theory. Get in before prices rise because of the zoning.
All i was saying was that for the same price or less and alot closer to the city you can get development sites already zoned correctly which means no risk of being left with a buy and hold property when you were after a development.

Gives the op something to look into and consider.

A couple that come to mind
Morley
Bayswater
Belmont
Cloverdale
Bassendean
Cannington
Canning
Rivervale
Etc etc etc plenty more and others that are cheaper and dearer.

Cheers

Hi HD
Some more....
Westminster, Balga, Nollamara, Embleton ..... I think Belmont, Bayswater, Rivervale may now be more expensive than Greenwood ?? Not sure, as the development sites just keep going up faster.

Also another consideration if going for a property that has been earmarked for rezoning, close to the city there is always the cheaper option - Lockridge, Beechboro, Girrawheen and Koondoola, Girr/Koond are now selling over $400,000 and I see these areas heading for $450,000, need to be quick.

 

[Point Break]

Hi all
Thanks for the replies
The proposed zoning will be r20/40
And I do intend to act on the development my strategy is buy and hold as stated above. Not wait hope and flip
You can cancel out bayswater rivervale and belmont comparable land size parcels and condition of properties are at least a 100k more than greenwood
I moved on from those areas 18 months ago. A few of the stated areas are way to hot for me and people are paying what I believe to be about 8-12% above real value
18 months ago I was at home opens in rivervale sitting with the agents having a coffee and they were practically begging me to throw an offer on the table, now if you get there 15 minutes into the home open there are no more flyers and agent is like a pig in ****
No thanks

 

[westminster]

Such as?

Also, isnt one that hasnt gone ahead likely to be cheaper?

Generally they should be cheaper but currently there are blocks in Girrawheen that are more expensive than Balga and Girrawheen is still 'proposed'

This is why you need to do those comparisons.

 

[MTR]

Generally they should be cheaper but currently there are blocks in Girrawheen that are more expensive than Balga and Girrawheen is still 'proposed'

This is why you need to do those comparisons.

Hi WM
You are right, however there will be a reason for this, larger block over 800 sqm, corner block and most recently I have seen 2 sales where there was a granny flat at rear with 10% yields.

 

[Waldo]

Hi WM
You are right, however there will be a reason for this, larger block over 800 sqm, corner block and most recently I have seen 2 sales where there was a granny flat at rear with 10% yields.

I had a very quick look on google but didn't have much luck - Is renting out grannyflats to unrelated parties allowed in Girrawheen (and for that matter the other Northern suburbs in those areas)?

 

[westminster]

I had a very quick look on google but didn't have much luck - Is renting out grannyflats to unrelated parties allowed in Girrawheen (and for that matter the other Northern suburbs in those areas)?

It's not allowed but seems to be done - not sure how much a blind eye the councils turn to it.

 

[HD_ACE]

I had a very quick look on google but didn't have much luck - Is renting out grannyflats to unrelated parties allowed in Girrawheen (and for that matter the other Northern suburbs in those areas)?

Its in the pipeline to be changed and allowed. But has been for a while so no word on when or if yet.

Cheers