Whats happening in top end Perth?

I cant figure out whats happening in the $1m+ market in Perth at the moment... 'golden triangle'/western suburbs dont seem to have much come onto the market, and what does come onto the market either sells in a flash or stagnates for months... there really isnt a lot to choose from, but the market direction is hard to pick.

We're thinking of trading up our PPoR from $700K to about $1.2m early next year... 6 months ago I was mad for it but now i'm not so sure... $1.2m buys so little that i'm a bit bewildered as to where its all headed.

Opinions?
 
... $1.2m buys so little that i'm a bit bewildered as to where its all headed. Opinions?


One of me neighbours down the road is selling off half of his back shed down the back of his block where the chooks used to be. Why don't you save up a few more years then pop an offer in.....you never know, you might just get (c)lucky. :)
 
I've got a place in Nollamara you can have for $1.2M.

Just PM me if you want the details...













Alright; it was a joke..., but you know I do have the place in Nollamara, that bit was real. So you know, if you like, we can talk about it...
 
well, the "golden triangle" needs a little "brasso" if you ask me - and i like floreat but seriously....!

where i am in Burns Beach, there's a bucket on the market, but some houses have been on for 300+ days, others 60, others 5.....all the same spec and price/sqm.

a 2storey+loft place on one of the main drags, no views, in just sold for $1.35m. nice house - like it, but next door's block with ocean AND park views is selling for $600k.
 
I cant figure out whats happening in the $1m+ market in Perth at the moment... 'golden triangle'/western suburbs

We're thinking of trading up our PPoR from $700K to about $1.2m


Sam,


I suppose the two statements don't mesh too well, and so it is hard to give a sensible answer.


The western suburbs require a bit more moolah than 1.2m to get in. You're competing against mining co CEO's and silks and well established business owners. They sneeze and 1.2m falls out. It may sound snobbish or condescending from your station in life, but the people you will be competing against won't care what you think it sounds like.


If your PPoR ambitions involve any sort of dirt, forget it.....your wallet doesn't match your ambitions at this stage.


You could grab a townhouse or something in one of the lesser suburbs for 1.2m. My suggestion is either change your ambition, or go away and get double that amount, come back and then you can go looking.
 
or you could go way above budget and pop a granny flat on the back end and rent it out to pull in a little more cashola.

.....or you could go and rent a caravan somewhere and use your 1.2m to buy a shed or office paying you $ 2,000 per week clear rent.
 
Im not sure if this is relevant at all but seeing as we are talking top end property, it may mean something to someone.

We just won a contract to build a house for around 2.3m inc gst. The client was pre approved 6 months ago and now facing difficulties (not refused just yet).

I thought that credit was easing a little bit, but maybe thats why some prices are stagnating or going quick. Peoples ability to finance looking at high end or low end.

Suburb is Cottelsoe.

Regards
Chomp
 
Samwise
I know Mandurah is different to Perth but you or others may be interested.
There is currently 80+ high end apartments for sale around the marina but in the last month l think this market has finally bottomed out.
Been a few sales in the last 3 weeks.
One bloke who was Born free and Taxed to death has even bought in. I m pretty sure he would have a good eye for the market.
Seems to be a lot more starting to attend home opens and those in a good position are going reasonably quickly. A few locals are taking the oportunity to upgrade to a nice canal /beach side home.
I believe we have seen the worst of it now in this area but l also think we are in for a quiet 12 months yet.
Plenty of rentals to choose from and the yields are still crap. If you have a tenant then hang onto them.
cheers
yadreamin
 
I think growth after the 20-40% drop (late 08/early 09) that recovery is limited. perhaps back up 10-15% so still down about 20% or so from peak. sellers are having a hrad time accepting this and there are SO many dreamers just sitting on the market
 
Yeah i'm seeing a lot of properties that are stagnating and staying on the market too long, probably due to dreamer owners (one being the house next door)... but just strange also that anything of quality gets snapped up quick. Tight supply i guess.

For me personally i hope the prices have flattened and will stay that way for a bit... i will just be flabbergasted if we get more growth - driven by what?

S
 
a boom yes. But not a huge one. Huge happens when money flows freely to all the gaps in the economy. So far still alot of holes out there.
 
things sure do seem to have stopped. it almost seems a mexican stand off. i havent seen a place sell around my suburb for a few weeks but the vendors are all sitting way up there. wil lbe interesting to see what happens. i reckon more supply will come on but sentiments is riding high and so are expectations. very interesting. i wonder what current listing volume is sitting at at the moment?
 
things sure do seem to have stopped. it almost seems a mexican stand off. i havent seen a place sell around my suburb for a few weeks but the vendors are all sitting way up there. wil lbe interesting to see what happens. i reckon more supply will come on but sentiments is riding high and so are expectations. very interesting. i wonder what current listing volume is sitting at at the moment?

Your comments all very true. Its something out of a bad western i agree. *cue the tumbleweed rolling past*

On a serious note i believe many(mostly investors) are hoping for a melbourne special. So i ask... does perth have the kind of fuel to ignite a boom on par with whats happen in the eastern states recently?

Wil the same core reasons that pushed melbournes recent growth *cough*overseas interests*cough* have similar effects on perth when said investors eventually look west for better prospects?

*interesting fact. 29% of people in melbourne arent naturals. Whats the % for perth i wonder
 
Your comments all very true. Its something out of a bad western i agree. *cue the tumbleweed rolling past*

On a serious note i believe many(mostly investors) are hoping for a melbourne special. So i ask... does perth have the kind of fuel to ignite a boom on par with whats happen in the eastern states recently?

Wil the same core reasons that pushed melbournes recent growth *cough*overseas interests*cough* have similar effects on perth when said investors eventually look west for better prospects?

*interesting fact. 29% of people in melbourne arent naturals. Whats the % for perth i wonder


Would love to say that Perth will boom as Melb has but I doubt it will happen in the immediate future. My Perth IPs are still below values recorded in 2006 and call me negative but I don't see 20-30% growth in the next 12 months.

We could analyse it to death but "it is what it is".

Melb on fire, Syd inner city stuff going ballistic and now central coast.
As Bigtone states "when it starts rising this is your insurance policy" go for it.

Cheers, MTR
 
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