Where to Buy in Perth?

[alishine]

Hi,

I have no idea if my post will make sense. I want to get myself into the property market and have been trying to know where exactly should I be looking at here in Perth-Frankly speaking which suburbs ?

I have a stable job and good enough deposits (hope my good enough which should pay 20% on a 500k package) to get myself a loan but problem for me is not about getting a finance but where to buy. Hence asking you folks if you can help me out here.

I don't knw if I should build (which I was looking for at the first place until I ran out of patience with Stockland's Calleya estate which is very competitive) or get an established home not that far from the city ( I prefer SOR).

And the other part of me is saying-hang in there-just wait and watch-deposit few more-and your time will come.

If you are reading this, you might have got the idea about what I am going through in my head. Can anyone suggest me anything worth for me ! DO I go for apartment or a house-established or a new one.

Thanks.

 

[HD_ACE]

First of all you need to come up wih a strategy or a destination if you will. Then come up with goals on how property will get you there. Only then will you understand which path is best for you.

Will you need Passive income or a lump sum in the end. Will you use development or renovation to help you get there faster. Will you chase higher yield or cg or a mix.

Lots to think about. Then we can suggest areas that will suit and fit in with your goals and timeframes.

Hope this helps.

Cheers

 

[redwing]

1. Are you renting at present or are you in a PPoR?

2, Have you spoken to a broker re your loan/finance capacity?

3. Why Perth?

4. Do you have a strategy?

 

[Rixter]

First of all you need to come up wih a strategy or a destination if you will.

Correct... if you dont know where you are going, then all roads will look the same to take you there.

This is the number 1 biggest mistake made when starting out - people think property investing is about property. Well its not. There is a higher purpose. Property is merely the vehicle.

Isnt it any wonder for all the confusion of what & where to purchase.

 

[stumpie]

Correct... if you dont know where you are going, then all roads will look the same to take you there.

This is the number 1 biggest mistake made when starting out - people think property investing is about property. Well its not. There is a higher purpose. Property is merely the vehicle.

Isnt it any wonder for all the confusion of what & where to purchase.

+1

this is what i replied to a similar post.

before you pull the trigger on buying anything my advice is to read a bit on investing strategies first. once you are absolutely clear of where you want to be, and how to get there you will be in a more comfortable position with a better mindset to know what and where to buy.

as a start read jan somers' book "more wealth from residential property" she owns this forum. another good book to read is michael yardney's book "how to grow a multi million dollar property in your spare time"

 

[alishine]

HI,

Thanks for your replies and trying to put some sense and light onto me. Basically I want to own a home right now (currently renting). I am looking for South of River Suburbs (I work in Murdoch) and love it. I read that the stamp duty concession for established homes have been changed ( will come effect for 430k+ as you probably know).


So that is what I am thinking (I dont knw if that is a strategy or not though)- owning a residential property and then try and build on from there.

Sorry I am a novice in all of this but I will keep on reading and try to figure out whats best for me. This seems like a great forum for people like me who want to enter the property market.

 

[Rixter]

Great, you have identified South of the River in close commute to Murdoch.

Exactly how far way is too far away from Murdoch, and as its your PPOR, you need to decide if you want a house or villa/townhouse/apartment?

 

[HD_ACE]

So you are looking for a ppor?

This is more an emotional choice. You have many factors to influence it

- distance to work/ public transport if neded?
- schools?
- hobbies ie sports clubs etc
- other activities like a cafe strip person or pubs and bar person etc

I take it your looking for an area that will grow well to allow further purchases?

Cheers

 

[alishine]

So you are looking for a ppor?

This is more an emotional choice. You have many factors to influence it

- distance to work/ public transport if neded?
- schools?
- hobbies ie sports clubs etc
- other activities like a cafe strip person or pubs and bar person etc

I take it your looking for an area that will grow well to allow further purchases?

Cheers

Spot on! Looking for a suburb much closer to public transport. Hence Calleya was an attractive option for me but could not get a lot till. So yes, basically just looking for an area that has potential to grow.

 

[alishine]

Great, you have identified South of the River in close commute to Murdoch.

Exactly how far way is too far away from Murdoch, and as its your PPOR, you need to decide if you want a house or villa/townhouse/apartment?

Very difficult question 'how far way is too far away' Well ! I was happy to go as far as AubinGrove for that matter. I am looking to get a house definitely.

Thanks

 

[Rixter]

Very difficult question 'how far way is too far away' Well ! I was happy to go as far as AubinGrove for that matter. I am looking to get a house definitely.

Thanks

What is your borrowing capacity? If you havent had one done I strongly suggest you do so.

 

[westminster]

Instead of the big estates why not look at an infill block in an established suburb near Murdoch.

Somewhere like Willagee, Hilton, Hamiltom Hill

Alternatively look towards Canningvale

http://www.realestate.com.au/buy/pr...tract&activeSort=price-asc&source=refinements

There is quite a range of blocks in the $200-300k region in those areas which would suit. Yes they are smallish blocks around 250-350sqm but that is fine for a nice 3 x 2 home.

 

[sanj]

Noooooooo myf, no canning vale.

The suburb where capital growth goes to die and is serviced badly by public transport.

Agree with the infill suggestion though

 

[alishine]

What is your borrowing capacity? If you havent had one done I strongly suggest you do so.

Borrowing capacity is around 500k

Thanks

 

[alishine]

Hi All,

Since the prices are getting so much crazier here in Perth; what do you have to say about waiting for next year as it seems the house prices may saturate a bit.

May be wait and watch for First Time buyers like myself.

 

[Listar]

I don't think anyone has a crystal ball to see what will happen next year. But if I were to tell you there is 50% chance of price stagnantation, 25% chance of price drop and 25% chance of house price increase same time next year, with this info at hand will it impact on your decision to buy this year or next?

 

[D.T.]

Hi All,

Since the prices are getting so much crazier here in Perth; what do you have to say about waiting for next year as it seems the house prices may saturate a bit.

May be wait and watch for First Time buyers like myself.

Are you looking to buy a PPOR or an IP?

If it's a PPOR it really depends on your circumstances. If you can keep living where you are then thats great, if you cant then I'd jump in as you can never know (could be 1 month or 5 yrs or anything) when situation might be better.

If it's an IP i'd look elsewhere (rather than wait for Perth to be different)

 

[alishine]

Are you looking to buy a PPOR or an IP?

If it's a PPOR it really depends on your circumstances. If you can keep living where you are then thats great, if you cant then I'd jump in as you can never know (could be 1 month or 5 yrs or anything) when situation might be better.

If it's an IP i'd look elsewhere (rather than wait for Perth to be different)

It's a PPOR. I am currently renting but I am prepared to wait until end of this year if I see some slack in prices. The prices are crazy as you know. Cant possibly have 10% increase in prices every year, can we ? It needs to cool off a bit now otherwise medium earners like us will in no way afford to have a place which we can call home.

 

[thatbum]

It's a PPOR. I am currently renting but I am prepared to wait until end of this year if I see some slack in prices. The prices are crazy as you know. Cant possibly have 10% increase in prices every year, can we ? It needs to cool off a bit now otherwise medium earners like us will in no way afford to have a place which we can call home.

Most of us on the forum in Perth don't think prices are going to fall anytime soon. I would say the general consensus is a slow steady growth in the short to medium term.

That said, it really comes down to what sub-market you are looking at as well. You should simply use the time from now to research and then be ready to jump at any opportunities that come up.

 

[vmay]

It's a PPOR. I am currently renting but I am prepared to wait until end of this year if I see some slack in prices. It needs to cool off a bit now otherwise medium earners like us will in no way afford to have a place which we can call home.

Maybe look at adding value to something like this?

http://www.realestate.com.au/property-house-wa-coolbellup-116962487

Close to work, close to freo, suburb transforming. Worth a look.