yep -checked, it sounds ok! woohoo!
Hi Devilcv and other contributors,
I can’t say that I know much about suburbs south of the river but I was interested in what Devilcv had to say about Quinns and Wembley.
About 18 years ago I thought that Mullaloo and Ocean Reef were really in the sticks but I bought a great house and land in Mullaloo a few streets back from the beach with 180 degree ocean views that could never be built out. The house and backyard looked out over 2 storey homes immediately between my house and the beach. I kept thinking that one day this would be worth a fortune. Eventually after about 2 years I got sick of tenant troubles and sold the house for about 70% more than I paid for it. It has probably gone up 600% from my sale price – as has Ocean Reef. Yeah, the one I let get away!
Quinns (which is even further out in the sticks)has been quite amazing in recent times. I have noticed that there is still a lot of activity in the display homes in Quinns and the new estate of Jindalee (immediately north) seems to be selling well even though the the “roads” in the new subdivision are unsealed.
Some people who got into Quinns a few years back have done extremely well. I was not amongst them although my wife has just bought a block of sand in Yanchep. Time will tell if she bought at the top of the market or if prices there will continue to rise. According to agents in that area sales of land started slowing in about October 2003 but there is some indication that Marmion Ave will be through at the end of 2005. (maybe it will – maybee it won’t).
Wembley is interesting for all the reasons Devil mentioned. I know a few people who are into renovations in this area. I would be interested to know where exactly Devil bought. What does Devil think about the likely change in the profile of tenants with some ECU courses movign from the Churchlands Campus to the Joondalup campus?
Oh – by the way it was an investor from Sydney who bought my Mullaloo property. At the time some people would have said that the Sydney purchaser paid too much but 6 months later the same people would have said he stole it from me!!
Err .. and what will happen with the changes to the stamp duty rates promulgated in today’s budget?
Regards to all
Yarwood
I guess it is just like Steves book. Capital growth only works 30% of the time. YOu need to decide where you want your money to come from and then, if you decide on capital gains, you need to buy and be patient.
All the best.
Too big it is not. Think, you must not.Want, you must not. Do you must. (Yoda)
Well, did everyone get Saturdays West and read teh “Property Report”. For those that didn’t I’ve listed the growth for the last 12 months for the suburbs we’d all listed in this thread (I think we listed half the city!!!)
I know this is the past and not the future and it was the future we were talking about, but it was interesting anyway.
Leederville 40.7%
Mandurah (central) 32.2%
Quinns 35.3%
Armadale 21%
Rockingham 29.8%
Waikiki 32.8%
Ashfield 28.1%
Midland 17.2% (note units went up 50.6%)
Golden Bay 30.6%
Westminster 30.3%
Balga 27.7%
Morley 27.5%
Warwick 19.6%
Greenwood 26.3%
Yangebup 27.5%
SouthLake 21.7%
Ferndal 27.3%
Lynwood 21.4%
Queens Park 27.5%
Rivervale 25%
Kewdale 33.2%
Kenwick 24.2%
Scarborough 21.5%
Subiaco 5.8%
Bicton -6.8%
Coogee 2.6%
Wembley 18.8%
Wembley Downs 32.3%
Thornlie 23.3%
Langford 23.4%Do note that this was 12 month growth and some of these areas had showed -ve growth over the last three months.
If seems we all picked growth suburbs well, based on their previous performance but could tha mean these areas have had thier cycle of growth and we should perhpas be looking at different areas altogether ie: those that haven’t yet had this type of growth.
Just food for thought!
PK
Had to go out on Monday and buy the Sat paper PK, as i was told about the article.
was happy the areas we have property have done well[inlove]
See Clarkson get’s the Rail link there in October and i think Satterly’s developement will only be beneficial for the area..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorA lot of development is scheduled for Scarborough beach in the next few years so my bet would be surrounding suburbs should do well.
Benson.
Perth Perth Perth…. I love that city. Sigh….
I don’t actually miss living Though.
Ummm, People have named some quite good suburbs but have forgotten the north eastern suburbs from Morley pushing out to the swan valley. Some of those are relatively new and others old but still have excellent access to everything.
I’m still a Morley advocate through and through though. Still fairly affordable and with ok sized block that can be redeveloped if needed. Otherwise you usually get a half decent built 70’s style house. A very family orientated area.
I just really like the recycling system they have in the City of Bayswater… Wish we had that up here. I feel really bad not recycling so much. No real recycling facilities here. Ho hum…
Success is 1% inspiration and 99% perspiration.
Hi PurpleKiss and others,
Be aware that raw figures baased on median prices do not always tell the full story.
Some of the ‘better growers’ have undergone significant renewal and redevelopment programs and as a result the very nature of the median priced property has changed in many of these suburbs. In effect comparing median prices is not necessarily the most accurate means of checking growth rates.
Sure they do give an indiciation but they are not the complete story.
Where I live REA are running around saying our town has experienced X% growth in the median price over the last 12 months. What they conveniently forget to say was there were also a disproportionate number of higher sales figures in the last twelve months – thereby statistical distortion did take place.
As an aside isn’t it better to get onto the wave early rather than later – the challenge is to pick the next ‘wave’ and not find out where the last one was.
Derek
[email protected]Property Investment Support Available. Ongoing and never stopping. PM welcome.
As an aside isn’t it better to get onto the wave early rather than later – the challenge is to pick the next ‘wave’ and not find out where the last one was. Derek.
Definitly, that’s why I said that we’d done well in picking properties that have growth in the previous 12 months, but perhaps we need to be looking for those that haven’t had that growth cycle yet for the next 12 months. When a lot of properties have sold in an area then I have found median property prices to be a reasonable guide.
I also agree that median prices are only an indication and other factors affect these, however, they are still one of the guides available that we’d be silly not to look at and consider. But it is just part of the “homework” needed whne buying.
Redwing, you were lucky to get a hold of Saturday’s paper on Monday, glad to hear your areas did well. Ours did too, so I’m happy. [biggrin] Was the offer on the new one accepted?
Good Luck everyone
PKI’d be back’n Yanchep and other suburbs in the far north corridor, because the new freeway and the continual demand for ocean views with in the reach of everyday aussies. Also once the southern railway is completed you can bet your bottom dollar they will have enough demand to take it north. Also Yanchep and surrounding suburbs are exprincing growth in the high 20’s and with these structual supports to keep it going i think it’s growth will be steady for a few years until intrest rates hit around 9.5%.
Coney[buz2]
You guys are all so thorough that it makes me want to invest in Perth again.
My pick is the Kwinana or ‘working’ area south oif Perth. Why? Good ask and the simple answer is it is cheap still to buy into and with the train line extending to, and another freeway going in nearby, the infrastructure(love that word) means that the residential sprawl down to Mandurah will continue. The growth in Kwinana is as follows. 4 bed house bought July 2002 for $91k is now worth $150K, a 3 bed unit same dates was $70k now $115k. Cant help you more as this is all I currently own there.
Good luck and happy hunting.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Just remember, you’re not buying your IPs for you to live in (generally). People have their reasons for needing/wanting to live in places like Armadale.
A friend of mine just bought a place there for $128K and is renting it out for $280/wk. Are you after +ve cashflow or capital gains?
Also, don’t rule out the smaller country towns. Also, places like Kal/boulder still have huge bargains.
Wow Tikki, that is a massive return for Armadale how did your friend manage to achieve that ?
Benson
Great result there TIKI..
Armadale and Gosnells both have lower than normal vacancy rates for Perth also, however i’m still hesitant to buy there, but that’s more emotional than financial reasoning..guess i’ll have to get over that…[eh]
Agree with DD on the Kwinana comment, have a look at prices near Orelia etc.. again not my choice of Suburb, yet these areas have done well over the last couple of years ( will it continue ? ) also will be interesting re FHOG Stamp Duty reductions in WA and what that will do to the market..Hmmmmmmmmmmmmmmm
Where’s that crsytal ball gone..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculatoryes yes, there is a catch.
1) The property had discusting tennants, but they are reliable on paying their rent on time (essential!!), and my friend intends on repainting and deodorising the place if/when they move out.
2) The vendor was a motivated seller given the status of the above. Perhaps scared off by rental properties???
3) There was a granny flat out the back. The main house tennants are paying $190/wk and the ‘granny’ was paying $90/wk.
there are bargains out there, just research a little longer, and ask questions!!
Hi Yarwood
I live in Port Hedland ( 2000km North of Perth ) and I managed to narrow down some good suburbs and purchase a NEGATIVE [withstupid]geared property in Hilton from up here. I am also looking at Coolbellup, Spearwood, Hamilton Hill, Bibra Lake because I think their still cheap enough.
I am starting to WRAP soon in Perth through
a joint venture till I get my Credit Providers License and set my Company/Trust structure up.Will you be Wrapping?
Hi Adams25,
Spearwood, Hammy Hill and Bibra Lake are OK but Coolbellup – is there still much potential there?I spent about 2 hours driving around there a couple of days ago and I didn’t like the area at all. I would look around the Kwinana area before Coolbellup. Just an opinion.
Cheers
Tracey[biggrin]Coolbellup has the advantage of being closer to the city and Freo. While not my cup of tea, I do think that will be to it’s advantage in the future. Like you though, it’s just an opinion.
Worked in Coolbelup for a company, some areas not to crash hot, shopping centre had Big sign at checkout regarding taking food vouchers etc only to be used for food ( no Grog or cash refunds i guess ), the Bottleshop and video store were the best money earners, and busy.
The newsagency/post office had been held up a few times..again, not my cuppa..then again.. ya never know how things will go[blink] and possibly, the area has it’s ‘better’ streets.
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorWhat will happen with the FHOG stamp duty rebates..will it get the lower end of the WA market moving again ?
Will lower end properties( under 220K ) rise again ?
Will July be a BUY BUY BUY month ? or a BYE BYE BYE month ?
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow Calculator
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