“A lot of listings on the market for more than 7 months”
WOW – that’s highly unusual…. where is that?
http://www.megainvestments.com.auJohn Carroll
IMHO Those areas will still see good growth in the short to mid term as well as long term?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorAmused, you obviously don’t know too much about the perth market then…
As a example, I went looking at houses with my friend in Beldon / Heathridge last weekend.
On a Sunday we looked at 6 houes in total – then the following monday guess how many of those we’re under offer – 5!!!
Most houses in this area are selling like hot cakes! I’m not sure where you’re looking – though the demand is definately there.
– Wayne
Wayne Leech
*Below are links to my websites – any feedback, comments would be appreciated:)
http://www.holidayhomeswa.com.au – Holiday Homes in Western Australia
http://www.wheretostaywa.com.au – Accommodation in Western Australia
http://www.homesearcher.com.au – List your property for FREEWaynel2,
Thank you for your comments. HAHA. I live in these area – I got investment in Craigie, Beldon and Healthridge. I did not mention these undervalued surburbs – I mentioned those (many, most) overvalued surburbs. I am happy you mentioned these surburbs (I got 3 in these surburbs…). NOT many undervalued surburbs ….
AUSPROP,
Do you want me to give some examples?
It is my view (I am in Perth) – W.A market has peaked. A lot of areas have been significantlly overpriced – Busslton, Bunbury, Mandurah,
Busselton, Bunbury, Mandurah, is my development backyard.
And I can tell you we are still booming.
Project home Builders are closing there display centres because they have too many new homes on there books to be started, some have a 400 job’s backlog to clear.
New home prises are still rising by around 6k pm.
This prise rise must flow onto Established home’s??
RegardsAgain, Westinvest,
I wish WA are well because I got vested interests in it. But the reality is different. Also because of this bad cycle (high land cost, high labor cost) will generate a huge bubble in the real estate market – eventually it will burst – I believe 2006 (Not saying median price not going up).
what is not sustainable is high levels of immigration and the strongest state economy in conjunction with the lowest median price.
the interview that i referred to above discussed the ramifications of the above factors and the added probem that the builders are at maximum capacity (to the point where they have virtually given up and said ‘enough is enough, this is all we can do’) – we have a huge demand for housing with a complete inability to supply it. this is quite unlike a bubble… bubbles are illusionary and are not based on genuine demand.
Amused – not sure what you would like examples of as you were the one making an assertion. Are you asking for examples of property that has sold quick or something? If so there are endless examples of that, along with recent sales which tell me that many suburbs are set for a significant rise in their official median price (as I know what the sales are before they are settled/reported). On the other hand, there are some suburbs that are slower (such as Canning Vale) due to the sheer volume of property available down there. Having said that, there has been a huge cap gain for those owners over the last 2 or 3 years anyway, so they are hardly losing if their home takes a little longer to sell.
Some cheap areas to consider: Meadow Springs, Rockingham, Madora Bay, Golden Bay, Singleton (can build a 4 x2 for well under value), Vic Park, Cannington (villa prices are on the rise), St James (seems to have been forgotten), Central Mandurah (these prices can’t last?!), Yanchep (substantial development to occur around it), Armadale (the next step on from the likes of Cannington, Kenwick etc and after all it is Alannah’s electorate).. pretty much throw a dart. I would only avoid places that are well above the median…. just my personal preference.
http://www.megainvestments.com.auJohn Carroll
Ausporp,
Obvously we have some in commonl. In certain surburbs you will not lose money (below meidan as you claimed). This emphasised even in the crash share market, there are still a lot of shares going up.
I purely act for remind those investors to be very careful when they buy in such market – do not get forced to sell in the future.
gotta agree with John here. This is real growth, not a bubble. There are people coming into the place for work due to all the industry that is rapidly growing.. I’m in Bunbury, about 160k south of Perth and the place is steaming.. Builders closing display homes because they can’t keep up with it too.
Consider this:
Bunbury (and WA) has employment.. LOTS of it.
Worsley Alumina is set to become the worlds largest and is about to start yet another new expansion. We have a myriad of Huge mineral sands companies. Even in the ‘recession we had to have” Bunbury didn’t lose any value, just stayed static. The WA goverment is about to turn the outer harbour into another Fremantle at a cost of $750m, the port is due to expand..
PLUS the mineral wealth in Wa is massive. BHP and other big players are opening up a lot gas/petroleum up north.. Try buying in Karatha!Perth house Prices are well under the rest of Aus and there is no reason why they shouldn’t rise.. for the first time in history we are importing you lot from over east to work for us!! Passport office open soon!
Really guys it’s a great place and time to invest..
AMP report forcast a 9% growth in Perth next yaer and KPMG also say its good..regards
John
Apostle
Originally posted by apostle:I’m in Bunbury, about 160k south of Perth and the place is steaming.. Builders closing display homes because they can’t keep up with it too.
South Western Times newspaper article
http://www.southwesterntimes.com.au/20050623/swt-news1-sto131528.htmlApostle，
Perth will never reach the level like Sydney. You got to remember.
I reckon Karratha will surpass Sydney before too long [blink]
http://www.megainvestments.com.auJohn Carroll
Bah – Dampier is far superior!
My IP has ocean/island views, 10 minutes to work, a bike ride to Barnacle Bills and a big resource company paying the rent!
[strum]
Apostle，Perth will never reach the level like Sydney. You got to remember.
No offence amused but this statement it TOTALLY irrelevant as to wether or not those places you mentioned in WA are overpriced etc.
WA may as well be another coutry as it has a different economy – the only good thing is that we are happily suffering the ripple effects sent out by the boom and will continue to do so due to our 8 year lag of east state price rises.
I can score a 4×2 in Rockingham now for under 200k – rekon thats a bad investment? Hell no!
My friend was in the market in RK for a 4×2 then missed out the one he wanted most and sulked for 3 months. When he looked again the local prices in his range increased by an average of $15,000 and are selling within 2 days of being put onto the market.
I have made $45,000 on each block of land I bought only 6 months ago in the Anchorage Estate in Rockingham. Once the Houses go up I will be looking at $100k in equity for each project.
I work for Midland Brick (biggest brick producer in the world) and I can tell you Bunbury and Geralton are also a LONG way from finished as areas to look out for. Mandurah is in general flattening out but still good reno homes etc available and is still a good place to buy now for future CG.
Bunbury in particular has BILLIONS of dollars being invested there over the next 8 years = jobs = people = increased RE $ value.
<KS>
Is it about the money?
DAMN STRAIGHT IT IS!
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