i’m looking to become a first home owner in WA and given my limited capital (I can borrow on a mere 250k) I need advice as to where to start first.??? 250k will barely buy me a shack in Armadale!
I am thinking as far afield as Bunbury, Busselton.
Also, what are peoples views on apartments in metropolitan Perth as an investment? Atleast I have the funds to get my foot in the door there. But downside is no land value….
All thoughts gratefully accepted.250k won’t buy you a 3×1 house in Western Australia.
Look for apartments close too the city. Perth is restricting development unlike other cities. Its probably best just to get your foot in the door ASAP is my honest opinion.
If it’s not to live in I would look out of w.a or if you prefer w.a the suburbs which are still thought to be under valued are Calista, Orelia, Armadale, Kinross/Clarkson, Parmilia, Bayswater…I’m sure theres a few more …
what price are you looking for with apartments in Perth Metro..are they managed apartments(old hotels)?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Online Positive Cashflow and Renovating CalculatorsWell mate you will 450k-500k to live in those areas but if you do buy I suggest your right about Thornlie a bit undervalued but around the Gosnells Armadale area is your best bet. If this is out of range i suggest look around the Maylands/Vic Park or Wembley/Glendalough 70’s type Apartments. I know they are apartments but the growth has been for around 250k/300k.
Be wary of the renovated apartments but you can still find many that could use with alot of tender loving care. I settled with one in June 2005 for 132k now one sold 3 weeks ago for 253 so the results are nearly as good as the areas you are talking about.
Good Luck!
Thanks for the advice.
I haven't checked forum for a while. Been overseas, but before I took off I ended up buying in Kalgoorlie. Main factor behind choosing to invest there was driven by the fact that rental returns are so much bigger there than in Perth.
Having said that, the property still isn't +CF (i can sense Steve shaking in his boots) but close to breaking even and after a year has yielded me a handy enough equity upon which to fund the next investment.
Question I now have to ask myself, where to invest next?…
Have heard rumours rent rates may increase to match prices paid in the Pilbara? ie; up to $1000 p/w. In which case one might be wise to continue plugging away in Kal.
Any thoughtsMany of the mining companies are now opting for fly in fly out so do your due diligence for mining areas. Get on to some real estate agents and ask to be placed on their e.mail alert list. I get lists a couple of times a week and have seen a few worth looking at but then I'm not buying just now. Lists also give you a feel for prices expected if it is difficult for you to spend too much time actually driving around.
JudithWhat is your agenda for a buying a property? owner occupy, to rent? with 250k your limited but not impossible to find a nice property even if it is an apartment.
Hi Ng,
for your price range i think with the market at the moment you could find a few properties in the Armadale area. I have a few investments in the area myself and I believe the area still has more potential.There is a redevelopment authority that has been there for a few years who have been working on lifting profile of the area. Its not a great website but will give you some idea of whats happening there. http://www.ara.wa.gov.au or another one is http://www.wungongurbanwater.com.au.
You could still buy a nice duplex half or villa for around $250k and i would suggest within walkin distance to the shopping centre is ideal.
Good luck!
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