First homebuyer looking for a property in Perth,
I have a budget of about $450…..now the decision, tiny unit in the hotspots, villa in the 'ok' locations, 300sm house and land package,
Basically I'm a young single guy, so I'm not looking for somewhere to live, house a family, settle down for life, just looking for something worthwhile to invest in either short term or long term. Any insight you property gurus can offer would be greatly appreciated, or if anyone else is doing similar research of their own would love to hear your input
The unit in a good location (ascot, mt lawley, river dale, belmont, burswood, west Perth, freo wherever). Could live in for six months to get the first homebuyer, then rent out for a few years and hopefully sell at a profit, taking into consideration strata costs etc
Villa – in ok location (nollamara, yokine, inglewood, morley, bayswater wherever) as above, condition of the villas and location being keyexcept may have an extra room to rent out and bring in some extra cash
House/house and land package in a further out – reliant on Perth expanding as it has been for it to be a good investment, at least you own the land and can do whatever you want with it
Whats your thoughts?
Personally – I'd look for something that's in an area where growth is likely and can be renovated for an equity gain.
The first IP I ever purchased was a cheap 2 bed unit that we spent $3k on renovating after work hours – after a few weeks, it valued up by $40k more.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Bruce,
I would be looking at your budget and trying to get something in 'closish' proximity to the railway lines running out from Perth. Match this up with proximity to employment nodes and you'll be on a winner.
REIWA recently (Jan 2013) released a socio-economic report showing the reduction in 'large family' households and the increase in smaller households with the numbers of two people households being the growth area at the moment.
So in answer to your question – look for something that meets the market and which can be value added.
Hi Bruce,
I dont really have much of an opinion about better performing suburbs around Perth but perhaps something to consider is the new airport rail link the government are proposing to build from High Wycombe to Bayswater via the airport. Suburbs next to High Wycombe like Forrestfield, which already has large infastructure in place may see some good growth from this project.
I have also read in more than one "top 10 suburb" reports that "Rockingham" is seen as one of the top growth suburbs for Perth. Not that I really see this happening myself and I wouldnt even call Rockingham a suburb of Perth but the report is written by John Lindeman, head of Australian Property Partners and a regular colunmist in Australian Property Investment magazine so there may be some truth to this claim.
Send me your email address or PM me if you want me to send you a copy of that report
Corie
A few web pages that may assist you.
Historical price data – http://reiwa.com.au/Research/Pages/Price-growth-by-suburb.aspx
Suburb rental information – http://reiwa.com.au/Research/Pages/Perth-Rental-Data-Search.aspx?reg=perth
This page – http://reiwa.com.au/Research/Pages/Market-indicators.aspx – links to stats for regional areas too.
Morning gents,
Thanks for being so quick to respond with great advice, I'll be crunching some numbers over the next few weeks so those links will come in handy Derek cheers!
Yes Corie, Particularly interested in the advancement of the plans for both light rail (Balga through to Perth) and the airport link, although hard to speculate on a realistic time frame with these
Bruce
Hi Bruce,
Given the Federal Budget last night the two rail projects I expect we won't see light of day for approx 10 yrs.
If you have identified MAX and the airport rail ink as 'look for' factors make sure you find out when they will be built. Mind you MAX, in particular, runs through good areas anyway and MAX may be the icing on the cake.
Derek,
I didnt think the federal govs budget would have much effect on projects that take place within this state. Didnt Colin Barnett just say recently that if he get back into power that he will build the airport and light rail link?
Hi Corie,
Report in this morning's edition of Perth Now (Sunday Times online daily version) certainly casts some doubt on MAX and to a lesser extent the Airport link.
Both projects were promised in the expectation a 'lot' of federal money would be forthcoming. The 'lot' hasn't been forthcoming and the time for delivering the money extended beyond the intended/promised timelines.
Great links, Derek. Very helpful.
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