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Hi Here is a comparison chart I’ve had lots of fun with the last couple of days.
http://www.aussiehome.com/trendCharts/default.aspWe too looked at Armadale but decided that the rental vacancies were too high. If you look in The West to let section there are columns of them and some have been there a while so I don’t know where the 1% vacancy rate comes from. Somebody else mentioned Medina as an alternative if you want to get two. When I rented my Medina property out I had a lot of applicants and let it within a week to a great tenant. Just one example of course but my two cents worth
Hi Caeryla
My IP is in Medina, Currently rented out for $130. I bought 5 years ago for 69K 3 bed plus sleep out, brick (lots of fibro homes in that area) with lovely jarrah floors. I lived in it for 2 years and the area is very liveable, like a country town but only 12 minutes from Rockingham, 15 minutes from Fremantle and 30 from the city. It was one of the first planned communities in Perth. Went downhill and had a lot of state housing but then went through one of those urban renewals in the 90s.
Anyway it was Perth’s best kept secret for a long time but went up 20% in the last year and I expect it to do the same in the next year. The rail line will be very good for it and I have heard that the power will go underground as well. I would build there myself if I didn’t need to be closer to my sons school for now. Its getting very hard to find a block within 30 minutes of Perth for under 90K and most blocks down there are the traditional 1/4 acre.
If I was buying now I’d look at Calista as there are a lot of retirees moving on to retirement homes and leaving behind well maintained solid houses. Or I’d be looking for a rentable old house going for close to land value close to the new station or The Hub.
You hardly ever see houses down there advertised in The West. The industrial strip is not visible once you are in there, except for higher elevations and the prevailing winds actually carry more outfall to the north of Medina and up to Fremantle so it isn’t much of a bother to people that know the area.
Also it is very handy to Murdoch Rockingham Campus and the shuttle to South street runs through, I was a student at Murdoch when I lived there
This is turning into quite a glowing ramble about Medina, I’ll probably regret it when I try to buy more property down there and find it all snapped up!
I don’t understand how renting is a good strategy. Stu or somebody can you explain?
Sorry if it is a basic thing I’ve missed but I am new to this and we are paying 12K pa out in rent and that is really bugging me as I would rather spend it on a mortgage.
We are trying to save for a PPR and I have one IP we are trying to hang on to rather than sell for the deposit on the PPR. At the moment it seems that our savings can’t keep up with the growth in Perth so I am very tempted to cash in the IP even though everyone says to hang on to it.
Maybe I wouldn’t feel so bad about that $1020 we pay our landlady each month if I thought it was part of a plan
I’ve been thinking about this too.
Can I rent a property to my defacto and then live in it too?
The property has been tenated for the last 12 months and they have indicated they want to move and I want to do some improvements to it so it could be kind of handy
I’ve been thinking about this too.
Can I rent a property to my defacto and then live in it too?
The property has been tenated for the last 12 months and they have indicated they want to move and I want to do some improvements to it so it could be kind of handy
my tenant is also a single mum and great tenant, I decided not to increase rent to encourage her to stay on.
This decision can be both compassionate AND good sense business wise. If she decided to move I would have to find an equally good tenant and a vacancy period of two or more weeks would cost me more than I would gain from a small increase in the rent. Perth has a glut of rentals in the recently invested in areas so tenants can be choosy.
I’ve been a single mum and I certainly appreciated understanding landlords
I am the owner and moderator of a group that focusses on selling (and buying) at online auction. All members are women with children and it is an amazingly generous and supportive group. I wondered if it was because we are women that it is more in our nature [:X] to help each other but obviously the same generosity can be found amongst people from the other side of the gender divide too [:0)]
I truly belive that what goes around comes around and generosity will always repay in kind. I only found this forum 2 days ago and I am very impressed by its level of activity and helpfulness.
Cheers
Caz
[]Hi and thanks for the replies so far.
It seems the consensus is to hold the property
I realised on the weekend that if I put myself in the position of looking to buy a second IP would the existing property fit my criteria and decided that yes it did and I also thought that if another investor wants to offer me 95k (the offer was made theough an agent I had called just to see about how things were going in that area as I live some distance from it now and the properties in that area are generally only advertised in the community papers) then somebody else also thinks it is worth having and probably hopes to pick up a bargain.
I have no idea about wraps but the tenant is a single mum with only centrelink income.
The main reason I thought of selling was to clear the combined debts for myself and my defacto and increase our borrowing power for buying a home for us to live in. We currently rent. I am now thinking that we should perhaps look to buy another IP. So much to learn though!
