Forum Replies Created
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
Hi Newgen
I noticed that you are in Sydney.
I just wonder what people in Perth think of the Perth property market at present. Perth seems to lag behing Sydney and Melbourne with these cycles. I have read a few headlines myself but I’m always interested in picking other people’s brains.
I can offer some anecdotal evidence for what it’s worth. I spoke to one RE agent in Perth last week who said the market is slowing. I went through a number of homes open today though (north of the river in Perth) and there seemed to be a reasonable amount of of traffic through those places and I can’t say that I’ve seen a huge amount of “for sale” signs. Most have “sold” or “under offer” stickers on them. Like I said – this is just some anecdotal evidence. What does everyone else think??
Regards
YarwoodThanks Derek
Quite detailed. Much appreciated.
Regards
YarwoodThanks for your thoughts Marissa and PK
I understand that Westminster/Balga has been reinventing itself but it’s not an area I know well.
I think a factory unit would certainly be less stressful than a residential property. I have found townhouses or units to be relatively stress free compared to a house and land where the land has a garden that need sto be maintained. I’d never want to rent out a place with a nice garden.
Regards
YarwoodThanks PK!
You get full marks for bravery! No less than 3 specific suburbs chosen!
Your guess is that I am looking for capital growth. Well, I consider it to be very important. One can make a number of mistakes such as finding a tenant from hell, maybe paying too high a rate of interest etc etc but if the suburb chosen was one that performed well in the first year or two or 5 then those other mistakes are so much easier to live with!
For what it’s worth here is my unsolicited views of the 3 suburbs chosen by you:
Waikiki/Rockingham would be my preference of the 3 for the reasons you mentioned – the rail line and also by the sea.
Ashfield – I don’t know much about other than it’s inland and probably an older working class suburb.
Armadale – I can’t say that I’m crazy about it. (Having said that it might be the next big winner) I have always thought that places like Armadale get so very hot in summer. It’s a long way from the beach and also a fair drive from the city. I tend to think that suburbs in the hills get hot (temperature wise) but those at the foot of the hills get even hotter because they receive so little breeze.
Thanks again for committing your thoughts to this forum. I like to pick other people’s brains as much as possible. I hope you didn’t mind my comments about Armadale – and I’m sure that many people live in Armadale very happily
Regards
YarwoodThanks Rugbyfan and Redwing …
I don’t know that I deserve any flattery though. My crystal ball has never been all that good although like anyone I have been able to look back with the greatest of ease.
I have never even picked the winner of the Melbourne Cup! ..so does anyone have any hot tips for the next hot spot?? please?
It can be hard work buying a property putting in a tenant, organising the finance, paying the mortgage etc etc. If one buys in the wrong area the hard work seems to be applied unwisely.
So…anyone with a good crystal ball?
Hi!
Yes please let us all know how you get on! I could imagine that the valuers might say that the valuation was for the benefit of the lender and no other person – even if you were the person who paid for the valuation. I think many people will want to know how you get on.
Good luck!!
Thanks Derek
For those of you who have not read much of Derek’s contributions I would like to say that he is quite clued up.
I had been hoping to receive a few other contributions but then beggars can’t be choosers.
Anyhow, most of you would be well aware that capital growth in the Perth metro area is never ever uniform.
You might recall that in the late-mid 80’s the new suburb of Winthrop emerged. It was close to Murdoch University and land prices there just took off like a rocket. A decade or so earlier Bullcreek had been a boom suburb for prices as the Kwinana freeway crept closer then once the freeway arived the price surge stopped.
In years when the economy is booming the suburbs on the river tend to do well but sometimes in a downturn they fall in price more than other suburbs.
Some inner city suburbs like Leederville became trendy a while back whereas in prevous decades they had seemed quite unattractive.
The suburbs on the beaches have been very popular lately from Mandurah to Quinns Rocks and beyond.
The tunnel has certainly had a positive effect on some suburbs.
The examples go on and on…(Sometimes of course headlines can be deceiving because the median price in a given suburb might become distorted when for example the sales evidence is a reflection of new houses having been built and sold rather than older houses being sold)
There is normally a fairly good reason why one suburb does well in a given year while others – even those close by – are put to shame. I don’t know about the rest of you but I am not that good at predicting the next boom suburb.
Derek has given some general advice on buying close to the city, the river or the ocean. I have an invitation to you to try to predict the suburb that will perform well over the next one to two years. You might also wish to explain why you think your chosen suburb will perform well. Let’s see who has the best crystal ball!
Maybe I can dream up a good prize for the winner. Bragging rights are always good but wealth is probably better.
Best Regards
YarwoodHi Sonja
I have found that valuations and appraisals for residential properties tend to fall within a fairly narrow range especially if there is nothing unique about the subject property. In contrast there is normally a wider range for valuations of commercial properties.
Regards
YarwoodHi – I understand you are in Queensland. I have an insight for people in WA concerning s 20 of the Town Planning and Development Act. Basically a contract to buy/sell land in WA is not valid where the land in question is not a “lot” and where the contract is not made subject to s 20 of the Act. It is something that can crop up on a regular basis. I hope this helps someone. cheers —
