Pendo,
have a look at South Yunderup, it has all you're looking for and more.
Cheap canal properties, developments near it and around Pinjarra, low demand (or oversupply caused by retirees taking advantage of super changes) and a future freeway ramp and shopping centre to be built at its doorsteps over the next 2-3 years.Gidday Bonnie,
I was just hoping you might be back to give us an update on the sale of your houses. How's it going? Have they sold? Did you get more/less than you expected?
In anticipation,
F. [cowboy2]
Im positive all the Perth buyers are just waiting untill i put my house on the market latter this year!!!
wealth4life.com wrote:And all those Perth people were warned that booms never last … also medium price too high now and ROI shot out the doors …Haven't posted for about a year now, but this one caught my eye.
What a fantastic "I told you so" post……absolute poppycock the lot of it.
The Perth market is a tad larger than little ol' residential Ellenbrook and Stratton.
The wise ol' sages from the eastern States should stick to what they know. We are still experiencing a once in a lifetime surge – wouldn't call it a boom…….and the things that are underpinning and driving it all, the 25 and 30 year mining and oil/gas contracts are all still there – they aren't going anyway in a hurry…..much to the chagrin of the chaps that wish to see Perth market crash and burn.
The clowns from all of the Sydney and Melbourne media outlets (especially the oft quoted doomsayesr from BIS Shrapnel) need to stop writing about these things and actually go out and try investing for a change to find out what it's really all about.
You are all hoping to shoehorn the median residential housing market into some much larger industrial international contracting landscape, and as the experts over East have been finding out – she doesn't quite fit.
The premium residential market is still well and truly buzzing along. Our PPoR did 44% last year, and I reckon it'll do another 30% this coming year.
The commercial and industrial markets in Perth are zipping along beautifully (over 70% last year) and are projected to do even better next year and well into 2009 !!! Woohoo. Not good for the wise ol' sages and their predictions that "We lead the pack, and Perth over there will fall in line with us – just watch them, we've been through it all before." Unfortunately, Sydney and Melbourne aren't writing too many 25 and 30 yr international contracts of late. Oh well.
Rents are also going through the roof. Our Lessees have just been hit with rent reviews ranging from 35% way up to 105%. About time too – they've been woefully low for far too long. It's dragged them into the real world for a change. They may need to cut back on the beers and pizza for a while – oh well – so be it.
ROI is just fine and dandy. Just about settle on a nice Perth property on Friday. 6.9% nett yield to start with. With a market review scheduled within 18 months, that should increase to well over 9% nett. It's on St Georges Terrace right smack bang in the middle of Perth CBD, so expect over 30% cap. growth in the next 12 months.
Good people of this forum, whatever you do, do not believe the naysayers and blockers that are out there. There are deals everywhere you look, in all states, in all capitals, at all times. Get your finance sorted and get your hunting boots on.
Life's great over here in Perth – get after it. Whatever you do, don't become part of the "I told you so" crowd.
Steps down from aforesaid soapbox.
Dazza
Hi Dazza,
I agree with what you are saying though most of the action amongst the lower end of the market has died down. I've had a house on the market for 3 months in Merriwa and not a sniff!
At the moment there are tenants in the property so it will help once they are out (in a couple of weeks) and I can have weekly home opens – though the thing is if I had put it on the market this time last year (for the same price) it would have sold within weeks!
Saying this though the "middle market" is doing great. Anything $450+ in my area (north of perth) seems to be moving at a good rate.
Once I sell this house I plan to "upgrade" for a rental in the "middle market" as there are still some bargains out there:)
cheers
wayne
Hi Wayne, I've noticed some of the bottom end properties are moving now – Thanks to the first home buyers grant being lifted to properties up to $500,000. I'm sure your property will sell within the month. Linda
Hi Linda – I hope this is the case:)
I've heard that some FHOB's are holding off until the grant is passed through parliment as until it's passed they have to come up with the stamp duty first – then they recieve a refund on settlement?
Has anyone heard this? And if so do you know when it will be passed through parliment?
I do remember something like that. Maybe 1st July but not positive, try a google search. I've noticed heaps of properties around Kiara, Eden Hill, Ashfield, Padbury have sold in past month. Some have been on the market for months, others only a few days.
Good luck, Linda
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