kevinl

Been reading different info on the house inflation in WA, some say its still rising and has some way to go, others that it's topped out and will go down.

Anyone in WA or with some inside info ?

We are thinking of going in October to validate, as the house isn't selling, and may buy some land or a wreck to knock down while we are there.

We would only have an absolute max of £100,000 to spend on the land.

Don't want the double whammy of house price deflation here and inflation in WA.

Is there a time limit on starting the build or can we just hang onto the land until we are ready ?

Fancy areas around Mandurah or down around Bunbury.

Thanks

Kevin

peppi

Id be interested in the answer to this also...purely because we move over on the 21st Sept and if the prices haev topped...and may possibily dip a little like they have here then I shant be in such a hurry to buy...I'll rent for a while...

So bumping back up...any thoughts anyone in Perth

Anne4Terry

Bump

jan

Hi house prices in our area have been stable for the last 6 months we have not noticed any increase but i would move fairly quickly if buying down south prices are sure to rise a little with improved transportation.

steve99

Id be amazed if prices drop here, in suburbs surrounding where I live, things are still coming on the market and selling within a few weeks, prices still seem to be on the increase, but this is expected (Coastal suburbs especially in the Western Suburbs, will always be in the highest demand and will probably buck any WA trend by increasing by more than 5% year on year)

For people considering holding out for a drop or to see what happens, just rememeber if you havent got your money in Australia, there's just as much chance that any rise or fall in housing prices could be wipped out by a change in the exchange rate. (Or you could get doubly lucky I suppose!)

If it was me coming over now, Id buy ASAP without question.
Steve

cranni

Hi Kevin, We live in Bunbury, and love it here, been here since xmas, so anything you want to know just email me, glad to help.
It is a beautiful place and so clean, you will get a great plot of land for that money, try and find land sales there are loads around here, some examples . we are at Dalyellup beach [gorgeos place] and the is college grove, treendales thats Australind, glad to help if i can, Denise
ps, my son works and lives in London, keep safe. he is called Kevin

Moody Cow

[QUOTE=steve99]Id be amazed if prices drop here, in suburbs surrounding where I live, things are still coming on the market and selling within a few weeks, prices still seem to be on the increase, but this is expected (Coastal suburbs especially in the Western Suburbs, will always be in the highest demand and will probably buck any WA trend by increasing by more than 5% year on year)



I agree with you Steve, the prices just keep rising - which is great for us as we have two houses! Every year they have a price comparison of areas in the paper, can't remember exact figures but off the top of my head the median house price is $249,000 ish in the suburbs (don't quote me on this!). On average annual prices increases seem to be around 20% on the areas I'm interested in i.e. where my two are! You can get cheaper properties but within the 18 months we have been here, for example, the areas south of Perth including Orelia, Parmelia, Leda about 8-12 months ago you could get a 3x1 house for $150,000 or less if you looked. Now they are going for $200,000 and up.

I've have always thought that renting is dead money and have only done it when necessary - buy if you can.

MC

jensteve

Hi
I am in the northen subburbs, my subburb has increased by 17% in 12 months. A price guide for you would be about $120-$150 for a building block to put a house on, thats in the newer suburbs up here such as Carramar. Some building esates do specify you must start building within 12 months but you will have to see what the actual rules are where you buy.
Good luck Jenny

Quokka

[QUOTE=Moody Cow]
The Perth market has increased 19% over year (tonight's news).
It will fall, but calling when is difficult.
The booming resources market and immigration on a high mean it could go on a while.
But prices are becoming unaffordable for first time buyers, so we may be near the peak.

Three Legs

A friend of mine who lives in Kallaroo reckons it's peaked. He's noticed properties around him falling in value ...

3L

michellemac

My brother does a bit of part-time property speculation (buys land builds a house, sells it) in Perth and has stopped buying any new properties in the last few months, so I suspect that like the UK market, investors are becoming more cautious which will translate into a fall in demand, although perhaps not a fall in values (yet?).

Michelle

AndyD

We went to Mandurah easter , picked up land site details. Try www.mirvacfini.com.au (should find stages 13a 13b 15 11b) prices shown have gone DOWN since March. ANDY

kevinl

Thanks for your replies everyone.

Still difficult to get a consensus though.

Are there stamp duties etc payable on land ?

What roughly are the costs to be paid on a plot for example costing $150000 and do you need to do anything to maintain it ?

Here if you left a plot empty you would end up with fly tippers and travellers using it !

Kevin

ABCDiamond

[QUOTE=Quokka] Was that the news bit with the RBA stating that interest rates would not change again this year, and the next change was likely to be later next year with a 50/50 chance of going Down ?

I liked the comment that was made; QUOTE: Someone forgot to tell WA that the boom has ended.

steve99

I agree its not like it was a couple of years ago when investors could pretty much stick a dart in the paper and say ok that's my next investment property and know for sure they'd make money on it without any major stesses.
There's still money to be made in Perth and I know some are saying it will fall, by enlarge I dont think it will (or really could) its still relatively one of the cheapest cities in the world (when you take into account all it offers).

Some cheaper areas (as in those that were under or around the Perth Median price) may fall back slightly as there prices have possibly been artificially inflated for a number of reasons ( people feeling their going to get left behind unless they jump in, first time buyers having no other option, people jumping on the investor bandwagon etc etc)
But if they do fall back it will only be temporary and more of extended slow down, they will increase again eventually.
At the higher end of the market, there wont be any decrease, and prices in desirable areas (coastal, river views) will continue to increase it may slow but I cant see it dropping.

Perth (and WA) is to big an area to classify under the same umbrella, it's to generalist to say that Perth or WA prices will come down eventually, certain sectors of the market will drop, some will sit flat some will continue to climb.

If I was coming over from the UK in the near future, I definitely wouldnt be holding out for a price drop, at the level of the market which would most likely drop (under $300K) id be amazed if you could gain 10% through a fall, which is hardly a great saving (plus the exchange rate could wipe that out for you)

Just my views!
Steve