WA House price inflation
Aug 8th 2005, 1:44 pm
#16
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: WA House price inflation
I'm with you Steve, for investors there's still money to be made if you do your homework. WA looks extremely good value for Easter states investors.
Coastal and river suburbs will always hold their value.
What I've noticed though is that around Ocean Reef houses are going on for say, $950,000, not selling then eventually going for about $100,000 less.
Another think is that with new releases of land, the blocks just get tinyer and tinyer. I don't think it talkes a maths genius to work out the developers are lining their pockets.
Coastal and river suburbs will always hold their value.
What I've noticed though is that around Ocean Reef houses are going on for say, $950,000, not selling then eventually going for about $100,000 less.
Another think is that with new releases of land, the blocks just get tinyer and tinyer. I don't think it talkes a maths genius to work out the developers are lining their pockets.
Aug 8th 2005, 2:29 pm
#17
BE Enthusiast
Joined: Jan 2004
Location: Hillarys, WA
Posts: 334
Re: WA House price inflation
I am certain the market has peaked, the price rise action looks to be in blocks and cheaper properties. decent blocks in Jindalee (decent in that they are 600m+) are circa $300k and even more in Burns Beach.
C-Air at Hillarys is a joke... Developers are making plenty and a market that rises as fast as it has without regard to wage inflation is a speculative bubble.
Population has risen 230k in 10 years and there were 200k extra homes built in that period, approx 1 each! Supply and demand is not a strong case.
Depends why you buying, if you can afford to buy and want to live long term, ten it is a home and not an investment. I am waiting as long as I can.
[QUOTE=Quokka]
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.
C-Air at Hillarys is a joke... Developers are making plenty and a market that rises as fast as it has without regard to wage inflation is a speculative bubble.
Population has risen 230k in 10 years and there were 200k extra homes built in that period, approx 1 each! Supply and demand is not a strong case.
Depends why you buying, if you can afford to buy and want to live long term, ten it is a home and not an investment. I am waiting as long as I can.
[QUOTE=Quokka]
Originally Posted by 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.
Aug 8th 2005, 3:18 pm
#18
Living in Perthection
Joined: Mar 2003
Location: Wickedy WA WA...
Posts: 1,868
Re: WA House price inflation
Originally Posted by renth
What I've noticed though is that around Ocean Reef houses are going on for say, $950,000, not selling then eventually going for about $100,000 less.
I went to a home open in City Beach about a month ago (being nosey to see how ours matched up) , first time it had been opened, house was on for about $875K I think, was in not a bad spot, but was a real old run down place (ex rental), no views (would be from an additional story) , no pool, needed everything replacing or preferably the whole thing knocking down.
There were quite a few people looking around and we just thought this cant be all you can get for $875K now, anyone buying this would be nuts... (I would value mine at around $200K more and we paid $200K less only 2.5yrs ago
) and I cant believe ours would go on the market over $1M.I drove past on the monday after the home open, SOLD sign out the front :scared:
Steve
Aug 8th 2005, 3:28 pm
#19
Grumpy Old Woman!!
Joined: Jul 2005
Location: Perth, NoR
Posts: 105
Re: WA House price inflation
I went to a home open in City Beach about a month ago (being nosey to see how ours matched up)
Steve, I do that all the time...in the name of research ;-)
We are not in the same league as you in "scruffy" Craigie but a place just a block or so away from us was up for sale as 'partially renovated"....well, if you call laying a tiled floor in the lounge-kitchen-dining area as partially renovated...anyway, it needed a new kitchen and two new baths and the laughable thing was they had tiled round all of the ugly old features you'd want to get rid of anyway so you'd end up having to tile again. This place was up for $255,000-$275,000 (4x2) as a reno, guess what, after a couple of weeks it sold. Madness!
MC
Steve, I do that all the time...in the name of research ;-)
We are not in the same league as you in "scruffy" Craigie but a place just a block or so away from us was up for sale as 'partially renovated"....well, if you call laying a tiled floor in the lounge-kitchen-dining area as partially renovated...anyway, it needed a new kitchen and two new baths and the laughable thing was they had tiled round all of the ugly old features you'd want to get rid of anyway so you'd end up having to tile again. This place was up for $255,000-$275,000 (4x2) as a reno, guess what, after a couple of weeks it sold. Madness!
MC
Aug 8th 2005, 4:06 pm
#20
Joined: Aug 2003
Posts: 11,149
Re: WA House price inflation
[QUOTE=ABCDiamond]
It all depends on what inflationary pressures come up. As long as Sydney carries on with its 7% annual drop in house prices and the strong dollar protects the petrol bowser from record crude prices the rates may drop. Resources are booming Perth and holding up the dollar.
Originally Posted by 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.
I liked the comment that was made; QUOTE: Someone forgot to tell WA that the boom has ended.
Aug 10th 2005, 6:34 am
#21
Never been to Australia
Thread Starter
Joined: Oct 2004
Location: Homeless
Posts: 495
Re: WA House price inflation
Cranni sent you a PM if thats ok.
Does anyone have any info on cheaper buildings ?
Thinking of wooden clapboard style, like a Queenslander.
Really prefer the look of these with big veranda's, rather then the more modern look, plus the cheaper the build the bigger the plot we can buy.
I think long term a 2000m sq + plot with an ordinary house on it will be better then a 700m sq plot with a big 4x2 on it.
We are really looking for what bests suits us anyway, rather then worry what it may be worth in 5 years.
Who knows what may happen in 20 years.
Have been looking at a plot near the Mandurah estuary, is there a big problem with mossies ?
Thanks
Kevin
Does anyone have any info on cheaper buildings ?
Thinking of wooden clapboard style, like a Queenslander.
Really prefer the look of these with big veranda's, rather then the more modern look, plus the cheaper the build the bigger the plot we can buy.
I think long term a 2000m sq + plot with an ordinary house on it will be better then a 700m sq plot with a big 4x2 on it.
We are really looking for what bests suits us anyway, rather then worry what it may be worth in 5 years.
Who knows what may happen in 20 years.
Have been looking at a plot near the Mandurah estuary, is there a big problem with mossies ?
Thanks
Kevin
Aug 10th 2005, 10:20 pm
#22
Just Joined
Joined: Aug 2005
Posts: 28
Re: WA House price inflation
Thinking of moving to Perth, how long would we have to wait before buying a property, as we want to buy as soon as, don't want to waste money renting. Is it worth buying a plot of land and building instead. We will have approx $400,000 to invest in a property.
