Quote:
Originally Posted by multiweb
Hey Mark, I was checking the place on Google map. With the current rate of growth of Perth don't you think that within 2-3years your block might be in the middle of suburbia again and affected by LP. Unless I missunderstood and you're not getting the place for astronomy or build an obs.  It's very close to Perth outskirt, that's all. |
Hi Marc, sorry, the block has a house on it; it's where I'll live.
Perth is indeed growing, but it's not doubling overnight. The block is on the eastern side of an escarpment, Perth is on the other side, to the west, and on the flat land across to the coast. There are quite a few houses in the area already, and the town is only 3km up the road, but it's a bit hilly for the suburban sprawl.
Also, there's a reason I wanted some land. I think the days of sub-dividing is coming to an end. Many places doing that just aren't getting the profit returns expected. The numbers of sub-divided blocks as so high these days and larger in-tact blocks are now getting rarer...supply and demand now swings toward the in-tact blocks and forces their prices up. So sub-divided blocks are becoming undesirable (over-supply) and in-tact blocks very desirable (rarity).
An example of this is in Subiaco, and a small section called Subi-Centro. Blocks were sub-divided several times; effectively leaching the land value and that's where the money was made. It's kind of an up-market high density Ghetto (hard to picture I know). But, there is little opportunity to make money there now, as it has already been made.
The block in the hills is 17 acres and council approved for sub-division...I believe that sitting on an approved sub-dividable block, and doing nothing about it, is where the property market is, not heading. So as Perth expands you're effectively sitting on a block which has retained it's value in two ways; it hasn't been leached of value through sub-division and it is rarer. Mix in with the notion that property in Perth's hills is undervalued by 30-40%, makes for a good investment.
Make sense?
In regards to obs, well it's got to be better than what I'm currently using; a second story balcony with lights from Subiaco oval, Leederville oval, the CBD buildings and the whole of Perth surrounding me.
), person with little or no money pretty hard up!!!
