Deals and Don’ts – Kingsley, Melville, Joondalup
Here we take a look at some of the different properties on the market and explain why they’re either ‘Deals’ (that represent a good investment) or ‘Don’ts’ (that should be carefully avoided by investors).
Purchase price: $555,000
Purchase date: February 2017
Block size: 720sqm
Specification: 3 bedroom 1 bathroom, double garage house built in 1979 zoned R20/40
Deal: This property represents a deal because of its location and development potential. Sitting on a corner block with zoning of R20/40, the property is in a quiet cul-de-sac and walking distance to Whitfords Train Station, which is just 400 metres away.
Purchase price: $875,000
Purchase date: March 2017
Block size: 868sqm
Specification: 3 bedroom, 2 bathroom house built in 1950 zoned R20
Deal: This property represents a deal because its location is one of the best in Melville, being close the Swan River and on a quiet street, as well as for its development potential. The property’s wide frontage also provides superior subdivision potential and limited supply in the area will help buoy prices over the long term.
Purchase price: $475,000
Purchase date: April 2017
Block size: 701sqm
Specification: 4 bedroom, 1 bathroom, enclosed double carport with remote automatic door zoned R20/60
Deal: The property represents a deal because of its high development potential being zoned R20/60, its location on a quiet street and because of its proximity to Currambine Train Station, which is 450 metres away, and Blue Lake Park, which is 250m away. The house also presents very well making it more rentable until development.
For sale price: $519,000 – $529,000
Specification: 3 bedroom, 1 bathroom, single garage house
Don’t: This property doesn’t represent a good investment because of its location on a busy road, neighbouring state housing and opposite medium-size high voltage power lines, which aren’t pleasing aesthetically and can cause issues with finance as banks view these unfavourably. The property was last sold in April 2014 for $570,000 and these negative features would have exacerbated the fall in value during a soft market.