Bargain property in Wembley Downs? Duplex listed below 2008 sale price
There are certainly opportunities in the current 2019 market to pay less than the last price.
But is there really such a thing as buying a bargain when it comes to property? And where are they?
This series of articles looks are specific examples of sale price or asking price falling.
We take a look at where and if possible why this is happening.
We came across this property for consideration.
A two bedroom Wembley Downs, WA duplex 11 kilometres from the Perth CBD has been listed for $10,000 less than what it sold for in 2008.
In 2008 the property traded for $460,000, however the vendors are only seeking $450,000 plus this time around.
Daniel Caccamo and Rav Kandola of Davey Real Estate have been marketing the listing since May.
Situated at 46 Stockdale Crescent, the 1969 built home comprises 75 sqm of internal living space as well as multiple outdoor entertaining areas.
The home features an open-plan designed kitchen, living and dining area, a separate laundry plus a split system air conditioner.
Located within walking distance to several schools, it is only a short drive to the redeveloped Scarborough Beach and Floreat Forum.
The adjacent duplex at 44 Stockdale Crescent last sold for $585,000 in August 2013.
According to the listing, the property has "a motivated seller, this property MUST be sold."
The property has been offered as a rental several times since it's 2008 sale, first in 2012 seeking $460/pw.
It sought an identical amount in 2014, while in 2015 the property was marketed as a rental property with a price point of $385/pw.
Asking prices for the Wembley Downs postcode currently range from $497,000 for all units to $699,300 for 3 bedroom houses.
SQM Research estimate that investors could rent this home for approximately $384 to $470 per week.
Property Observer advise that it is up to you to determine if the offering is a truly beneficial bargain.
Remember buying at the bottom of the cycle is fraught – as you can't really precisely pick the bottom nor know just how long until you see some price growth.
Be aware you could be buying a poor quality property in an area with ongoing issues of oversupply of stock.
The oversupply could be also putting downward pressure on rents.
Other price declines could be because the vendor needs a quick sale or paid way over the top on its last purchase chase.
Property Observer suggests property purchasing really does need to be a very well considered proposition with a long term mindset.
As a part of this series, we've already had a look at properties in Mount Eliza, and Central Geelong and East Perth.