I'm thinking further out like Armadale, Gosnells or Kelmscott
Something like this that is under contract.
3 x 1 in Armadale asking $289 K
At this price bracket, I would also be able to afford to get a line of credit and do a reno.
Green in the Perth market
- Thread starter jaylo
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- balga development triplex
I'm thinking further out like Armadale, Gosnells or Kelmscott
Something like this that is under contract.
3 x 1 in Armadale asking $289 K
At this price bracket, I would also be able to afford to get a line of credit and do a reno.
Howdy,
I'm trying to play around with design plans by myself over the week end however I'm having difficulties to find a City of Stirling Development Application checklist or related.
There's heaps of forms so if someone can show me where to get it from it would be much appreciated.
Setbacks from streets, application process, etc. anything really.
http://www.stirling.wa.gov.au/resident/planning-and-development/Pages/default.aspx
On another note, is it better to get the entry straight into the living area and kitchen or get the entry through bedroom on the side (seems to be the more traditional way)? Not sure if I'm clear enough.
Last thing, do you usually get your drawings for the DA through a freelance designer then shop around for a builder or get a builder all-in-one package? I would tend to select the designer.
Cheers.
J
I'm trying to play around with design plans by myself over the week end however I'm having difficulties to find a City of Stirling Development Application checklist or related.
There's heaps of forms so if someone can show me where to get it from it would be much appreciated.
Setbacks from streets, application process, etc. anything really.
http://www.stirling.wa.gov.au/resident/planning-and-development/Pages/default.aspx
On another note, is it better to get the entry straight into the living area and kitchen or get the entry through bedroom on the side (seems to be the more traditional way)? Not sure if I'm clear enough.
Last thing, do you usually get your drawings for the DA through a freelance designer then shop around for a builder or get a builder all-in-one package? I would tend to select the designer.
Cheers.
J
I prefer to use a designer and then shop it, have had best results down this road.
As far as design many factors to consider, area for one. In Balga I would go traditional for resale.
Also, blocks in Balga are now selling for around $500K and still rising, you may want to watch this market very closely as end values are not rising. My point is if land continues to rise at current pace you may be better off selling the block in 12 months. Lots of stock at the moment.
Cheers
MTR
As far as design many factors to consider, area for one. In Balga I would go traditional for resale.
Also, blocks in Balga are now selling for around $500K and still rising, you may want to watch this market very closely as end values are not rising. My point is if land continues to rise at current pace you may be better off selling the block in 12 months. Lots of stock at the moment.
Cheers
MTR
Jaylo,
If that is one of your goals, I would question whether your actions thus far are pointing you in that direction.
You seem to be heading down a track that will eventually give you 3 Balga tenants (equating to a small and low quality income stream) and a big debt.
I don't think you've been advised wisely....but then you don't have the experience or skillset to figure out yet what is good or bad advice.
Are any of the people so far advising you in a position that they are generating 200K of passive income ??
Hey dazz,
I must have been out of my mind when I said 200k passive income in 15y, realistically with 60k passive p.a. in today's dollars and working just a few months a year it would be ok.
Speculating and obviously not very objective as I just bought there, Balga tenants won't be too bad in a few years IMO, "economy dictates", might be young double income families, skilled migrants, etc.
MTR,
Bit of an oversupply in villas/units now turning around 390 p.w. average maybe?
Reaching vacancy rate at 4% maybe, still not 6 though.
Interest rates will go higher IMO hence less FHB activity, pushing rents up.
New FHOG threshold will target that product too hopefully.
Big blocks are still rising, speculating they might be 550k in a coupla years.
End value around 400k at the moment. I will need to beef up the specs to keep up with the competition, some are 430/450.
If only that pricefinder login was still available I could have had a deeper look
Balga is close to CBD, light rail project hopefully done in 2022.
Had a look around and all the other suburbs I looked at are higher entry (noranda, kiara, etc) and some are not rezoned yet.
Understood re design, I'll go down your way too.
I might just do 2 units modern style and keep one traditional.
Anyway I jumped in the market so I realized my first objective, pretty happy with that and time will tell if I was wrong!
If I can finish that project within the next 5 years, get my DA quick and hold on a bit then build, then I'd go small commercial IP and a few shares I suppose.
But I think I'm gonna like development if I don't sink with mine
On another note, got quotes from a coupla PMs, got 8.8% for actual dwelling then 7.7 for 3 units, another one 9.35% for actual and 8.7% for units, amazingly after a 1y simulation with all their respective associated fees it turned out to be a coupla hundreds different
Had a coupla quotes for design plans to go through DA, range is mid 5000s, does that sound correct?
Kinda want to do a CAD draft myself then submit to a pro to check it for a lower fee, not sure if that's possible.
I must have been out of my mind when I said 200k passive income in 15y, realistically with 60k passive p.a. in today's dollars and working just a few months a year it would be ok.
Speculating and obviously not very objective as I just bought there, Balga tenants won't be too bad in a few years IMO, "economy dictates", might be young double income families, skilled migrants, etc.
MTR,
Bit of an oversupply in villas/units now turning around 390 p.w. average maybe?
Reaching vacancy rate at 4% maybe, still not 6 though.
Interest rates will go higher IMO hence less FHB activity, pushing rents up.
New FHOG threshold will target that product too hopefully.
Big blocks are still rising, speculating they might be 550k in a coupla years.
End value around 400k at the moment. I will need to beef up the specs to keep up with the competition, some are 430/450.
If only that pricefinder login was still available I could have had a deeper look
Balga is close to CBD, light rail project hopefully done in 2022.
Had a look around and all the other suburbs I looked at are higher entry (noranda, kiara, etc) and some are not rezoned yet.
Understood re design, I'll go down your way too.
I might just do 2 units modern style and keep one traditional.
Anyway I jumped in the market so I realized my first objective, pretty happy with that and time will tell if I was wrong!
If I can finish that project within the next 5 years, get my DA quick and hold on a bit then build, then I'd go small commercial IP and a few shares I suppose.
But I think I'm gonna like development if I don't sink with mine
On another note, got quotes from a coupla PMs, got 8.8% for actual dwelling then 7.7 for 3 units, another one 9.35% for actual and 8.7% for units, amazingly after a 1y simulation with all their respective associated fees it turned out to be a coupla hundreds different
Had a coupla quotes for design plans to go through DA, range is mid 5000s, does that sound correct?
Kinda want to do a CAD draft myself then submit to a pro to check it for a lower fee, not sure if that's possible.
If there is depreciation available on the property then yes you can do a scrapping report before demolition
If you aren't able to claim depreciation as everything is too old then I don't think there is any point.
Which reminds me I need to get my Highgate heap assessed. I think some of the reno's that previous owners did might have some depreciation left in them.
Scrapping When You Demolish the Whole House
In ID 2010/35 the taxpayer demolished a house that still had some building depreciation left to claim. Generally when an item included in building depreciation is destroyed a full and immediate deduction can be claimed for any remaining unclaimed building depreciation on the original cost of the item. It gets a bit messy when the whole house is demolished, because, for starters, there wouldn?t have been a tenant in the residences at the time, so is it a rental when it is destroyed? The interpretive decision states that section 43-40(1)(c) can only be satisfied if no entity has used the house for any purpose since it was last used by the taxpayer for the purpose of producing income. Unfortunately for the taxpayer in ID 2010/35 he or she moved into the house just before it was demolished in order to clear it out and organise the demolition so absolutely none of the remaining unclaimed building depreciation was claimable even though it had been a rental before the taxpayer started using it for private purposes.
In ID 2010/35 the taxpayer demolished a house that still had some building depreciation left to claim. Generally when an item included in building depreciation is destroyed a full and immediate deduction can be claimed for any remaining unclaimed building depreciation on the original cost of the item. It gets a bit messy when the whole house is demolished, because, for starters, there wouldn?t have been a tenant in the residences at the time, so is it a rental when it is destroyed? The interpretive decision states that section 43-40(1)(c) can only be satisfied if no entity has used the house for any purpose since it was last used by the taxpayer for the purpose of producing income. Unfortunately for the taxpayer in ID 2010/35 he or she moved into the house just before it was demolished in order to clear it out and organise the demolition so absolutely none of the remaining unclaimed building depreciation was claimable even though it had been a rental before the taxpayer started using it for private purposes.
I missed out on a great development site, that was cash flow positive prior to developing, by a measly $2K!
It was on the market for a few months so when the agent said "there was another offer just go a little higher" I didn't believe him! Turned out it was only $2k... Lesson learn't
Are you a Resi drafty? I don't know your background but designing a triplex without good knowledge of council TPS and Rcodes is a waste of time. Sure you can do a concept to show your ideas but unless you have those skills you aren't going to get a discount.
$5 is pretty low. Does that include doing working drawings as well ?
I forgot to answer your question this morning. Stirling are pretty true to the Rcodes with not much ( if anything) extra in their TPS for Balga for a triplex. All the setbacks etc are as per R codes I recall.
Tano,
Thanks very much for your input. If I understand well, I can claim undepreciated items in the current rented dwelling before demolition as long as I don't move in?
Westy,
No I'm not however I have CAD skills and by looking at the triplex plans around it looks so easy that I think I will have a go at it first and then show to a pro to see how it goes. After that I will probably realize I didn't have the skills haha.
R-codes are pretty self explanatory for setbacks frontage open space etc.
I will give it a go anyway.
The mid 5000s I was referring to are just design plans for DA and lobby to council.
Do you go traditional or modern for your design?
Thanks very much for your input. If I understand well, I can claim undepreciated items in the current rented dwelling before demolition as long as I don't move in?
Westy,
No I'm not however I have CAD skills and by looking at the triplex plans around it looks so easy
that I think I will have a go at it first and then show to a pro to see how it goes. After that I will probably realize I didn't have the skills haha. R-codes are pretty self explanatory for setbacks frontage open space etc.
I will give it a go anyway.
The mid 5000s I was referring to are just design plans for DA and lobby to council.
Do you go traditional or modern for your design?
Tano,
Thanks very much for your input. If I understand well, I can claim undepreciated items in the current rented dwelling before demolition as long as I don't move in?
Westy,
No I'm not however I have CAD skills and by looking at the triplex plans around it looks so easy
R-codes are pretty self explanatory for setbacks frontage open space etc.
I will give it a go anyway.
The mid 5000s I was referring to are just design plans for DA and lobby to council.
Do you go traditional or modern for your design?
Hahahahahah - but don't worry I do the same
It's fun (well to me!) and a learning process. The smaller the block the more complex they are due to building on boundaries etc. It really is hard to fit everything into 140sqm approx.The things that will get you are building on boundary rules as you will need to do it to get the most out of the block.
I go modern traditional mostly - yes that is not an either or
Basically it's modern colonial/federation which is a less frou frou version of colonial but with modern elements. Westminster was more modern, Gwelup is more colonial, Highgate x 2 are modern architectural hipster , North Perth will be modern/art deco, a secret project will be modern colonial. So back to Stirling documents
Design policies http://www.stirling.wa.gov.au/Resid.../Pages/Planning-and-development-policies.aspx
Town Planning Scheme http://www.stirling.wa.gov.au/Resid...n/Pages/Planning-schemes-and-legislation.aspx
Checklists and Information Sheets are in here http://www.stirling.wa.gov.au/Resid...rms-and-information-sheets/Pages/default.aspx
Howdy,
Place is now vacant and won't be tenanted anymore.
I have been advised to demolish now to save on rates and land tax given they go off Gross Rental Value.
I'm happy to see that I can still claim interest deductions:
https://www.ato.gov.au/General/Property/Vacant-land/
That brings me to:
any recommendation of asbestos removal and demolishers in Perth?
Thanks,
J
Place is now vacant and won't be tenanted anymore.
I have been advised to demolish now to save on rates and land tax given they go off Gross Rental Value.
I'm happy to see that I can still claim interest deductions:
https://www.ato.gov.au/General/Property/Vacant-land/
That brings me to:
any recommendation of asbestos removal and demolishers in Perth?
Thanks,
J
Mini diggers one of the best in Perth and competitive.
MTR,
Thank you, contacted www.miniguys.com.au
Thank you, contacted www.miniguys.com.au
