Rezoning is the key. Im currently putting together details on an R40 block of 747m2 in Hamilton Hill Ill pick up for under 400K. Walk to shops/shopping centre, schools/parks and a bus to Freo in under 10min and the beach just over the rise of the dunes.
The 4X1 brick n tile house will rent for 420 to 450pw while the permiits are going through council and plans are finalised with builder. Ill need to do some exterior works to the garden as its been left to go wild for years.
A Triplex development built to the demographics will be a success. 3X2 with medium to low spec.
Its not always the glamarous places that get you the returns and by reducing exposure its sensible to make a reasonable profit in trying and almost uncertain times. Though a .5 point drop is pushing things in the right direction.
I consider this area to move along nicely with Pt Coogee over the rise and the bottom end of the market likely to get more attention from buyers entering into the market from interstate etc.
Just my opinions but Im happy living in the heart of Freo and a holiday home sth for the surf.
