Perth Property Market Update November 2019

Recent data from the Real Estate Institute of Western Australia shows that there were 586 properties sold in the greater Perth region for the week ending 13 October 2019. This was 4.5 per cent higher than four weeks previous and 27 per cent higher than the same week in 2018. This suggests an upswing in buyer activity, which is a regular occurrence as we move towards the middle of spring.

There were 13,830 total listings as at mid-October 2019 – 15 per cent lower than the same week in 2018 – however the majority of this activity is in the sub-$1 million range and whilst the market has been subdued overall, there have been some spectacular properties sold throughout the year across the state. To get some perspective on the magnitude of the properties we are about to discuss, the median house price in Perth is currently $485,000.

While this month’s brief was to reveal some of the extraordinary properties to have traded in 2019, we in Western Australia couldn’t resist the urge to share some of the stellar sales that occurred a little further back as well.

Starting off our venture into the prestige side of the property market is one of the biggest residential sales in Perth for 2019.

This 1,428 square metre riverfront estate on Chidley Way in Mosman Park is named Anuket, the original Egyptian goddess of the River Nile. It went under contract in April 2019 for an eye-watering $12.05 million. In comparison, the median house price in Mosman Park settled at $1.277 million for the June quarter 2019.

The property was on the market for 183 days, taking expressions of interest at around $16 million and was previously owned by the owner of a Perthbased commercial and residential development group with completed projects valued in excess of $1.5 billion.

Originally built in 1987, this limestone wonder has since had a number of restorations and alterations both internally and externally. It features five bedrooms, six bathrooms, four living areas, a four car garage with extra parking spaces, grand entry lobby and an infinity lap pool overlooking the Swan River.

Applecross is known as an affluent riverside suburb situated six kilometres from the CBD on the Swan River. The median house price in Applecross settled at $1.525 million for the June quarter 2019, the eighth highest suburb median in greater Perth.

This property at Duncraig Road sold for $10.5 million in November 2018 after 151 days on the market. On a 1,839 square metre allotment, this gated estate is situated at the highest point of Duncraig Road, providing expansive views of the Swan River and Perth CBD.

Originally built in 1988 its features include a double staircase entry, formal quarter with large void up to the coffered ceilings, dining and wine room, four bedrooms, each with an en suite, a detached one-bedroom maid’s quarters, gourmet kitchen, large terrace, pool and spa, basement level four-car garage and private media room.

The property was previously purchased in 2001 for $6.5 million by a Perth couple who won $30 million in what was then the country’s biggest lotto jackpot.

The new purchasers are not new to the area as they also own a property at The Strand, Applecross which was bought in May 2017 for $6.9 million. They also sold another property in November 2018 at Flanagan Road, Applecross for $3 million.

Another notable sale this year was this Margaret Street property in Cottesloe. Built-in 2011 on a 652 square metre allotment, it comprises five bedrooms, five bathrooms and a double garage. It was purchased in June 2019 for $8.5 million by a West Australian billionaire. The new owner also owns multiple properties in Mosman Park, Peppermint Grove and Swanbourne with an estimated total spend of just under $30 million – not a bad portfolio! The median house price in Cottesloe settled at $2.225 million for the June quarter 2019, the third highest suburb median in Western Australia.

This property in Dalkeith sold for $7.25 million in December 2018. Originally built in 1985, this three-level Tuscan inspired residence has been substantially renovated since and comprises five bedrooms, four bathrooms, an infinity pool, wine cellar, and panoramic views of Freshwater Bay. Dalkeith’s median house price settled at $2.265 million for the June quarter 2019, coming in as the second highest suburb median in Western Australia.

The Elizabeth Quay Towers has been one of Perth’s most talked about development projects over the past few years. Situated along Geoffrey Bolton Avenue and Barrack Square at Elizabeth Quay, the first completed tower encompasses 105 apartments over 28 floors with views of Perth City, Kings Park, Langley Park and the Swan River. Prices range from about $650,000 all the way up to $12.5 million for the penthouse suite. Some of the amenities include multiple pools, private lounges and a gym. The neighbouring tower also includes the Ritz-Carlton Hotel with over 200 rooms due for completion in November 2019. The complex features operable walls whereby a panel in the external wall is able to be opened as a tilt panel window – a unique feature for apartments in Perth.

The most recent sale in the Towers was actually one of its better apartments on offer. On floor 26, the 289 square metre suite is currently under contract for $4.046 million and has expansive views reaching around 240 degrees

One notable sale our valuers recall was back in May 2017 and it remains a topic of discussion! This 1920s renovated character dwelling in Wembley sold for $2.5 million comprising four bedrooms, three bathrooms, a three-car garage, self-contained studio and the most interesting feature – an underground half-size basketball court! Not something that our valuers come across every day

If you happen to be in the market for a multimillion-dollar property, then do not fret, there is still a plethora of prestige stock ready for a willing buyer. This Dalkeith vacant allotment of 1,600 square metres is on offer by Mack Hall Real Estate for a cool $9 million or $5,625 per square metre and backs directly onto the Swan River.

This Cottesloe home was originally built in 1893 and has recently been extensively restored by the renowned Zorzi Homes. According to the realestate.com.au listing, this three-storey Federation Queen Anne style property comprises five bedrooms, five bathrooms, lift access, custom-made cornices, architraves, mouldings and skirtings, a restored original fireplace, full home automation and security system, manicured front garden, bar room, games room, alfresco entertaining area, ten car below ground garage and a wine cellar.

On offer by The Agency, this property is currently taking offers of interest and has been on the market for 237 days. It was last purchased in 2009 (before its restoration) for $4.25 million.

Brown Street, East Perth (pictured above) is a mammoth penthouse apartment. The listing currently displays price upon application, however there was a previous price guide listing back in September 2018 for a whopping $20 million.

It had been on the market for 544 days when this article was being written. Built in 2014, the twostorey penthouse comprises eight bedrooms, eight bathrooms, three kitchens, maid’s quarters, lap pool, Bali inspired alfresco, steam room, outdoor spa bath, gym, home office with a fireplace, wine cellar, private lift access, secure eight car accommodation and cinema room. The terrace has views of the city, Claisebrook Cove, Optus Stadium and Crown Casino.

With a living area of 898 square metres, balcony and terrace of 774 square metres, storeroom of five square metres and car accommodation equalling 220 square metres, the floor area comes to a total of 1,897 square metres!

We thought we would save one of our favourite listings for last. This waterfront property is situated at the end of Watkins Road in Dalkeith and has quite an interesting history, but before we get into the history let’s go over the luxurious features.

Spanning over six separate titles and situated on a 6,406 square metre allotment, this dwelling has 2,930 square metres of internal living space over four levels. Features include (let me take a breath!) six bedrooms, eight bathrooms, a 21-seat cinema, function room for 400 plus guests, two caterers’ kitchens, walk-in cool room, separate pizza, teppanyaki and bbq house, commercial bar and games room, full sized gym with pummel massage shower room and sauna, full size squash court, floodlit tennis court, 230 square metre swimming pool with a 12-seat swim-up bar, 10,000 bottle cellar and tasting room, designer gardens, boat storage and private boat launch with private boat mooring available and underground parking for 12 cars.

The property has been on the market for 541 days. As you would imagine, the pool of potential buyers is somewhat limited. According to an article by Domain.com.au, the property was designed by Perth architect Geoffrey Summerhayes in 1978 and originally built for the late Alan Bond in time for the 1983 America’s Cup.

CoreLogic’s property data suite, RP Data, shows that a gold mining magnate purchased the property in 1995 from the Bond family trust company for $7.3 million. He then sold it four years later after extensive renovations. The property was then sold in 2011 with a price tag of $39 million and is again available for purchase.

Speak with a Perth Mortgage Broker today.