Perth Property Market Update November 2020

By Herron Todd White
November 2020

The prestige market throughout Western Australia has performed better this year in comparison to 2019, with an improvement in enquiry rates and reduced selling periods. COVID-19 has had an interesting effect on the Perth residential market especially, as demand increased due to residents returning to the state and supply diminished.

The prestige suburbs that make up Perth’s western suburbs have seen an increase in market activity in comparison to the previous year. There are a number of sub-markets within the western suburbs, for example entry prices for the suburb of Cottesloe can start at around the $1.25 million price point and can extend well beyond $5 million. The general market within this area started off relatively slowly in 2020, however it has gradually built momentum as the year has progressed, especially in the past three months. The market here has suffered from a limited amount of supply however has experienced an increase in demand, which has resulted in quick transactions and many off market transactions, with values increasing commensurately.

Besides the height of uncertainty experienced between March and April, COVID-19 has had minimal negative impact on the western suburbs. In 2019, parts of the market had slowed after signs of improvement in 2018. For example, the median house price in Dalkeith for the June quarter 2018 was $2.545 million and then in June 2019 it decreased to $2.265 million. June 2020 recorded an improved median price of $2.375 million which is evidence of improved market conditions in the area. Along the north-western suburbs of Perth, more activity was recorded in 2020 for the market above $3 million. In particular the suburbs of Trigg, North Beach and Watermans Bay recorded two sales above $3 million in 2019, however already in 2020 those suburbs have experienced five sales above $3 million, with two recorded at over $4 million. COVID-19 did not affect the prestige market within this region. It was evident that once restrictions eased, a sense of urgency was present in this market and the available stock was quickly absorbed.

The prestige market south of Perth also experienced steady market improvement over the course of 2020 after facing slow activity during the uncertain period of March and April. During this brief period, a large number of properties were withdrawn from the market, or owners intending to sell placed their plans to commence a marketing campaign on hold. Demand over this period remained stable, resulting in the pool of buyers competing for fewer products, resulting in a heightened level of competition and an increase in values.

To help paint the picture, we’ll run through some of the more interesting sales we have seen in the prestige market over recent times and a few of the properties currently listed for sale.

Starting off with a bang, this waterfront estate on Watkins Road, Dalkeith sold in September for a whopping $27.5 million after a lengthy 882-day marketing campaign. One of the most prestigious homes in Western Australia, it was once owned by late entrepreneur Alan Bond. The expansive 6406 square metre site with views of the Swan River and Freshwater Bay is set over six titles. The property has hosted a number of famous guests including Elton John, Neil Diamond and Bob Dylan.

The 2930 square metre dwelling which spans over four levels was originally designed by renowned architect Geoffrey Summerhayes and has since been updated by Andrew Boughton. The property includes: one of the largest private resort-style swimming pools in Australia with a 12 seater swimup bar and spa; a function room for 400 guests; two caterer’s kitchens; walk in cool room; separate pizza, teppanyaki and BBQ house; commercial bar and games room; full size gym with massage room and sauna; full size squash court and floodlit tennis court; 10,000 bottle cellar and tasting room; home theatre; 12 car underground garage; infrared CCTV security; ponds, water features and designer landscaped gardens; and boat storage and private boat launch with mooring available.

This property on Viking Road, Dalkeith is currently under offer, however the listing advises that the owners are asking around the mid-$3 million price point. It last sold in 2017 for $3.4 million after just five days on the market. The circa 2010 built dwelling comprises four bedrooms, three bathrooms and a double garage on a 1,012 square metre allotment and features a swimming pool with solar heating and alfresco area with built in gas BBQ and wok burner.

This property at Duncraig Road, Applecross sold for $3.9 million in August 2020 after 236 days on the market. The circa 1987 dwelling has seen substantial renovations since completion and features 575 square metres of living area with six bedrooms, five bathrooms and double garage on a 1,432 square metre allotment.

This Mosman Park property sold for a cool $4.625 million in August after a 76- day marketing campaign. The circa 1995, Mediterranean-style dwelling comprises four bedrooms and four bathrooms over 512 square metres of living area. The 982 square metre block is situated approximately 150 metres from the Swan River.

This property at Grant Street, Cottesloe sold for $3,633,500 in August 2020 after 16 days on the market. The two-storey dwelling was originally built in 1912 before substantial renovations in the 1950s and again in the past decade. The home features high, raked ceilings, wide jarrah floorboards, bay window, stained glass entry and an open fireplace. Externally the property features an alfresco with built in barbeque, below ground pool, established landscaping and a modern studio and pool house. The dwelling comprises four bedrooms and three bathrooms over 324 square metres of internal living area on an 893 square metre allotment and is situated 500 metres from Cottesloe Beach.

This Mosman Park home is situated within the Coombe riverfront enclave and receives expansive views of the Swan River through its floor to ceiling windows. The property includes 800 square metres of living area comprising five bedrooms and five bathrooms over three storeys on a 741 square metre sloping allotment. It sold in August 2020 for $8 million after a 40 day marketing campaign.

This property at Fraser Road in Applecross sold for $4.2 million in June 2020. The dwelling was built circa 2010 by prestige home builder Palazzo Homes and comprises five bedrooms and three bathrooms across three levels and 415 square metres of internal living area. The dwelling features an oversized glass and timber entry door, below ground pool, three car garage, alfresco, home theatre, Gaggenau appliances, stacking doors and two balconies. The 532 square metre allotment captures Swan River views to the west.

Back in Dalkeith, this Wavell Road property sold in May 2020 for $5.45 million. The new owner, Enrico Zorzi, is the owner of Zorzi Builders, a local luxury home builder and creator of the Salvado Street, Cottesloe renovation shown later in this article. This Wavell Road dwelling was built circa 2014 and comprises four bedrooms and three bathrooms in 728 square metres of internal living area. The property also includes an eight-car underground garage, workshop, award winning kitchen with granite benchtops, below ground pool, outdoor entertaining area with built in BBQ, gas fireplace, wrap around verandahs, established landscaping and internal elevator. The dwelling is situated on a 1361 square metre corner allotment.

With some of the highest land values in Perth, it’s no wonder many of the homes we are displaying are located in Dalkeith. This property on Hobbs Avenue sold in March 2020 for $6.5 million after 62 days on the market. The 1,381 square metre allotment is improved with a two-storey dwelling of 548 square metres internal living built circa 2009. The dwelling comprises five bedrooms and four bathrooms, featuring decorative ceilings and cornicing, timber flooring, Gaggenau appliances, French doors and windows, fireplace, bi-fold doors, landscaped gardens, cabana and pool terrace, security gate, bar and wine cellar, gym and studio, workshop, security system and a six-car undercroft garage.

Along the north-western coastline, this multi-level residence sold for $4.001 million in February 2020 after 124 days on the market. The 508 square metre coastal allotment is improved with a circa 2017, four-bedroom, four-bathroom dwelling of 389 square metres internal living area. This Trigg property features 180-degree ocean views, high raked ceilings, home theatre, three-car garage, security gate, floor to ceiling windows, granite benchtops, alfresco, elevator and plantation shutters.

This Watermans Bay residence sold for $4.65 million in February 2020. The 1,022 square metre allotment is situated 200 metres from Watermans Bay Beach and is improved with a circa 2015 two-storey dwelling comprising four bedrooms and five bathrooms in 508 square metres of internal living area. The property features a six-star energy rating, gas heated infinity-edge swimming pool, outdoor spa, cubby house and playground, cedarlined balcony, home theatre, built in cabinetry, gym, pond, water feature, elevator, underfloor heating, raked ceilings, electric curtains, fireplace and outdoor barbeque.

This Salvado Street property in Cottesloe is one of the most expensive listings in Perth right now. The home was originally built in 1893 and has recently been extensively restored by the renowned Zorzi Builders. This property was mentioned in last year’s November Month in Review for prestige properties, which speaks to the lengthy marketing campaigns and lack of potential buyers these upper market products experience. It has been on the market for 600 days and Ray White Dalkeith is currently asking potential purchasers to contact the agent for a price guide. This restored residence is improved with 799 square metres of living area and located on a vast 1492 square metre block that benefits from exquisite ocean views as well as being located within five minutes of Cottesloe’s popular central hub.

This Johnston Street property in Peppermint Grove is another eye-catching listing in the premier golden triangle of Perth. Improved on site is a 568 square metre Georgian style mansion that pays homage to ancient Greek and Roman heritage. Externally the property features an extensive outdoor area that resides on a generous 2,114 square metre block. There is a large independent apartment attached to the house which expands its potential. The selling agency, William Porteous Properties International, is requesting interested parties to contact the agent for a price guide. The property previously sold for an enormous $11.9 million in 2009.

Applecross is one of the most prestigious suburbs south of the Perth CBD and boasts deluxe properties within close proximity to the Swan River. Duncraig Road in Applecross is one of the suburb’s most highly desired streets and benefits from river and city views.

44A Duncraig Road, Applecross is a 1,364 square metre vacant lot currently on the market for an asking price of $6.9 million. The lot enjoys a wide, 25-metre street frontage and has the potential to be subdivided into two street-fronting lots. It has been on the market for over 450 days which reflects a very limited purchaser pool.

26 Duncraig Road, Applecross is another example of high prices commanded in the area. The selling agency, William Porteous Property International, has an asking price of $9.9 million after being on the market for 696 days, having been listed originally in November 2018 with offers starting from $11.5 million. Improved on site is a circa 2009, eight-bedroom, seven-bathroom, luxurious family home that spans over 1315 square metres of living area. The residence is split over three levels on a 1,495 square metre block of land.

Further north-west of the Perth CBD there are a number of suburbs close to the ocean that command high prices for unique properties. One property in the suburb of City Beach is currently available from $6 million and boasts modern sixbedroom, six-bathroom accommodation situated over four levels with approximately 1000 square metres of living area. The property includes an art lobby, three full sized kitchens, a wine cellar, gym, four-person lift, below ground pool and volleyball court all located on a 1191 square metre block of land. The property was purchased in 2016 for $2.5 million and the current asking price reflects the extensive work the owners have put into the property since purchase.

There are also a number of prestigious apartments currently on the market that offer unique experiences in their own right. This apartment on South Perth Esplanade, South Perth is one example. The four-bedroom, three-bathroom, two-storey penthouse includes 585 square metres of living area and benefits from Swan River and city views. Located within one of the most illustrious areas in the Perth metro area, South Perth currently has a number of popular cafes, restaurants and bars that makes it a sought-after location. Dempsey Real Estate currently has the property listed for sale at offers around $7.6 million. It was previously purchased in 2016 for $7 million. Previously the property was on the market for 626 days.

Renting is another option for potential occupants to consider in the Perth metro area and offers more flexibility in comparison to purchasing. In Perth’s western suburbs, this property on Bindaring Parade, Claremont is currently the most expensive property available for rent across the metro area, at an asking price of $4000 per week. The property backs onto the Swan River and benefits from sprawling views. Improved on site is a threebedroom, three-bathroom dwelling situated on a 1058 square metre allotment. The highlight of the property is the outdoor entertaining area which includes a rooftop pool, spa, sauna and outdoor kitchen. The property is also listed for sale and potentially interested parties are advised to contact William Porteous Properties International. It has been on the market for over 215 days. The property sold in 2013 for $7 million.

12 Marine Parade, Cottesloe is another rental property at the upper end of the market. The improved property is a modern, two-level, twobedroom, two-bathroom dwelling that directly overlooks Cottesloe Beach and provides panoramic ocean views and a sense of coastal lifestyle living. Internally the property contains extensive features such as marble benchtops to the kitchen, full height wall tilling to the bathroom and an alfresco area. The property is available and furnished for an asking rent of $2500 per week which places it amongst the state’s most expensive rental options currently.

Marmion is a popular coastal suburb 15 kilometres north-west of Perth. One property available for a short term, three-month lease along West Coast Drive, Marmion is listed for $2,500 per week. The fully furnished property is located directly opposite the beach and with the short-term lease option available, represents an intriguing option coming into summer. The house includes four bedrooms as well as a separate study and four bathrooms. Externally, the property has a heated below ground pool, spa and balcony that will allow the potential tenants to fully enjoy the warm weather ahead.

The Towers, located in the new waterfront precinct of Elizabeth Quay, is advertised as some of the most lavish and deluxe residential accommodation currently available in Western Australia. The area includes a wide choice of eateries and bars combined with views of the Swan River, Kings Park and Stirling Gardens. Common facilities for the Towers include pools, gym, lounges, cafes and restaurants. This partially furnished apartment at 1 Geoffrey Bolton Avenue is a four-bedroom, four-bathroom penthouse within the Tower complex and is currently available for rent from $2,300 per week. This is the most expensive rental option currently available within the complex.

Blackburne’s proposed development, One Subiaco, is one of the biggest residential projects currently being undertaken in Western Australia, with three separate buildings containing 244 high end apartments being constructed on the old Subiaco Pavilion Markets site. The penthouse at the top of the development sold for a whopping $17 million which overshadowed the sale of a sub-penthouse two levels below in the complex for $15.9 million. The previous sale record set for an apartment was in South Perth in 2014 for $15.2 million. The top floor penthouse is 1,300 square metres and the owner will reportedly receive nine car bays. The penthouse includes a gym, staff quarters, rooftop pool, spa, sports bar and $1.4 million worth of audiovisual equipment.

Western Australian mining entrepreneur Chris Ellison reportedly wants to demolish his waterfront estate on Saunders Street, Mosman Park, which was purchased for a monstrous $57.5 million in 2009. The owners are planning to build a new seven-level building which would likely be one of the most illustrious properties in all of Western Australia. Ellison recently joined the nation’s billionaire’s club in early September.

Chris Hinchliffe

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