Perth’s prestige property market is literally on fire. Demand from upgraders, returning expat’s and cashed up investors has been fuelling the ultimate game of hungry hungry hippo’s as buyers compete to snap up blue chip property throughout Perth’s Western Suburbs.
The buyer frenzy had largely been concentrated in the $1-4m range, where buyers outstripped supply 10:1 at times. However lately, confident buyers have been duelling with optimistic vendors in the $5-10m markets with some impressive sale prices being achieved.
Broome Street, Cottesloe
Cottesloe, Perth’s mecca for luxury coastal living has forever been the property professional’s go to suburb to test the heat of the Western Suburb market. Broome Street is a landmark address and runs through the heart of the highly desirable suburb. It’s most desirable pocket, which lays between Jarrad and Pearse Streets enjoys elevated picturesque Indian Ocean views over Sea View Golf Club has just endured the ultimate test of changing market conditions. 62 & 64 Broome street, two separate properties resting side by side, each having a lot size of 926sqm and 943sqm respectively. Both featured dated homes which had served previous generations well, but essentially offer no added value to their land.
64 Broome Street, sold for $5,000,000 in Nov 2018 which was close to the bottom of the western suburb market cycle. 62 Broome Street has just gone ‘under offer’ at $7,000,000 after less than a week on the market, a whopping 40% higher than it’s almost identical neighbour 2.5 years later in a market going through it’s strongest growth cycle in 15 years.
Perth’s Top 5 sales over 12 months
- 89 Watkins Parade, Dalkeith - $27,500,000. Sept 2020
- 57 The Esplanade, Nedlands - $10,700,000. February 2021
- 4 Ozone Parade, Cottesloe - $10,250,000. March 2021
- 50 Irvine Street, Peppermint Grove - $8,800,000. April 2021
- 6 Riverview Place, Mosman Park - $8,000,000. August 2020.