Premium homes in demand as high-end sales boom

20 May 2023

Properties in Perth’s southern riverfront corridor are achieving exceptional prices, amid strong population growth and solid demand at the top end of the market.

Mont Property Managing Director Matthew Podesta said the high-end real estate market was thriving as more and more buyers realised the opportunities and calibre of homes available in the area, particularly in Applecross, Mount Pleasant, Attadale, Bicton and East Fremantle.

Standout recent sales by Mont include an astounding $11 million achieved for two iconic homes, sold in March. These include the architectural masterpiece at 20 Blackwall Reach Parade, Bicton, which sold for a record breaking $7.225 million, and the head-turning East Fremantle landmark home at 126 Preston Point Road, East Fremantle for $3.825 million.

Mr Podesta said Mont had increased its significant market share of high-end sales in the past six months and that the market was showing continued strength.

“The top end of the market is very active, particularly along the southern riverfront corridor – and buyers are out in force and prepared to pay for premium homes,” he said.

Other notable recent sales by Mont include the $3.3 million sale of 55A Melville Beach Road, Applecross and $3.025 million for 82 Ullapool Road, Mount Pleasant.

In February, Mont brokered sales of 12 Milne Street, Bicton for $3.375 million and 25 Darnell Avenue, Mount Pleasant for $2.775 million, as well as 11A Conon Road, Applecross for $2.75 million in December last year.

Mr Podesta said Mont agents have been in contact with a number of families and professionals, who are considering relocating to Perth or are looking to upgrade into quality riverside homes.

Latest Australian Bureau of Statistics data shows Western Australia sustained the second highest increase by state for population growth in the year to September 2022, with a 1.8% increase – second only to Queensland which experienced a 2.2% rise.

The statistics show most of WA’s population growth was driven by overseas migration in the year to September 30, 2022, but the state also recorded natural growth and an increase in interstate migration.

“WA’s strong population growth has continued to drive demand for housing as more people search for a place to call home, whether it be to purchase or as a rental,” Mr Podesta said.

“This has also been fuelled by our strong local economy, a plethora for jobs available in WA and the fact that people are attracted to our state for the wonderful lifestyle on offer, not to mention that Perth is still one of the country’s most affordable cities when it comes to buying real estate.

“Through our effective sales measures, strong community connections and large networks, Mont is the go-to agent for real estate in the southern riverside corridor.”

Data from the Real Estate Institute of Western Australia shows six local Mont suburbs now have median house prices of more than $1 million.

In Applecross, the median house price is now $1.8 million, East Fremantle stands at $1.537 million, Attadale at $1.5 million, Mount Pleasant is $1.3775 million, Bicton $1.3 million, Ardross at $1.16 million and Booragoon at $1.13 million.

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