In a recent CoreLogic study, Perth stands out as the sole Australian capital where land values are at unprecedented highs. Additionally, properties in Perth are selling within a median of just 10 days — many in even fewer than a week on the market.
This fervour extends to the Western Suburbs, where investor interest continues to intensify as land values persistently appreciate. Larger blocks, in particular, are captivating discerning investors with their potential for long-term value growth and the exceptional lifestyle they afford. This mirrors trends seen in Sydney and Melbourne, where sizable trophy blocks remain highly sought-after assets.
Underpinning this appreciation is Western Australia’s robust, resource-backed economy, which achieved record sales of $246 billion in 2022. Compounding the interest is Perth’s strategic position — sharing a timezone with Asia — making it a hotbed for local and foreign investments. These factors combined, present a compelling opportunity for investors seeking to build not just a portfolio, but a lasting legacy in the esteemed Western suburbs.
Despite the concerns about high construction costs, the enthusiasm for building at the top end of the market remains robust. High-end builders are flourishing and the appetite for luxurious, distinct homes in prime locations, blue-chip areas, and iconic landmarks shows no sign of waning. In fact, such properties often command the fastest sales. The Australian luxury residential real estate market, currently valued at around AUD 35 billion, is projected to grow at a CAGR of over 3% from 2023 to 2028. In 2022, Perth led this luxury market growth with an increase of 4.1%, followed by Brisbane, Gold Coast, Sydney, and Melbourne.
Recent data from CoreLogic’s Cordell Construction Cost Index further dispels the narrative of skyrocketing building costs in Western Australia. The June quarter report indicates that WA recorded a modest 0.5% growth, marking the state’s lowest quarterly increase since June 2019.
In reflecting on the land values of location, two standout land sales I facilitated this year in the Western Suburbs come to mind. The first was 208 Princess Road, Nedlands, a superbly located freehold R60 Zoned lot. The second, is 2A Adams Road, Dalkeith, a prestigious 738 sqm block in the heart of Dalkeith, just 100m from the water’s edge. Both these remarkable properties, now sold, exemplify the continued demand for prime land and the long-term value that the right location presents. It reaffirms that the Western Suburbs, with its unique blend of natural beauty and urban connectivity, continue to be a prized area for astute real estate investment.
With a reputation for prestige and a long history of being home to some of Australia’s most respected business alumni, Dalkeith embodies urban connectivity seamlessly blended with natural beauty. Its unmatched location, near top-tier schools, universities, sports facilities, yacht clubs, shopping centres, and the CBD, complemented by a picturesque beachfront, positions it as an address of distinction.
Dalkeith offers an unrivalled lifestyle, providing you with the opportunity to enjoy the unique charm of Perth, a city known for its gentle climate, lush natural landscapes, and impressive architecture, while also benefiting from its strategic location and shared timezone with Asia.
If you are looking to buy or sell property in the Western Suburbs, contact us today so we can talk about your specific needs.