- Perth remains relatively affordable compared to other capital cities
- Weekly asking and median house prices are similar to the last housing (and mining) boom
- Perth's western suburbs home to the majority of the best selling homes of the past decade
Despite higher average salaries in Perth thanks to the mining sector, many would be surprised to hear Perth remains the most affordable capital city.
The median house price, according to REIWA, is still only $552,000, less than half that of Sydney.
Thanks to the pandemic and current mining boom, the median house price began to rise again following a fairly depressed market during much of the 2010s.
According to SQM Research, weekly asking house prices are just $760,000, similar levels compared to the peak of the last boom in 2014. This means many Perth homebuyers since 2010 have not seen a return on the value of their home. Additionally, units have not reached their previous peak.
This is in stark contrast to the Sydney market.
As seen during the late 2000s and early 2010s, prices in the upper end of Perth’s real estate market have risen significantly in the past few years.
Sydney has Point Piper, Melbourne has Toorak, and Perth? Perth has the ‘Western Suburbs’ or Golden Triangle, including suburbs like Peppermint Grove and Dalkeith.
These two suburbs accounted for the majority of Perth’s most expensive house sales, although some suburbs ‘south of the river’ also made the list for Perth’s most expensive properties over the past decade. So, what is the most expensive house in Perth for sale now?
Most likely, this is a five-bedroom, five-bathroom house in Claremont.
18 Richardson Avenue is a circa 1905 character residence on a 3,617sqm riverbank estate with views of the Swan River. Along with a tennis court, an infinity pool, and garden terraces, it includes a clifftop viewing deck.
“The outlook for the luxury Perth market is looking positive as premium properties in Western Australia are in undersupply,” Adam Lenegan of Mack Hall real estate, who is marketing the Claremont home, told The Property Tribune.
“Given the robust state of Western Australia’s economy, we are expecting a spur in activity on the premium end of the market in the foreseeable future”
Perth’s most expensive home 2021
52 The Esplanade, Peppermint Grove
A four-bedroom, three-bathroom in Peppermint Grove came out on top as the expensive Perth home in 2021.
The property was sold by Mack Hall and Mr Lenegan via a private treaty.
An honourable mention should also go to the next best-selling property:
22 Odern Crescent, Swanbourne
A prime landholding in Swanbourne took out the top property sold in 2021, selling for $13.3 million.
The sale of 22 Odern Crescent to Thermomix co-founder Witold Mazur and his wife, Grace, also set a new and price record, equating to $15.148 per sqm.
The 878 sqm is located in a prestigious enclave of the suburb and easily beats the next highest sale of the suburb, which was $7.3 million, set in 2015.
Perth’s most expensive home 2020
89 Watkins Road, Dalkeith
This Dalkeith riverfront mansion set the record for the most expensive house sold in Perth during the first year of the pandemic.
89 Watkins Road, built by the late Alan Bond and his first wife Eileen, sold for $27.5 million.
The 6,506 sqm riverfront estate is spread over six titles, has lush landscaped gardens, a 21-seat cinema, a 10-000 bottle wine cellar, and a tasting room, along with an underground parking for 12 cars.
Despite the hefty price tag, the property sold well below the original $50 million price guide set in 2017, with this later being reduced to $35 million.
Coincidentally, the six-bedroom, eight-bathroom house was sold by Jody Fewster, the daughter of Mr Bond who is one of the most prominent real estate agents in the luxury Perth market.
“I don’t have any emotional attachment to the house other than a lot of memories of fantastic parties and [having] lots of friends over,” Ms Fewster said at the time.
“It was so much fun for me to sell because it’s full of great memories – I got married on the tennis court and my husband proposed to me there. I just think that it’s so nice that it’s going to a beautiful young family who is going to keep it and enjoy it.”
Perth’s most expensive house in 2019
3 Chine Place, Mosman Park
A four-bedroom, three-bathroom property in Mosman Park – one of Perth’s most famous gentrified suburbs – took the top spot as the most expensive house sold in Perth in 2019.
It sold for $15 million, almost 15 times higher than the then median house price of $1.255 million for the suburb.
It was reportedly purchased by the family of Malaysian billionaire Chiu Cui Wen, who previously lived in Peppermint Grove.
The house was built in 2006.
Perth’s most expensive house in 2018
22 Duncraig Road, Applecross
A five-bedroom, six-bathroom house in Applecross, south of the river, became the most expensive house sold in Perth in 2018.
Purchased for $10.5 million, 22 Duncraig Road sits on a 1,839 sqm block on the highest point of the street, offering 180-degree views of the city and river.
The asset includes a one-bedroom, one-bathroom maid’s quarter detached from the main home along with a below ground four car garage and two large workshop areas.
Perth’s most expensive house in 2017
2 Chidley Way, Mosman Park
A three-level, five-bedroom manor in Mosman Park was the top-selling home in Perth in 2017.
Sold for $21.5 million, the 4,045 sqm property set a record back in 1995 when Multiplex boss John Roberts sold the house for $8 million to Mark and Sharon Creasy.
The house was purchased by Alan Tribe and his wife Marisa. Mr Tribe previously owned the IKEA stores in Perth and Adelaide, with IKEA purchasing the franchised stores off them, so all stores in Australia would fall under a single ownership structure.
Perth’s most expensive house in 2016
54 Jutland Parade, Dalkeith
This six-bedroom, seven-bathroom in Dalkeith was the most expensive property sold in 2018, selling for $14.13 million.
With a view of the Swan River, the interior of the home has not been made public since the property was last listed on the market back in 2008.
Perth’s most expensive house in 2015
52 Jutland Parade, Dalkeith
The house next door was the top-selling house in 2015, selling for $9.25 million.
While home to a fairly quaint two-storey, brick and tile house built in the 1930s, and currently listed by the City of Nedlands Municipal Heritage Council, the real value of the property was due to the 1,962 sqm block on Jutland Parade.
Despite being the top sale of the year, agent Gordon Davies said at the time the property would have sold for $11 million if during the mining boom.
Perth’s most expensive home in 2014
3/93 South Perth Esplanade, South Perth
The most expensive home in 2014 wasn’t a house, but an apartment. In fact, it is the highest amount ever paid for an apartment in Perth.
Unit 3 of 93 South Perth Esplanade sold for $15.2 million in a private complex consisting of just four riverfront apartments. The sale price equates to $35,000 per square metre.
This apartment, which is on the third floor, has three living rooms, a wine cellar and a four-car garage.
Perth’s most expensive home in 2013
56 The Esplanade, Peppermint Grove
A seven-bedroom, six-bathroom riverfront home in Peppermint Grove took out the top spot as the most expensive home in 2013.
Located on a 4,080 sqm block, the property sold for $17.5 million, above the previous suburb record of $16 million for 43 View Street.
The property has an extraordinary history with the previous owners, Ann and Denis Cullity, who had founded Channel 9 Perth and had been living in the home for 52 years. Before them, the owners were the Roe family, descendants of John Septimus Roe, Perth’s first surveyor-general.
The house is bungalow style, with a central limestone structure with verandahs and capped by a large roof.
To find out more about the most expensive houses in the other capital cities, check out the below: