Downsizers keep Perth’s western suburbs busy

Perth’s western suburbs luxury market is firing thanks to demand for smaller quality homes close to the beach.

48 Bay View Tce at Mosman Park is on the market.

Perth’s luxury market is firing along, buoyed by downsizers looking for smaller properties in the sought-after suburbs of Cottesloe, Mosman Park and Peppermint Grove.

Mack Hall Real Estate principal Mack Hall said there was renewed buyer interest in premium properties, and beachfront Cottesloe was currently the most vibrant Perth real estate market.

Mr Hall has just sold an older Cottesloe home on an 800 sqm block for just over $12m. “When you think something has come on the market with a high price, someone always steps up and buys it,” Mr Hall said.

“There are buyers, in the western suburbs of Perth for suburbs such as Peppermint Grove and Cottesloe.”

Mr Hall has just sold a house for $7.85m in Peppermint Grove and is dealing with an offshore buyer for a $15m house in Cottesloe.

He said the downsizer market was huge. “They are looking for smaller blocks and will release a bigger, grander property they have had for 30 to 40 years,” he said.

Cottesloe was popular because of its proximity to the beach. “We have a beach culture here for close to six months; the 50-year-old who has made money on the stock market steps up and buys these properties. And another lover of Cottesloe is (billionaire) Andrew Forrest.

“There are plenty of buyers at all levels; we have just sold four newly completed units in Broome St, Cottesloe for $6m each.” All buyers were locals and the 211 sqm apartments sold at nearly $30,000 per square metre, which is a record for the Perth market.

All four were sold before completion. Although the units were not waterfront, they had good views across playing fields and the golf course, as well as great ocean views.

48 Bay View Tce, Mosman Park is both Hamptons and French inspired.

Meanwhile, the Perth suburb of Mosman Park is experiencing renewed interest.

A Hamptons and French-inspired house in Mosman Park has hit the market with a hefty $14m-plus price guide, as the city’s luxury housing market continues to fire.

The five-bedroom and five-bathroom mansion fronting 48 Bay View Terrace is being marketed by Ray White Cottesloe Mosman Park principal Jody Fewster.

Ms Fewster described the design of the five-bedroom riverside home as “Hamptons with French inspiration”.

“The attention to detail of the owners is impeccable and second to none. This house is irreplaceable,” she said.

The owners, accountant Mark Pozzi, head of boutique accounting firm Pozzi Financial Services, and his wife Carmen, bought the 1030 sqm block 10 years ago, paying $3.5m, and spent two years planning the three-level home.

“We simply love this area,” Mr Pozzi said. “The build took 4½ years as we had so many issues getting local trades and suppliers, and most products had to be imported from the US or the UK.”

He imported everything from overseas, including the copper ceilings and slate from New England in the US because he wanted a specific colour of grey. The wainscoting panels and light fittings are also from the US.

“We did everything we could to the highest standard. Even the door thickness is extreme and we even had to dig the house down deeper to have 3.4m ceilings upstairs and downstairs,” he said.

The house’s eight-car garage was partially inspired from his travels. “The garage’s inspiration is from the pool at the Baccarat Hotel in New York, and also the Bentley dealership in London,” he said.

“The garage wall has panelling and a checkerboard floor, and it doesn’t feel like a garage but I love cars; it’s my vice and this garage is definitely not an afterthought.

“It can easily fit eight cars. We have even used the space as a disco for the girls and their friends.”

The house has eight TVs, all hidden by custom-made mirrors imported from the UK.

Carmen Pozzi said the design brief was to create a resort style home.

“It’s literally like we’re in a high-end hotel as we took a lot of inspiration from our travels,” she said.

“We wanted a beautiful place for our daughters, who are 11 and eight, to have fun in. They have their own dressing rooms too which they love.”

An expression-of-interest campaign closes June 28 unless it’s sold beforehand.