Perth luxury property market defies trend from east

Perth’s luxury market has begun to heat up, with sales like Alan Bond’s former mansion defying the trends of their eastern seaboard counterparts.

The pool at Alan Bond’s former mansion at Watkins Road, Dalkeith in WA. Picture: Supplied.

Perth’s luxury market has begun to heat up and defy the trends of its eastern seaboard counterparts through the pandemic, with several recent big ticket sales, including the $27.5m sale of the late Alan Bond’s former Dalkeith mansion.

Border restrictions and regional lockdowns have caused many cashed-up locals to reassess their current living arrangements.

Prestige agent William Porteous and his team have sold half a dozen properties over the $5m mark in the past month, including a $10.35m mansion sale.

“We’re getting offers on lots of properties and selling lots as well,” said the founder of William Porteous Properties International.

The exterior of Alan Bond’s former home on Watkins Road. Picture: Supplied.

“People have had time to sit back and relax and see what is happening. They are deciding to put their money in a nice house since they are not travelling overseas and they are realising just how lucky we are in West Australia.

One of the larger recent sales was the $27.5m sale of late businessman Alan Bond’s mansion at Dalkieth.

Ray White Cottesloe chief executive Jody Fewster, the youngest daughter of Mr Bond, managed to sell her sprawling childhood home at Watkins Road on the banks of the Swan River after just a little under a year on the market.

The property last sold in 2011 for $39m when bought by Sue Gibson, the NSW Southern Highlands-based former partner of Crushing Services International mining entrepreneur.

It was initially listed with $50m hopes in 2017, and more recently revised and relisted with expectations of more than $35m.

Ms Fewster said the recent isolation period created “real action” at the top end.

The removal of most social movement restrictions has enabled many potential buyers to return to some form of normality, encouraging people to buy and sell.

Like Sydney, interest in Perth’s luxury residential market is largely stemming from former Perth locals who hope to return home from interstate and overseas once borders open.

“A lot of inquiry is coming from expats and the east coast,” she said.

“When the borders reopen I do think people will buy at the top end, but not many will purchase over $5m sight unseen. I think that will change when people can get here.”

Higher end sales are agitating the top end of the market, with a neighbouring architecturally designed home at 47 Viking Road, Dalkeith having recently been listed.

Designed by local architect Blane Brackenridge, the tri-level family home was crafted with an artist’s eye.

Top end homes in Perth, such as the one featuring this interior on Viking Road in Dalkeith, are moving despite pandemic economic pressures. Picture: Supplied

The concrete facade is carried through the living spaces and six-bedrooms of the home, which is centred around a spiral staircase.

A light filled art studio is fitted into the top level of the artist home, complemented by a gallery inspired entry which is designed to showcase creations.

The current owners, artist Susannah Skinner and her husband Dr Ian Skinner, are looking to downsize now that several of their five children have left home.

Ms Skinner said the western suburbs were such a great community with wonderful local schools.

“It is also close to the river. It’s a great place for dog walks – we have two dogs – and close to both the city and the beach,” she said

The tender campaign closes September 3, unless sold prior.

Ms Fewster said tight stock levels in the western suburbs was helping to maintain pricing and drive interest.

Meanwhile, The Agency’s Paul Tonich said the value proposition of homes in the $2m to $3m range was creating demand. He recently sold 37 Wardie Street in South Fremantle for $3.1m, a suburb record achieved at the tail end of the state’s COVID-19 outbreak.

He said many in the medical fraternity are choosing to upgrade, with many international professionals who arrived in the past few years planning to rent now deciding it is time to buy.

“A lot of our medical sector is buying up and banks are lending to them with no hesitation because of job security,” he said.