$25 million for rare 1700 sqm slice of riverside paradise in Perth

One of the last opportunities to buy an old apartment block on the South Perth foreshore has hit the market and is expected to fetch around $25 million.

Owned by a private Chinese business family, the 1730sqm property along South Perth Esplanade is currently occupied by a three-level, six-unit apartment block that’s around 60 years old, with 28 metres of frontage to the Swan River.

The 1730 square metre site is zoned for a five-level residential development.

Knight Frank agent Jonathan Wong said the property’s location in a prime riverfront location made it suitable for a premium residential development.

This waterfront property is expected to fetch around $25 million.Credit: Knight Frank

“We have fielded strong interest for the site to date from buyers looking to secure a prime piece of real estate on Perth’s Swan River,” he said.

“The site is particularly suitable for a premium residential development, being situated in an affluent city fringe suburb and surrounded by luxury apartments.

“It also has uninterrupted and stunning views of the Perth CBD across the Swan River, as well as
Kings Park.”

Real estate agent Cory Dell’Olio said the property offered buyers the opportunity to capitalise on value and rental growth due to the strength of the residential market, with strong demand for more housing.

“Over the past year, Perth has maintained its position as the strongest market in the country for
value growth,” he said.

“Increased migration and a strong underlying WA economy is fuelling population growth, which,
combined with a housing shortage, has put pressure on both values and rentals.”

Expressions of interest close on August 29.

Perth’s median house price is on track to achieve growth of more than 20 per cent over 2024, according to REIWA’s latest property market quarterly update.

Units are also on an upward trajectory with the median sale price rose 2.2 per cent to $450,000 - 12.5 per cent higher than last year.

REIWA President Joe White said it had been a long wait for this cohort.

“The median house sale price exceeded its 2014 peak in December 2022 and has been experiencing strong growth since then,” he said.

“The unit market was slower to respond to market conditions, and prices were fairly stable over 2023, but growth has accelerated this year and seen it equal the previous record.

“This is a result of the rising demand for units, which provide a more affordable entry point to the market for buyers, particularly in suburbs close to the CBD.

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