The Perth real estate market in 2024 has showcased a fascinating spectrum of properties, from breathtaking luxury estates to budget-friendly fixer-uppers. Whether you’re a seasoned investor or a first-time homebuyer, understanding these market extremes provides valuable insights into the diverse opportunities available in Perth.

Luxury Living: Mosman Park Dominates the High End

Unsurprisingly, Mosman Park has solidified its position as Perth’s premier suburb for luxury living, securing three of the top five most expensive sales in 2024. These properties are the epitome of opulence, boasting expansive layouts, top-of-the-line finishes, and, of course, stunning Swan River views.

Here’s a glimpse at Perth’s top 5 most expensive sales:

1. 177 Wellington Street, Mosman Park: This $25 million masterpiece, sold in May, features a tennis court and a piano room with river views. It is a 4-bedroom, 5-bathroom home.
2. 3 Owston Street, Mosman Park: Changing hands for the first time in a century, this 3-bedroom, 2-bathroom property on over 3,000 sqm fetched $22 million in February.
3. 59 Keane Street, Peppermint Grove: A beautifully renovated Federation-era home, sold for $20.1 million in March, offering a blend of historical charm and modern luxury.
4. 10 Hill Terrace, Mosman Park: This 6-bedroom, 4-bathroom residence, complete with a resort-style pool, theatre, gym, and even separate living quarters, sold for $13.5 million in May.
5. 6 Fraser Road, Applecross: Perfectly positioned on the Swan River, this 5-bedroom, 6-bathroom home sold for $13 million in August.

These sales underscore the enduring appeal of Perth’s riverside suburbs and the demand for properties that offer an unparalleled lifestyle.

Bargain Hunting: Opportunities for Renovation and Investment

On the other end of the spectrum, Perth’s outer suburbs have presented some incredible bargains in 2024, particularly for those willing to roll up their sleeves and invest in renovations. These properties, while often requiring significant work, offer an affordable entry point into the market or a chance to add substantial value through redevelopment.

Perth’s 5 most affordable sales of 2024 were:

1. 11 John Street, Armadale: This 2-bedroom, 1-bathroom “renovator’s delight,” described as “not for the faint of heart,” sold for $289,000 in February, presenting a potential development opportunity.
2. 5 McLarty Road, Pinjarra: A 3-bedroom, 1-bathroom renovator’s dream built in 1925, offering a blank canvas for transformation, sold for $290,000 in January.
3. 23B Bushby Street, Midvale: This 2-bedroom, 1-bathroom property, complete with “street art” on the front window, sold for $295,000 in August.
4. 12 Crawford Street, Mandurah: Located close to beaches and the train station, this 2-bedroom, 1-bathroom home sold for $300,000 in August.
5. 5 Brixey Court, Armadale: This 2-bedroom, 1-bathroom residence sold for $300,000 in January, offering potential as a first home or investment after some TLC.

What Does This Mean for You?

• For Luxury Buyers: The prestige market in Perth remains strong, particularly in sought-after riverside suburbs. These properties offer an exceptional lifestyle and long-term investment potential.
• For First-Time Homebuyers and Investors: While the entry price point may seem daunting, opportunities exist in outer suburbs for those willing to take on renovation projects. These properties can be a stepping stone into the market or a rewarding investment.
• For Sellers of All Types of Properties: The market is diverse and there are buyers searching for all types of homes.

Your Partner in Perth Real Estate

No matter your budget or real estate goals, our team is here to help you navigate the Perth market. We have the expertise and local knowledge to guide you towards the perfect property, whether it’s a luxurious riverside estate or a diamond in the rough with renovation potential. Contact us today to discuss your needs and let us help you find your place in the vibrant Perth real estate landscape.