A surge of expatriate activity in the Perth property market has put great confidence into the penthouse trade, with real estate agents sharing that top-level apartments are enjoying improved values.
Renowned for their unrivalled vistas and hotel-style luxury, penthouses are a popular dream among homebuyers who are captivated by their exclusive rooftop spaces and the exquisite feeling of being a rare find in the market.
In Perth, Realestate 88 Founding Director Peter Wright said, “penthouses were still comparatively affordable, with fantastic properties starting in the high $1 millions, although pricing has been experiencing an uplift and enquiry levels were piping hot”.
“Despite the COVID-19 pandemic, enquiry on premium apartments and penthouses has been very strong” Mr Wright said.
“A lot of international and interstate buyers who may originally be from Perth but have previously resided overseas or elsewhere, have come to the luxury market in droves.
Realising the value on offer here in Perth – “with our laid-back riverside lifestyle and spacious penthouses being so close to, or even in, the CBD – purchasers are very quickly realising the ‘bang for your buck’ that is available here compared to Sydney or London”.
Also weighing in on the conversation was Ray White City Residential Perth Selling Principal and Auctioneer Brent Crompton, who commented “there is much more money and confidence pumping through Perth’s luxury circles, allowing the penthouse market to steadily improve – much like the rest of the apartment market”.
“I’m very confident that penthouse prices will continue to rise over the next few years. But the thing about penthouses is they can’t be produced that quickly, so I expect that scarcity of these apartments will put them in good stead moving forward as well”.
This is a brief summary of the article ‘Penthouse living at its peak’ by Tamra Carr | The West Australian | Saturday 12 June 2021.