Perth's best off the plan apartment selling in May 2023
The Perth unit market has been incredibly resilient during the year long, seemingly nationwide downturn, triggered by the RBA's aggressive interest rate hikes.
The latest Home Value Index produced by CoreLogic showed unit values in the WA capital have actually shown modest growth over the last 12 months (+0.1 per cent).
It's one of just three unit markets, (Adelaide +8.8 percent, Brisbane +1.5 per cent), to see growth over the 12 months to May. Sydney saw declines of -7.2 per cent and Melbourne -5.8 per cent.
The national median unit value in Perth is now $409,000, according to CoreLogic, nearly $200,000 less than the median house price in Perth.
Migration is forecasted to improve in Perth. An influx of migration, paired with the current difficulty for developers to get projects out of the ground, means supply levels for off the plan property are well below demand.
We've wrapped up a list of the best apartments currently selling across Perth.
Amara City Gardens
Address: 171 Davy Street, Booragoon
Developer: Iris Residential
Offering a ready-to-move-in option on the list, the $43 million Amara City Gardens is home to 124 apartments across 14 levels.
Located on the doorstep of Westfield Booragoon Shopping Centre, which has recently been green lit for expansion, all the one-bedroom floorplans in Amara have been sold, with a limited collection of two and three-bedroom apartments remaining.
The two-bedroom apartments can be snapped up for $670,000, while the three-bedders are priced from $810,000.
Each apartment has been designed with spacious open-plan living and plenty of storage for the owner-occupier, with the apartments connecting to expansive balconies, with some even benefiting from city views.
Wide picture windows with double glazing and high 2.7 metre ceilings give a sense of space and light, while engineered oak floorboards and 100 percent wool carpets add luxury and warmth.
Designed with the future in mind, Amara City Gardens achieves an average Nationwide House Energy Rating of seven stars, with initiatives including photovoltaic cells providing solar power to the common areas, boosted solar gas hot water systems, double glazed windows, a car-charging bay, designated car wash areas, secure bike racks, leafy, manicured gardens and creative artwork screens by award-winning local artist Anne Neil.
Residents also benefit a communal yoga deck, along with a wine cellar, dining pavilion, barbecue terrace, gym, sauna and a garden.
The Terraces
Address: 3 Shenton Road, Claremont
Developer: Iris Residential
Due for completion later next year, The Terraces will home 137 apartments across eight-storeys, with a mix of one, two and three-bedroom floorplans on offer.
Located among the tree-lined streets and on the boundary of the historic Claremont Oval, The Terraces are at the heart of one of Perth’s most affluent and sought-after suburbs.
Local construction group BGC are currently under way with building the $150 million development, which is the final addition to DevelopmentWA's sought-after Claremont on the Park precinct.
One-bedroom apartments are priced from $570,000, with the two-bedders from $715,000, and the three-bedders from $1.45 million.
Inspired by the terraced grandstands that grace the world’s most famous sporting grounds, The Terraces have been thoughtfully designed with owner-occupiers in mind, reaching new heights in sustainable living and design innovation.
The Terraces will set a new benchmark for sustainable residential development in Australia, with the project achieving an industry-leading average 8.05-star Nationwide House Energy Rating Scheme (NatHers) rating.
The highest-rated residences at the HASSELL-designed project reach 9.7 stars on the 10-star scale, which means those apartments are virtually self-lighting and self-climate controlled, while close to 30 per cent of the apartments at The Terraces will achieve a 9-star NatHers rating.
Residents will also benefit from access to private onside amenity including two private landscaped podiums, a resident’s lounge and dining room, as well as a gym.
The Pearl
Address: 1-3 Lyall Street, South Perth
Developer: Prosper Living
Still in the pre-construction phase, The Pearl is set to be perched between the river and the city.
Drawing inspiration from the nearby Swan River, the 26-storey tower will incorporate soft curves and a green spine, with a promise to deliver premium living spaces and resort-inspired amenities.
With 137 one, two and three-bedroom apartments plus three four-bedroom skyhomes, the interiors of The Pearl focus on flexibility and function, with each cleverly orientated to allow for access to natural light and ventilation.
The one-bedders are priced from $566,000, with the two-bedders coming in at $988,000. The three-bedroom apartments are priced from $1.865 million, while the four-bedroom penthouses are priced from $5.94 million.
The apartments adjoin to generously proportioned balconies, extending each living space, while also drawing in gentle breezes and far-reaching views.
Residents of The Pearl will also have access to an array of resort-inspired amenity within the tower, including a landscaped terrace which is complete with an infinity edge pool, a massage room, private seating alcoves, gardens, an outdoor dining area and barbecue facilities.
The tower also homes a gym, sauna, steam room, yoga deck, theatre, games room, resident's lounge and dining room, as well as a temperature-controlled wine room.
Construction of The Pearl is slated for completion by mid 2025.
Olive St
Address: 263 Hay Street, Subiaco
Developer: Devwest
Construction has begun on the latest residences set for the leafy suburb of Subiaco.
Set across six-storeys, Olive St. will feature 71 apartments, with a mix of one, two and three-bedroom apartments, as well as commercial and retail space.
Designed by the architects at MJA, the apartments are well-oriented, with natural light abounding, and a range of views to be enjoyed from different apartments, including city views and an outlook over Subiaco.
Each apartment is fitted with premium appliances, ample storage, and flow, as well as open-plan living spaces that connect to spacious terraces or balconies, allowing for seamless indoor and outdoor living.
Olive St has also been cleverly designed to offer communal work from home facilities, complete with plenty of desk space, high-speed WiFi, booths for private calls, and a boardroom for client meetings.
The development will also feature leafy green outdoor spaces, a barbecue area, a residents' lounge, and even a fire pit.
The one-bedroom apartments are priced from $535,000, with the two-bedders beginning from $710,000, before topping out at $1.145 million for the three-bedroom offerings.