How to make a mint in Perth
Peppermint Grove houses are selling like hot cakes
Perth’s coveted Peppermint Grove is seeing renewed interest this spring due to a shortage of properties and a perennial desire to secure one of the suburb’s mix of classic colonial mansions and luxury contemporary homes.
There were just 12 house sales in the year to June 2016, according to REIWA, with that number doubling to 25 in the 12 months to June 2017. Median house values rose 9.4 per cent to $3.5 million.
With a population of just 1600 residents, this pocket-sized suburb is a barometer of the Perth market, REIWA president Hayden Groves says.
“Given that it’s the pinnacle suburb in WA, the price rise and higher demand suggest a bit of confidence is creeping back into the market. People have money to buy these homes because they are good with their pennies, and they don’t tend to buy those big family assets in a falling market,” Groves says.
Peppermint Grove offers a secluded riverside lifestyle close to the city and beach. The Freshwater cafe, opening this spring next to the Royal Freshwater Bay Yacht Club and riverside playground, will replace tired facilities and appeal to younger buyers, according to long-time local agent Chris Shellabear.
“Interestingly, we are seeing a younger demographic coming through, with the average age of residents now lower than neighbouring Cottesloe,” he says.
Recent winter sales include 48 View Street, a limestone colonial mansion originally built for attorney-general William Sayer. Listed by William Porteous, it sold for $3.8m.
A similar home, listed in August by Jody Fewster, of Acton, after being held by the same family for 45 years, was under offer within 24 hours for $4.2m to local buyers with school-age children. Fewster, who lives in the suburb, says she is noticing a generational shift in buyers, with four of her recent clients all downsizing.
Peter Burns, of Mack Hall Real Estate, says an ongoing property shortage is producing swift sales, while the spring season will bring more sellers to market with the aim of a pre-Christmas settlement.
His current listings include a contemporary home on Leake Street, with offers expected in the region of $3.5m plus, and Mandalay, a Raffles-inspired mansion on Keane Street with a sweeping circular driveway, tropical gardens and a timber-panelled living area.
He predicts significant interest in this unique home, with offers above $8.5m.
Vivien Yap, who along with William Porteous holds the listing for the infamous 6582sq m superblock owned by Pankaj and Radhika Oswal, now reduced to $19.5m with an option to subdivide into six individual lots, agrees that the market is upbeat, with buyers not hesitating to make offers. “Almost everything with a house on it is either under offer or sold.”
She is also selling an adjacent property, 10 Bungalow Court, designed by architect Andrew Boughton, and says she expects it to go quickly.
“It’s a near-new home with a lift, river views, a heated pool and a theatre. Homes aren’t even hitting the market at the moment and people just say, ‘what can we buy it for?’ .
“It’s a good time to be selling, but of course that will change as more properties come on to the market in the spring and the power shifts towards buyers,” she says.
Chris Shellabear says the suburb will always attract those who are successful in their fields.
“Traditionally it was agriculture, then mining, and now technology. I think the market has created good opportunities in the past few years, but with a lot of state resource projects now in production those opportunities will decrease — there are only 400 homes here and many stay in the same family for decades so it will always be a tightly held suburb.”
Clockwise from left: 10 Bungalow Court has river views, a heated pool and a theatre; a limestone colonial mansion at 48 View Street; Mandalay, a Raffles-inspired mansion on Keane Street; and exterior and interior views of 48 View Street, all in the suburb of Peppermint Grove