Perth To Lead National Property Market Recovery
The western capital is on track for impressive growth.
By Terry Christodoulou
Tue, Mar 9, 2021 5:33am
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Perth’s residential market is on track to record double-digit growth in 2021 for the first time in 11 years.
That’s according to CBRE’s 2021 Australia Real Estate Market Outlook Report which predicts Perth’s house prices to grow between 9% – 12% and unit prices to lift 5%-7% in 2021 which will lead the nation’s property market recovery post-COVID-19
The growth is forecast off the back of positive interstate migration, solid resources outlook and Federal Government incentives such as Homebuilder and additional State support packages that are boosting the construction sector.
“Supply also remains tight [in Perth] with vacancy already sub-1% which is leading to strong rental growth and providing attractive opportunities for investment in 2021,” said CBRE’s Head of Residential Research Craig Godber.
“For investor markets, the supply/demand imbalance will tip towards oversupply until international migration resumes, although, markets with low levels vacancy (e.g. Brisbane and Perth) will recover more quickly than the Sydney and Melbourne, where vacancy remains elevated.”
Sydney is expected to see house price growth of between 7%-10%, while units will experience a 0%-3% rise. Similarly, 7%-10% growth is forecast for Brisbane’s housing market and units are on track to record a 3%-5% value uplift.
The report predicts 5%-7% growth for both Adelaide and Canberra’s housing markets, with the former expecting a 3%-5% rise in unit prices and the latter tracking an uplift of 0%-3% for units.
A longer recovery is expected for Melbourne, with house prices expected to lift 3%-5% in 2021 and no increases for unit values.
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For years, tech entrepreneur Asher Waldfogel and his wife, Helyn MacLean, dreamed of building a modern house in Palo Alto, Calif.
The couple, however, worried about clashing with the Mediterranean-style architecture typically associated with their neighborhood of Old Palo Alto.
So they tapped architect Steven Ehrlich to create a design that paid homage to its surroundings with stucco, mahogany and titanium zinc cladding. They spent $20 million over several years building the house, completed in 2005.
Now looking to be closer to their adult daughter on the East Coast, they are putting the five-bedroom home on the market for $44 million—the most expensive listing in Palo Alto.
Waldfogel is an angel investor who co-founded Redback Networks, a telecommunications-equipment company. MacLean previously had a career in fundraising.
The couple purchased the roughly 0.4-acre site for $7.1 million in 2000 and demolished a circa-1930s Spanish Colonial home. The house they built pinwheels around a central staircase. It has 7,900 square feet of livable space, with four distinct courtyards and a pool.
A key feature of the home is a cast-in-place concrete wall, or spine, that is two stories high and about 80 feet long. “There’s a little bit of controlled chaos in what comes out of the form,” unlike a perfectly uniform surface, Waldfogel said. “If you want that, you do it in plastic.”
Waldfogel said he and his wife are thinking about the next phase of life now that their daughter is grown, although they have not decided where they will move. They also have a home in Sun Valley, Idaho.
“Right now we’re just trying to emotionally let go and decide what to do next,” he said.
Palo Alto, an epicenter of venture capital and tech startups in Silicon Valley, is home to some of the country’s biggest tech titans. Sales volume and prices are rising, with a median sale price of $3.5 million for the three months ending in August, up 5.8% year-over-year, according to real-estate brokerage Redfin.
Arthur Sharif of Sotheby’s International Realty—San Francisco Brokerage has the listing.
