PERTH, WESTERN AUSTRALIA
The economic engine and capital of Western Australia, Perth is embarking on a major expansion of its luxury real estate market. Set along the far west coast of Australia, the nation’s fourth-largest city traditionally has flown under the radar for international buyers and investors. But interest in Western Australia has exploded in recent years, with the state experiencing the fastest population growth in the nation, largely driven by overseas migration. According to Shelley Scorer, CEO of Christie’s International Real Estate Western Australia and South Australia, a host of factors are pushing the market for luxury property in Perth, not the least of which is affordability compared to cities on the country’s east coast such as Sydney and Melbourne. Factor in Perth’s temperate climate, extensive parks and beaches, a vibrant wine region to the south, nature reserves, the government’s record AU$10.6 billion infrastructure investment, low unemployment, quality schools and universities, and excellent health care – and it’s not hard to see why Perth is attracting attention. Prices for luxury single-family residences in and around Perth range from AU$1.5-30 million, Scorer says. Some of the most sought-after luxury properties are in the city’s western suburbs, including Cottesloe and Peppermint Grove. In this area, locally known as the “Golden Triangle,” homes typically sell for around AU$3-4 million. And Perth is a dream for international travelers with direct flights to more than 50 destinations in 18 countries. What’s more, the city’s airport is the only one “down under” with non-stop flights to Europe—via Qantas’ daily service to London, Paris, and Rome.
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