Urban.com.au’s insight into new and off the plan developments in Perth
If you're looking for an off the plan development in Perth, you've come to the right place. The city is known for its dynamic property market, attracting both domestic and international investors. With an average investment price significantly lower than Sydney or Melbourne, Perth provides excellent value for buyers looking to enter the property market.
Ranked as one of the world's most liveable cities, Perth offers a blend of vibrant urban living and stunning natural beauty, from its bustling city centre and historical Fremantle to the serene Swan River and nearby coastal areas.
Tourism plays a vital role in Perth's economy, drawing millions of visitors each year to its museums, cultural centres, and heritage sites. The surrounding regions, including local wineries and wildlife parks, add to Perth's appeal, making it a desirable location for new residential developments.
Start your search today for new developments for sale in Perth and experience this major hub of economic and cultural activity within the comfort of your affordable or luxury apartments and townhouses.
New Developments in Perth
Property data analytics firm CoreLogic's data showed Perth was the number one performer in both the house and unit market in 2023. House prices jumped 15.2 per cent, to a median of $691,000, now nearly higher than Hobart ($700,000), while units rose 12.4 per cent to a new median of $464,000.
High demand and low supply have driven up prices, benefiting developers despite challenges such as labour and material costs. Soaring rents have also made Western Australia a prime investment market, according to MCG Quantity Surveyors.
“Western Australia, and more specifically Perth, has seen a substantial uptick in investor participation. Price is a factor as some big capital city markets are now beyond the reach of everyday buyers. Our analysis shows the average price an investor pays for a property is approximately $615,000. That amount will go a lot further in Perth than it will in Sydney or Melbourne."
New Developments in Perth selling in 2024
Renowned Perth developer Edge Visionary Living has several new developments in Perth on the market in 2024. So far this year they've witnessed an unprecedented surge in penthouse sales across its luxury waterfront apartment portfolio.
Edge recently sold two sub-penthouses and three penthouses, totalling $36 million. The highest sale was a $12.5 million penthouse at The Dunes Beachfront Residences in Scarborough, setting a new residential price record. The Dunes Beachfront Residences, launched last year, features 223 luxury apartments, including sub-penthouses and penthouses across two boutique buildings. Tier 1 builder Roberts Co is set to complete the project by October 2025.
Taking advantage of the Perth boom is developer Golden Sedayu with their $3.8 billion mega project, Burswood Point. The huge project, which at 38 hectares will be one of the largest urban development projects ever undertaken in Australia, will transform the Burswood Peninsula into a thriving, living precinct with 4,500 residential apartments as well as office and retail space.
Golden Sedayu, a partnership between Perth’s Golden Group and one of Indonesia’s largest property corporations Agung Sedayu, has also allowed for 110,000 sqm of public open space, larger than Langley Park. The project has over 2.5 kilometres of Swan River foreshore.
What are the new developments in Perth coming up?
Local private developer Lam Property Development Group Pty Ltd has filed plans for an eight-level building with 117 apartments at 299 Charles Street, near Charles Veryard Reserve, comprising 15 one-beds, 33 two-bed apartments and 11 three-bedroom buy to sell apartments.
Having acquired a prime Subiaco East site in Perth, some 4,930 sqm, UEM has proposed two mixed-use residential buildings that will comprise around 340 apartments and is expected to accommodate more than 1,000 future residents just beyond the boundary line of the iconic Subiaco Oval and alongside Haydn Bunton Drive — their first residential developments outside of Melbourne.
