Jenelle Carter

With office space on Perth’s city fringe in high demand, the Herdsman Business Park is experiencing a development boom with six office projects expected to come on-line next year.

Perth's housing market is staging a modest recovery with the median house price reaching $460,000 in the September quarter and tipped to keep rising until the New Year according to the Real Estate Institute of Western Australia.

With a median house price in excess of $610,000, rents for three-bedroom houses up to $1,000 per week and more workers yet to arrive, the Shire of Broome and the state government are trying to get more land onto the market to ease the housing crisis.

Two of the tallest residential apartment towers proposed for Perth – Capital Square and 18 The Esplanade – are vying for Western Australia’s apartment sale record, with offers of around $16 million already presented for their luxury penthouses.

There are no signs of a let-up in activity in Perth’s prestige property market, with predictions a handful of homes will break the $16 million residential sale record set in April before the year is o

Commercial property investor Hossean Pourzand may break some sales records before the year is out, with the Clough building at 251 St Georges Terrace expected to generate strong interest from investors and developers.

Western Australia’s construction sector has surpassed Victoria in taking the third largest share of construction starts in the nation last financial year, behind new frontrunner Queensland, and New South Wales.

Maintaining a focus on Western Australia’s second and third homebuyer markets has proved a wise move for several builders featured in the annual Housing Industry Association Housing 100 report released last week.

The deterioration in housing affordability is dampening Western Australia's housing boom cycle with the state's largest builders starting 14,631 dwellings last financial year, a drop of 8.4 per cent on the previous year.