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Inner city living shows upswing

WEST Perth was once ‘the’ place to live in Perth.

During the 1980s many people moved out of Perth and the old houses became offices and flats.

In the past two years inner city living has undertaken somewhat of a revival with more people choosing not only Northbridge, East Perth or the Central Business District as their new address, but also West Perth.

There are now more than 122 new apartments being built on Colin Street alone.

The Real Estate Institute of WA indicates a 15.9 per cent increase in residential median house prices in the past twelve months. The highest price residential property sold for $450,000.

Australand recently announced plans for forty-five apartments on a site adjacent to the Heritage-listed Meerlinga House, located on Mayfair and Hay Streets.

Construction is currently underway on two side-by-side apartment blocks on the corner of Kings Park Road and Colin Street.

Due for completion in January, the majority of the apartments have already been sold by developer Central Property Holdings.

Central Property Holdings associate director Lloyd Clark said the company had ceased the marketing of the property until completion when the remaining apartments will be put on the market.

Mr Clark believes development prospects for West Perth are good and will improve by mid-next year before the introduction of the GST.

Mr Clark said the company first looked to West Perth two years ago.

“We knew West Perth was under-utilised for residential use and was far more prestigious than East Perth and Northbridge.

“The availability of rental starts are very scarce, whereas there is an abundance in both East Perth and Northbridge,” Mr Clark said.

Dee Seed real estate sales representative Justin De Pardo said people would pay more to be in West Perth because of the prestige.

He said a 300 square metre apartment in East Perth with views over the river would cost around $700,000 but the same product in West Perth with views to the city and river would be worth around $1.2 million.

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