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Penthouse living at its peak

Tamra CarrThe West Australian
Known for boasting unrivalled vistas and hotel-style luxury, penthouses are a popular dream among homebuyers who are enthralled by their exclusive rooftop spaces and the exquisite feeling of a rare find.
Camera IconKnown for boasting unrivalled vistas and hotel-style luxury, penthouses are a popular dream among homebuyers who are enthralled by their exclusive rooftop spaces and the exquisite feeling of a rare find. Credit: Anthony Tran/Supplied.

A surge of expatriate activity in the Perth property market has put wind in the sails of the penthouse trade, with real estate agents sharing that top-level apartments are enjoying improved values.

Known for boasting unrivalled vistas and hotel-style luxury, penthouses are a popular dream among homebuyers who are enthralled by their exclusive rooftop spaces and the exquisite feeling of a rare find.

In Perth, Realestate 88 Founding Director Peter Wright said penthouses were still comparatively affordable, with fantastic properties starting in the high $1 millions.

Despite the relative cheapness, the veteran real estate agent said prices were experiencing an uplift and enquiry levels were piping hot.

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“Despite the COVID-19 pandemic, enquiry on premium apartments and penthouses has been very good,” Mr Wright said.

“A lot of international and interstate buyers who may originally be from Perth but have previously resided overseas or elsewhere, have come to the luxury market in droves.

“Realising the value on offer here in Perth – with our relaxed riverside lifestyle and spacious penthouses being so close to, or even in, the CBD – they very quickly realise the ‘bang for your buck’ that is available here compared to Sydney or London.”

Among the Perth sky homes currently up for grabs is Penthouse 2501 at 8 Adelaide Terrace, East Perth.

This chic four-bedroom, three-bathroom abode is located on level 25 of Queens Riverside QIII, providing owners with unbridled Swan River views.

Another East Perth stunner on the market is 3/47 Forest Avenue, a two-by-two with an impressive 285sqm interior priced from the lower end of $1 million.

The penthouse is a unique two-level home with immaculate features and a large entertainer’s balcony, as well as eye-watering views of the Perth skyline, Optus Stadium and the river.

While these properties have always generated enthusiasm among homebuyers, Mr Wright said it was now a particularly interesting time to check out the penthouse market.

“Penthouses are always popular, as they are so rare, the views are spectacular and the space they offer is unrivalled,” he said.

“Having sold many penthouses in my 20 years of selling in the inner city, it’s an exciting time to be in the marketplace, with new projects on the horizon, including a brand new CBD building with two unique penthouses on offer on Adelaide Terrace.

“We find these types of transactions are happening more and more as agents engage with buyers in a fast-moving market and match them to suitable upcoming stock.”

Also weighing into the conversation was Ray White City Residential Perth Selling Principal and Auctioneer Brent Compton, who said the sky was the limit for home hunters who had a lazy $2 or $3 million to break into the top-end market.

According to Mr Compton, there was much more money and confidence pumping through Perth’s luxury circles, allowing the penthouse market to steadily improve – much like the rest of the apartment market.

“I’m very confident that penthouse prices will continue to rise over the next few years,” he said. “There’s no doubt houses with land are appreciating because there is only so much land.

“But the thing about penthouses is they can’t be produced that quickly, so I expect the scarcity of these apartments will put them in good stead moving forward as well.”

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