PEPPERMINT GROVE is the most expensive suburb in Perth to buy property.
It topped Reiwa’s list of the 10 most expensive suburbs for the 12 months to December 2019 with a median house price of $2.5 million.
The exclusive suburb, the smallest local government area in Australia, is home to some of WA wealthiest and oldest families and has been called “Australia’s Monaco” due to its size and wealth concentration.
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READ NOWThere were just 11 sales in the area in the reporting period and Ray White Cottesloe-Mosman Park sales executive Jen Lowe said properties in the small suburb were tightly held.
“It’s very popular, a beautiful location between the river and the sea, with spectacular homes, large blocks and tree-lined streets,” she said.
Offering stately homes on large blocks, new homes and larger properties that could be subdivided and still offer plenty of land for building, Peppermint Grove attracted a range of well-heeled buyers.
“Anecdotally, interest appears to be increasing,” Ms Lowe said.
“Sophisticated buyers are active, looking for properties currently at keen pricing.
“With the large lots it can be an excellent area for people with growing families.”
Ms Lowe achieved the highest recorded sale price in the area in 2019, for a historic home on two lots totalling 2731sq m on the corner of Leake Street and The Esplanade.
“People liked the romance of the home and its heritage,” she said.
“Everyone loved the position, it is one of the best blocks in the area, a large landholding with a completely unhindered northern boundary.”
It was bought by Paul Blackburne and his wife Charmaine for $8.8 million.
He said last year he chose the location to be part of a community where his two young children would go to school and planned to build a modern, two-storey new home facing the river.
“We have worked closely with the council in the design of our new home to preserve Weerianna for Peppermint Grove and future generations,” Mr Blackburne said.
“The contrast between the old and new residences and an increased setback between the two properties will maintain local heritage character and support diversity of architecture within the community.
“We are working with someone to ensure this amazing home is restored to its former glory.
“We’re all looking forward to enjoying views of the beautiful Swan River, which is one the best places in the world, and being able to spend time on the foreshore with our young family and friends.”
While the home sold for a significant sum, it is not the highest price achieved by a home in the area in the last 20 years.
That honour goes to 56 the Esplanade, which was bought by Nigel Sattlerley for $17.5 million in 2013.
Close behind was the superblock at 2 Bay View Terrace, which sold for $17 million in 2018.
Despite its premium prices and popularity, Peppermint Grove’s median price fell 31.5 per cent over the year, possibly a reflection on the small number of sales rather than a general price decline.
Of the Top 10 suburbs only Swanbourne, Nedlands and South Perth showed price growth. Floreat remained unchanged.
Dalkeith was close behind Peppermint Grove for the title of the most expensive suburb with a median house price of $2.28 million, while Swanbourne was the top performer for growth, rising 20.5 per cent.
Applecross and South Perth were the only non-western suburbs in the Top 10.
Overall in the year to December, the Greater Perth median house price was $480,000, down 4 per cent year on year.
