Celsius Land April Update
Project Update – Jayes Road, Piara Waters
Landscaping of the stage 2 public open was completed in April 2025, with the only remaining work being the completion of native planting during the winter months. Of the 84 lots in the development, 81 are now sold and settled whilst 3 lots are under conditional contracts of sale. Remaining works on the project includes the provision of front landscaping and fencing packages for eligible buyers and maintenance of the public open space areas for the next two years.
Project Update – Lot 102 Arabian Court and 356 Lake Road, Champion Lakes
Construction works in stage 1 (54 lots) have extended again with works now due for completion in May 2025. Sales within the development remain sound, with many purchasers now obtaining their finance approvals. A subdivision application for stage 2 is well progressed with the Department of Planning with works expected to commence later this year.
Perth’s House Price Growth
In our October 2020 newsletter we included an analysis of house prices in Perth relative to inflation over the prior 50 years; with the Perth median house price increasing from $17,500 in 1970 (Source: Abelson and Chung, Macquarie University) to $470,000 in 2020 and now to $806,000 in March 2025. The annualised growth rate over this period equates to 7.2% per annum with the annual median house price increasing in 75% of all years and dropping in 25% of all years; with the majority of these prices drops occurring between 2010 and 2020.
It is also interesting to look at Perth house price growth relative to inflation. From 1970 to 1990 the Perth median house price basically kept up with inflation, ie. it didn’t change in real terms, although it had plenty of ups and downs in between. From 1990 to 2003 house prices in Perth rose by 47% more than inflation (3.01% per annum higher than inflation) and from 2003 to 2020 house price growth increased 39% more than inflation (1.97% higher per annum than inflation). Since we last looked at this in 2020 we have experienced high inflation, however this has been significantly exceeded by Perth house price growth as shown in the graph below. During this 5 year period house price growth increased approximately 39% more than inflation (7.2% higher per annum than inflation).
Sources: House Pricing In Australia 1970-2003 (Abelson and Chung), ABS data for 2002 – 2020 & Corelogic 2021-2025