Celsius Land – June Update 2021
During the month of June, Celsius Land worked on the following:
- Progressed preparation of the Local Structure Plan on Arabian Court, Champion Lakes in conjunction with an adjoining developer;
- Obtained planning approval for a 96 home Lifestyle Village in Haynes that it is managing;
- Obtained a final vegetation clearing permit and continued civil construction at Piara Waters Lifestyle Village that it is managing.
The shortage of housing in Perth is continuing to drive the rental market; where rents have increased from a low of $410 per week in 2017 to $520 per week in June 2021 (SQM Research). The combination of low vacancy, increasing rents and low interest rates are continuing to drive the Western Australian property market, including the house and land market.
The residential land market remained stable in May/June, tracking in the 80–100 sales per week zone for the past four months following the removal of government stimulus. Whilst there are small pockets of land price growth; this hasn’t been seen across the whole land market in recent months with much of the improvement in market conditions being absorbed by higher home construction costs. Due to a shortage of labour in Western Australia construction time frames are continuing to push out, which we expect will result in the low vacancy rate persisting over the short term.