May 31, 2024 | , , ,

May 2024 Celsius Land Update

As reported in recent months the Perth house and land market remains constrained and is expected to remain so over the short to medium term for the following reasons:

  • There are only 3,438 properties currently on the market which compares to 10,459 properties in May 2014 and 13,185 properties in May 2019 (REIWA, 28/5/24);
  • The most recent population growth reported for Western Australia of 93,591 people for the 12 months to 30 September 2023 is the highest increase on record (ABS);
  • The building industry hasn’t recovered from its significant downsizing leading up to 2020 and is not expected to have the capacity to cope with current demand.

The constrained property market has resulted in strong price growth across Perth over the past 12 months; in particular many of the more affordable suburbs such as Champion Lakes within the City of Armadale.

The strong price growth and shortage of stock in the established market has resulted in renewed interest in the house and land market over the past 6 – 9 months.  During this period there has been an increase in the number of land sales and also in the pricing of residential land as shown in the graph below for the prior 12 month period (UDIAWA 28/5/24)

Project Update – Jayes Road, Piara Waters  


Stage 1 at Piara Waters, consisting of 41 residential lots had its titles issue on 20 May 2024.  Settlements of these lots are due in June 2024.  Stage 2 civil works are well underway and due for completion in September 2024.  The landscaping of the stage 1 public open space has recently been tendered with landscaping works expected to commence in July 2024.  The next sales release of 14 lots, being stage 2A, will occur on 28 June 2024.

Project Update – Lot 102 Arabian Court, Champion Lakes

A new subdivision approval has been obtained to increase the yield to 72 lots. New signage has been installed and marketing collateral is being prepared in preparation for a sale release in August 2024.  Bank funding for the project and engineering approvals are still being finalised. The appointed civil contractor is now in the process of preparing their management plans in readiness for construction.