$20 million Cottesloe property may break record,
A property considered the best coastal block in Western Australia has price hopes that are record-shattering and unprecedented.
The Cottesloe listing is about to hit the market, aiming to establish a new residential land benchmark for the state.
Experts expect it to sell for over $20 million, which would set a new high for land prices.
At this price guide, the block, which currently has a modest house, would be valued at $16,934 per square metre.
This sale would shatter the existing land record by more than $2000 per square metre, indicating significant demand.
Additionally, this beachside address is on the market for the first time in 60 years, enhancing its appeal.
The property is represented by WA prestige specialist Justin Davies from Space Real Estate, who set the previous square-metre record.
On a charming corner of Pearse Street, just moments from the rolling blue of the Indian Ocean, the property spans 1181 square metres.
It features a modest farmer’s cottage and is located in one of Perth’s most prestigious suburbs, near Mosman Park and Peppermint Grove.
According to Davies, the buzz in real estate circles is that this parcel, last sold in 1996, is the best coastal land listing in WA.
This recognition is significant, especially given the depth of the prestige market in Perth, which is thriving despite current conditions.
Moreover, the median house price in Perth has risen the most of any capital city, both quarterly and over the past year.
Properties of this size are rare in Cottesloe, which is considered a jewel in the western suburbs of Perth.
According to a statement from Space Real Estate, of the 49 residential properties over 1100 square metres, only two face north.
The north-facing orientation is the most coveted, and this listing is one of the two available properties.
Davies emphasized, “This property is second to none, located on Cottesloe’s most sought-after street for premium real estate.”
Additionally, the large corner block faces north, is opposite parkland, and features ocean views that are protected from the elements.
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“It also has rear access, maximizing views along the frontage on both levels, enhancing the overall appeal of the property.”
It is hard to imagine another multi-site landholding available in Cottesloe or Perth that is so close to the ocean.
Furthermore, this property overlooks a beautiful golf course and is drenched in northern light, adding to its desirability.
Given that the home is not a mansion, the intention for $20 million-plus is primarily tied to the land value.
The existing land record was set by Davies, who sold a Swanbourne house for $13.3 million in 2021.
This sale translates to $15,148 per square metre, establishing a new benchmark for land values in the area.
Currently, the median house price in Perth is $852,240, reflecting a rise of 6.6 percent over the last three months.
Additionally, this figure represents a significant increase of 23.8 percent over the past 12 months, according to the latest Domain data.
