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Perth Couple Sells Land for $4 Million Amid Housing Boom

4/18/2025

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Summary

Perth Couple Cashes In

A Perth couple sold their 2.34-hectare property at 466 Wattleup Road for $4 million after 40 years.
Surrounded by urban development, the land attracted eight offers from developers, ultimately sold to Apex Building.
The sale price exceeded expectations by 20%, supporting plans for residential development to address housing demand.
Hammond Park's median house price is around $774,000, underscoring the property's significant value.

Summary

Capital House Price Surge

Capital house prices increased by 0.7% in March, the longest growth streak since 2012-15, with a median of $1,178,668.
Adelaide's median house price exceeded $1 million, joining Sydney, Melbourne, Canberra, and Brisbane.
Brisbane experienced its first price drop in over two years, while Canberra's prices fell for three consecutive quarters.
Analysts anticipate interest rate cuts may elevate house prices, especially in Adelaide and Perth, projected to reach $1 million by 2025.

History

Historical Context

The recent sale of a Perth property for $4 million reflects ongoing urban consolidation trends that began in the late 19th century. As cities expanded, similar land sales surged to accommodate housing demands, mirroring past urbanization waves post-World Wars, which reshaped residential landscapes and intensified development pressures.

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Perth Couple Cashes In

A Perth couple sold their 2.34-hectare property at 466 Wattleup Road for $4 million after 40 years.
Surrounded by urban development, the land attracted eight offers from developers, ultimately sold to Apex Building.
The sale price exceeded expectations by 20%, supporting plans for residential development to address housing demand.
Hammond Park's median house price is around $774,000, underscoring the property's significant value.

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