A new generation of luxury apartment dwellers is moving into the Perth market, but with the new year comes the biggest housing crunch in a decade.
Here’s what you need to know about the Perth boom.
What are the housing market trends?
Perth’s housing market has been in a free fall for some time, and this year has seen a huge surge in demand for luxury apartment homes.
A number of new apartment developments have opened in recent months, with the most recent coming in February.
There’s also a new luxury condo development, The Dorm, to be built on the corner of Glenora Street and Broad Street.
It will be home to 1,000 apartments, and will be the first development of its kind in Perth.
The new building, which will be open in May, will feature a luxury pool, private bathrooms and a rooftop pool.
“I am very excited about this project,” said John Caulfield, CEO of The Drom.
“The design of the new building is going to be absolutely stunning.”
The Derm has two separate apartment towers that will be part of the project.
The first, the 2 bedroom, four bedroom building, will be located at Glenora and Broad Streets, while the other, the 3 bedroom, three bathroom building, is planned at The Grove.
The Grove, which is being developed as part of The Westfield shopping centre, will have a 1,300sq m (921sq ft) tower, with a rooftop garden, while The Grove 2 will have 3,600sq m(1,800sq ft), with an attached restaurant and spa.
What’s going on in the apartments?
The market for luxury apartments in Perth has been growing steadily since the end of last year, and is set to continue this year.
“It’s an amazing year,” said Matt Tamburin, managing director of Apartment Growth, which tracks the market.
“We’ve got new apartment development in Perth and we’ve got a couple of new projects coming out in March and April, as well.”
“There’s definitely a boom coming up for this market,” he added.
“You have people in Perth who are looking for new housing and you’ve got people in other parts of the country who are thinking of going into that market.”
What’s the difference between apartments and flats?
Apartments are apartments that are divided into three main parts: bedrooms, bathrooms and living areas.
The term “bedroom” refers to the size of the area of living area.
Apartments have an open floor plan, allowing the occupants to move about in the building without moving items or furniture into the unit.
“There are two types of apartment: the traditional two bedroom apartment and the modern two bedroom flat,” said Mr Caulfert.
“If you have a traditional two-bedroom apartment, it’s a traditional apartment that’s built on a rectangular unit with a large open-plan kitchen and dining area.
It can be larger and it can have a lot more bedrooms.” “
That’s a more modern flat that’s available in the city.
It can be larger and it can have a lot more bedrooms.”
The standard two-year-lease term in an apartment starts at $1,100 a week, and increases with the number of bedrooms.
“One of the big factors that makes a traditional, two- bedroom flat in Perth so appealing is that it’s the perfect size,” said Ms Tambulin.
“When you walk into an apartment, you get a feeling of luxury, and the price is very good.”
“It really is a great place to live, but also, because you have the ability to walk out and explore the city, you’re also able to get into some new places, because the cost is very low.”
The new developments are attracting people from all over the country, and some have already moved into the building.
“What you see is that this market has become very saturated, and people are looking at Perth as a good place to invest,” said Tambunin.
What about the other developments?
The Dimmings has been under construction for about a year, while Glenora is being redeveloped as part the shopping centre.
The development will have two towers, one at Glenorra Street and the other at Broad Street, which are part of a total of 5,600 apartments.
The project will have the highest level of density in the development at 2,800 sq m, with an overall density of 3,400 sq m.
The Dummings is currently the only project in the region with a residential density of over 5,000.
“This project is very well-loved by residents, because it’s so well-designed, it looks so much better than the other units,” said Caulferin.
The Glenorras are the latest developments in the Glenorran development, which started in January last