Demand for residential land across Perth’s urban corridors is continuing to grow, pushing developers to move releases forward.
One such developer, Subiaco-based QUBE Property, said it planned to release land in its pipeline up to nine months ahead of the original schedule.
According to the Urban Development Institute of Australia (WA), there was a 32 per cent increase in lot sales during the 12 months to December, up from 6569 to 8644 lots.
The report revealed a 91.7 per cent uplift in sales during the final quarter of 2023 compared to the same period a year earlier.
QUBE Property managing director Mark Hector said that although demand had been strong throughout 2023, the first quarter of this year had recorded an even greater lift in sales.
He said many buyers were moving on acquisitions to take advantage of expected rate reductions towards the end of 2024.
Hector said the company’s larger lot releases on the city’s urban fringe, in sought-after semi-rural locations such as Bullsbrook and Lower Chittering, had performed particularly well during Covid, with sales activity showing no signs of slowing in the years since.
The first stage of QUBE’s Yarrimbah Estate at Bullsbrook, 40km north of Perth, was released at the end of 2023 and recorded strong sales over a short time, prompting QUBE Property to bring the second release forward by more than six months, he said.
“The first 18 lots in the 173-lot estate were launched to market in November and the final lots of stage one were placed under contract earlier this month after a record number of registrations of interest,” Hector said.
“These are larger lots, averaging around 2ha and are proving popular with young families looking for more space to spread out, build larger homes, and for space to accommodate toys and hobbies.
“They’ve also been appealing to more mature buyers who may have gone through a period of transition, whether that’s work or lifestyle, during Covid and who are seeking a treechange but in a location within 30 minutes of the city.”
Located in the City of Swan, Bullsbrook, with a population of more than 5000, recorded a 33.5 per cent lift in sales activity during the past 12 months, one of the WA capital’s highest for the period, according to REIWA figures.
