The Perth Property Show: UDIA WA and Celsius
This month I was invited back onto Trent Fleskens, Perth Property Podcast, almost exactly 12 months since my first episode. In this episode we have a broad discussion around my role as President of the Urban Development Institute of Australia in Western Australia (UDIA WA) and what we have been up to at Celsius since we last spoke.
Firstly, in relation to my role at UDIA WA we discussed some of the challenges facing our industry as housing is placed squarely at the forefront of the upcoming State and Federal elections. UDIA WA is working with industry and key stakeholders to make a meaningful impact on bringing critical supply to market across the entire housing continuum. I outlined some key election priorities we believe will assist both now and into the future. Importantly I highlighted the collaborative and engaging nature by which our UDIA team meet with key stakeholders ensuring practical, well thought out, fact based solutions are put forward.
With regards to Celsius we discussed projects across both our land and built form divisions. In the land arena, our very first subdivision, located in Piara Waters, will have titles issued imminently for stage 1 which is completely sold out and we are pushing ahead immediately with the construction of the final stage.
Pleasingly since our chat 12 months ago we have been able to secure development approvals for both our North Perth and Shenton Park projects. North Perth consists of 104 apartments, 1,000m2 of office and 1,500m2 of retail and food and beverage activation on the ground floor. Shenton Park includes Celsius’ first Build to Rent development comprising 226 studio, one, two and three apartments in a development dedicated entirely to rental accommodation. Adjacent to the BTR site a dedicated Build to Sell development of 72 one, two, three and four bedroom apartments will be delivered. These 3 developments alone represent over 400 new dwellings, almost 40% of the total number of built units presently on the market across all of Perth!
Pleasingly the construction of Elysian Subiaco, one of the first developments approved via the State Development Assessment Unit pathway, is progressing well with completion scheduled for October 2024.
With a vacancy rate of circa 0.4% and just 2,061 houses and 1,028 units for sale across all of Perth, there has never been a more important time to pull all available levers to get more supply to market. REIWA has just forecast an increase of 20% through 2024 for both median rents and house prices in Perth and only added supply will arrest this unsustainable escalation.
Listen to the podcast here: https://perthpropertyshow.com.au/280-udia-wa-president-chat-ft-richard-pappas/
I hope you enjoy the episode and as always feel free to reach out to discuss any property related queries we might be able to assist you with.
All the very best,