House and Land Market Update
House and Land Market
The Perth house and land market is experiencing considerable cost pressures with labour and material shortages for both civil works and house construction. These shortages have been exacerbated in recent months by vaccination requirements, resulting in some construction workers being unable to work. While Western Australia’s borders remain closed it is expected that these pressures will remain. It will be interesting to see how much pricing power builders and land developers will respectively have to pass these costs on to customers.
Lot 102 Arabian Court, Champion Lakes
Following submission of the Local Structure Plan for Lots 101-105 Arabian Court in late 2021, the City of Armadale advertised the Plan from 2 December 2021 through to 21 January 2022. Celsius is awaiting a summary of all the submissions from the City of Armadale before reviewing and responding to these comments from neighbours and state government authorities. Celsius has also completed consultation with a number of builders in the industry to inform the sales and marketing strategy for the project.
Lot 9012 Jayes Road, Piara Waters
In October 2021 Celsius completed a capital raising to purchase Lot 9012 Jayes Road, Piara Waters and develop it into approximately 85 residential lots. The property was purchased for $8,000,000 + GST with settlement occurring on 28 January 2022. The property is well located in the western portion of Piara Waters, being in close proximity to the Piara Waters High School which is due to open in 2023, the C.Y. O’Connor pub which is proposed for redevelopment, primary schools and shopping. The rezoning of the property is well advanced and preparation of a Local Structure Plan has commenced with earthworks targeted for commencement in early 2023.
Regards,
Brenton Downing