property
East Perth Growth Corridor With New Infrastructure Draws Steady Investor Interest
New transport and foreshore works along Adelaide Terrace are lifting transaction volumes in East Perth.
How we reported this
East Perth median house prices reached $1.15 million in the June quarter, a 9 percent lift from the same period last year, according to CoreLogic figures released this week.
The rise coincides with completion of the first stage of the Adelaide Terrace busway extension and the opening of the Waterbank riverside boardwalk in March. Buyers from the local professional workforce are citing shorter commutes to the central business district as the main draw, especially after the City of Perth accelerated its 2025-2027 precinct activation program.
Properties within two blocks of Wellington Square and the Perth Mint have recorded the strongest clearance rates at recent auctions. The City of Perth’s East Perth heritage grants scheme, which offers up to $25,000 per property for facade restoration, has also encouraged owner-occupiers to enter the market alongside investors.
Transport and amenity upgrades
Stage two of the busway, scheduled to reach the Causeway interchange by December, is expected to cut peak-hour travel times to the Perth Arena precinct by seven minutes. Land records show three development sites on Plain Street changed hands in May at prices between $2.8 million and $3.4 million, all with approvals for five-storey mixed-use buildings.
Local agents report that apartments fronting the new boardwalk are achieving $9,800 per square metre, a level last seen in the 2022 waterfront boom. Settlement data from the past four weeks indicates 14 investor purchases in the $900,000 to $1.3 million bracket, mostly from buyers already holding CBD office leases.
Prospective purchasers should review the City of Perth’s online planning portal for remaining sites under the heritage grants scheme before the next funding round closes on 30 September. Checking recent strata records for buildings near the busway stops will also clarify body-corporate levies tied to the new infrastructure.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.