Construction costs for Momentum Wealth's proposed six-storey apartment block in Shenton Park have gone up by millions of dollars, nearly 40 per cent up from its initial estimate.
House prices in Perth have risen by one per cent in March, above the national increase of 0.7 per cent, as home values in Melbourne and Sydney dropped.
A spat between coastal residents and the decision-making body which approved the Yelo site development has escalated to the Supreme Court, with a trial planned in May.
Perth home values lifted 0.6 per cent in the first month of 2022, marking the highest monthly increase since May last year to take the average median house price to $531,243.
Our weekly appointments wrap includes Anthea McKinnell, Ryan Taaffe, Matthew Howard, Valerie French, Clare Thompson, Adam Levine, Kellie Properjohn, Hayden Groves, Damian Collins, Pauline White, Emma Jack, Prue Campbell, Gemma McGrath and Susan Downes.
WA's strong residential property market is expected to continue, with house prices predicted to increase a further 10 per cent into 2022, Real Estate of Institute Western Australia predicts.
Real Estate Institute of WA president Damian Collins says construction prices in WA have reached their peak and will plateau into 2022, but some builders are expecting further cost rises.
The latest housing data has demonstrated the impact the resurgence in mining activity has had on home values across Western Australia's resource-rich regional centres.
More than two-thirds of suburbs in the Perth metropolitan area experienced house sale price growth over the past quarter, according to the latest data from the state's peak real estate body.
Two years and 12 design iterations later, Momentum Wealth has been given the green light to build a $4.75m development at the site of northern beaches cafe Yelo.
A $4.75 million plan to build a four-storey development at the site of popular northern beaches cafe Yelo will be considered for a third time, but without the cafe.
Australia has recorded its highest annual rate of house price growth since 2004, however Perth has continued to underperform, according to the latest data from CoreLogic.
ANALYSIS: The WA economy is the envy of the nation yet the residential property market in Perth is the weakest in the country. There appear to be two key reasons.
Perth recorded another increase in house prices during May, but failed to keep pace with the growth recorded in Australia's other major housing markets.
While Western Australia has recorded solid growth in residential property values in recent months, it's still yet to catch up to its east coast counterparts.
Perth unit sales during the March 2021 quarter reached the highest volume recorded since 2013, according to the latest data from the Real Estate Institute of Western Australia.
The Real Estate Institute of Western Australia has revised its predictions for house price growth in 2021, forecasting a 15 per cent increase by the end of this year.
Perth house prices rose 1.8 per cent in March, lower than almost all capitals, while selling times are the fastest since 2006, according to recent property data.
A long-running dispute over a four-storey development at the site of popular northern beaches cafe Yelo appears to have been brought to an end today after the proposal was refused.