Mad scramble for apartment sites to house a growing city

High demand for apartments is driving up competition for development sites with buyers jostling to secure lots, says Knight Frank, which has sold 12 sites in recent months to Australian and international developers.

Valued at more than $60 million, the sites in South Perth and Cockburn Central offer development prospects for medium and high-density apartment towers. Knight Frank managing director John Corbett said developers were keen to capitalise on W N.s growth and were looking for sites close to the city and infrastructure.

With WN.s population expected to reach three million pe9ple over the next 15 years, there is an increasing focus on in-fill and medium to high-density development sites,” Mr Corbett said. Buyers from China and Malaysia have been competing with local and interstate developers. “In every instance there have been multiple buyers keen to secure the sites, and in some cases they have driven the purchase price,” Mr Corbett said. “We are going to see an increase in density in close proximity to the city and throughout Perth, and there’s good demand from end buyers and not a lot of sites for sale.”

Sites recently sold by Knight Frank include 3 Richardson Street, 32 Charles Street and 4 Judd Street in South Perth and 866 North J.,ake Road and 71-89 Muriel Court in Cockburn Central. The larger of the Cockburn sites have zoning ranging from RGO to R160 and the potential to develop four to eight levels.