MOMENTUM Wealth has been given the go ahead on their riverfront development in Crawley, in what will be the first development in the area in more than a decade.
After receiving development approval from the City of Perth, the group will go ahead with their development, located at 20 Mounts Bay Road, will be comprised of eight boutique apartments, each being self-contained across a full floor.
The site sits opposite to the famous 90-year-old Blue Boat Shed, the Crawley Edge Boatshed, which has become a popular tourism location.
“This pocket of Crawley is an established apartment market that hasn’t seen new development activity in over 10 years and this project will help rejuvenate the local area,” said Philip Anderson, head of development at Momentum Wealth.
The residences will be designed in partnership with MJA Studio, with the luxury spaces to be complemented by large outdoor living spaces and views of the Swan River.
The apartment will target downsizers looking to buy into the demand western suburbs apartment market, which has recently been experiencing strong levels of demand.
“The western suburbs are characterised by an older, more affluent demographic and this development will help to fill a gap in the local market amongst owner-occupiers who are looking to downsize without compromising on quality,” said Anderson.
Perth’s residential market has seen strong levels of growth so far this year, with sales growth increasing by 31% in the March quarter, compared to the same period in 2021, with the capital’s low median house prices particularly spiking the first home buyer market.
This with twenty Perth suburbs reaching their highest ever median sale price, with some suburbs outperforming REIWA’s already revised forecast of a 15% increase in median house sale price for the year.
The Crawley development is Momentum Wealth’s fourth development currently underway in Perth’s western suburbs, including two townhouse projects in Dalkeith and an apartment development in Shenton Park.