The perfect pile

The exclusive Perth suburbs around the ritzy area of Peppermint Grove are abuzz with the news that Australia’s most expensive house might be about to be sold just around the corner.

It has been reported that the mansion owned by Angela Bennett (who is listed on the BRW Rich List with a fortune of $1.55 billion in conjunction with her brother Michael Wright) is about to be sold for $57.5 million, to Chris Ellison, founder and major shareholder in mining services company Mineral Resources.

While the property had been listed at $70 million before the GFC, the price would still represent the biggest amount paid for a home in Australia.

The house, which has the standard tennis court, wine cellar, cinema and boathouse, is on a 7567 square metre block in one of Perth’s best suburb, which makes the land alone worth plenty.

So is this a sign that boom times are back in Perth?

Certainly reports from Perth suggest that the rally in commodity prices and mining company shares have put the pep back in the step of the city’s entrepreneurs. According to a report in the Australian Financial Review, a string of multi-million dollar properties have changed hands in the last month or so.

Of course, it’s worth pointing out that top end property prices dived by as much as 30% in areas of Australia, so there might still be a touch of bargain hunting about all of this. And as Wayne Swan and Kevin Rudd keep pointing out, Australia’s economy isn’t exactly out of the woods quite yet.

But a big, lavish buy like this does underline a certain confidence among our richest business people and highlights just how much cash is out there.