Although Stockland CEO Mark Steinert has stated that Perth's property market is expected to continue to fall this year, it seems that one luxury property could be set to turn this around.
The property concerned is in the Mosman Park area of Perth and after being owned by one family for 95 years, it has come on to the market at a price of $5.5 million (£2.7 million), reports The West Australian.
Although the property isn't in great condition Albert Rodricks, from St Ives Realty, has said that the house's price - which is posting at a top level of $5.95 million - is indicative of the entire 1,169 square metre site, which overlooks the Mosman Bay on the Swan River.
Like much property in Australia, the luxury of this property is largely due to its proximity to and view of the coast.
Similarly, it is also extremely rare to find a property for sale in that area, according to Mr Rodricks, which only serves to boost high selling value of this particular house.
Commenting on the property, Mr Rodricks said: "I know looking at the house someone will say 'who wants to pay $6 million for this house' but you're not paying for the house."
He added that the high-end property market is struggling "a bit" but that there are still buyers out there who are interested in buying luxury property, despite the need for remodelling and refurbishment.
Speaking candidly, he commented: "Personally I see it is struggling a bit, but then I see Twiggy [English model from the 1960s] (buying Cottesloe mansion Tukurua for $16 million), so there are those in that market who are still looking."
If Mr Rodrick's statement is accurate and areas like Mosman Park are going to see an influx of celebrity buyers, then Perth's property market could be set to lift rather sharply.
Despite reports saying that the market is struggling, figures from the Real Estate Institute of WA show that in the last quarter of 2015, houses in Perth spent an average three days less on the market than in the previous three months.