House That! WA Football’s most powerful man Wayne Martin profits after taking a punt on a Cottesloe property

Buying a home when the State was in the grip of the Covid outbreak in early 2020 was not for the faint-hearted, but it paid off for WA football’s most powerful man — Wayne Martin. Martin has just sold the Cottesloe home he bought for $2.75 million from former Dockers chief executive Steve Rosich when the borders were first closed in April 2020. It was a heady time of fear and uncertainty when no one knew what the future held. But Martin, who is chairman of the WA Football Commission after serving 13 years as the Chief Justice until 2018, told House That! when he purchased the property that he was looking forward to eventually moving in, going to the beach and catching the train to work. His expectations were justified as life in WA did return to a new normal. And while he never ended up moving into the Cottesloe home, it has proved a good investment property. Not only did he earn more than $350,000 in rental income over the four years, he has just sold it for $3.85m, which is $1.1m profit — a 40 per cent jump up on the original price — before tax. Cottesloe is largely regarded as the epicentre of the property boom, with house prices increasing 70 per cent from a median $2m in mid 2020, to $3.4m now, according to REIWA. The five-bedroom, three-bathroom home, sold by Adam Lenegan, sits on a 633 sqm block and includes a light-filled kitchen and living area. The home’s north-facing garden, proximity to the beach and quality finishes add a timeless appeal — for footy types and others.