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This is an exclusive monthly feature of Sunset Coast Life providing local knowledge on what is happening in the Perth & West Australian property market place. Most of what we see & hear is from the east coast with metrics specific to usually Melbourne, Sydney, Queensland. Then a large blanket is thrown over the rest of Australia especially commentary on property here in the west.
Its interesting that the country is 2 speeds in most things with an east & west effect or Indian Pacific distance to consider. Northern Territory, South Australia along with here in WA property activities are quite similar in pricing, potential, positioning, presentation. However Perth is now leading the way on this half of the country.
Shires, towns, suburbs, cities are always impacted by migration with new residents electing to come down under to live in Australia. Bringing the family, starting new life, building a business, taking advantage of opportunity, investing in land, bricks, mortar. Selecting a spot, place, area to call home.
Interesting that a large percentage of new persons to decide to settle only really know Sydney or Melbourne. The most popular well know cites attract the new resident which is creating an over crowding, demand exceeds supply along with increased needs for infrastructure, community services. Its a phenomenon of all our national interest are focused on the east coast, tourism, advertising, promotion using iconic images, events, presentations that are mostly east coast modelled.
Property is a product & services the same as any other retail, wholesale, produced item for stock to sell. The stock is not on the shelves but is listed by over 1000 real estate agencies & several thousand representative agents in WA. Also builders, developers, investment agents, property speculators, subdivisions, estates, owner
WA has around 500 – 800 transactions per week with around 50,000 properties on the market including land, building, general residential.
Plus “Off the Plan” sales are additional which is estimated around a 1000 strata units in the pipeline at anytime.
2020 – 2021 was the year of a Covid induced building bubble. Blocks of land were selling like hot cakes stimulated by WA state government cash grants & incentives. Builders being overwhelmed with enquiry & contracts as block were being snapped up statewide. It was one of the buying booms that had demand far out weighed the supply. Now with increased costs to supply building products there is a shock in the tale coming for alot of contracts needing some increased funds required.
Infill subdivided lots are popular throughout the suburbs which will be a continuing trend for many years to come. Over a hundred thousand of these last century homes are scattered across the state. Not to mention rural & commercial properties converting to residential with multi strata development opportunities.
We are still in WA going through an extended drive with buyers continuing the demand for new property opportunities & general residential. There is around 30 buyers for ever property now in the market with a new pressure of the opening of the boarders which will see rents rise again & more property needs that will rise prices until mid year.
It will be very interesting to see if many of the dormant property sellers asking too much or under presented will come onto the market with a flood trying to capitalize on the strong demand. It has been a waving market over the last several years with 2021 – 2022 the strongest since 2015 the last peak in Perth WA.
CHECK OUT SOME STATS …
reiwa.com.au – perth-metro
reiwa.com.au – regional-wa
reiwa.com.au – rental-vacancy-rates
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