House hunters have swamped Western Australia’s south west since the state’s COVID-19 regional borders were reopened, local property agents say.
Real estate agents have reported a large spike in buyer enquiries in the popular holiday towns of Busselton, Dunsborough, Yallingup and Margaret River since 29 May, when the WA government reopened intrastate borders that had been shut during the health pandemic response.
Agents say buyers are rushing to snap up properties in WA’s south west after intrastate borders reopened. Picture: Getty
Agents said after years of WA’s lacklustre property market and eroding prices, a lack of stock and keen demand has fostered a market resurgence that could prompt price rises across the region.
The HomeBuilder scheme is pushing up demand
Managing director of Stocker Preston, Louis De Chiera, said renewed interest in the south west had largely been driven by land sales, thanks to government incentives to boost the construction sector, but there had also been steady enquiries about established properties.
“We’ve definitely seen a huge increase in activity in both enquiries and in sales,” Mr De Chiera said. “The level of sales has been unprecedented in the last 15 years, I’d say.
“People are potentially looking for holiday homes or to relocate permanently, but a lot of the sales have been in vacant land.
“The offering from the government in terms of incentives is encouraging people to buy, so while the volume is up, the majority of those sales have been vacant land.”
In June, the WA government announced $20,000 grants on the back of the $25,000 HomeBuilder grant from the Federal Government for owner-occupiers who build or substantially renovate their homes.
Mr De Chiera said Stocker Preston offices in Dunsborough, Busselton, Margaret River and Augusta had all experienced increases in enquiries and sales over the past four to eight weeks. There had also been a steady turnover of established properties, he said.
This four-bedroom home in West Busselton sold for $855,000 at the end of July. Picture: realestate.com.au/sold
“Lack of stock has been an issue,” he said. “We’re seeing a bit more stock come to market now. People who are thinking of selling are realising that now might be a good time to sell, but the number of buyers looking far outweighs the stock available, so we’re seeing multiple offers occur.”
“Perth people just don’t want to be in the city anymore”
First National Margaret River sales agent, Megan Booth, said there had been a flood of buyer enquiries and an increase in sales since the regional border closures were lifted in late May.
Ms Booth said the area was suffering a shortage of stock and pre-pandemic uncertainty had translated to significant sales successes in some towns.
In July, the quaint timber A-frame home at 15 Timor Place, Margaret River received a cash offer of $740,000, just two weeks after it was listed.
This tranquil Margaret River home received a cash offer of $740,000 after just two weeks on the market. Picture: realestate.com.au/buy
“The market is not suffering at all,” Ms Booth said.
“We’re finding it [similar to] pre-GFC, that’s how busy we are. We’re doing a sale a day, on average. I’m hearing it’s the same in Dunsborough, Augusta, Busselton. I think there’s a lot of Perth people who just don’t want to be in the city anymore and they want a bit of acreage.
“When the borders opened and most of the restrictions were lifted, we just got inundated with enquiries and inspections, and then sales. Pretty much every property that we show, we get at least one offer.
“It’s pretty crazy. We weren’t expecting this.”
Agents “run off their feet” with interest from around Australia, and the world
Realmark Dunsborough sales representative Julie Fairclough said she was “run off her feet”.
Ms Fairclough said there was a cohort of people who were keen to capitalise on the region with a holiday home. Others were interested in purchasing properties now ahead of their retirement in a few years’ time and rent them out.
“There’s no shortage of buyers. There’s cash offers left, right and centre. We’re absolutely run off our feet. It’s insane,” she said.
“Everyone wants to get out of the city. I’m getting calls from around Australia and around the world, particularly from West Aussies, expats, who want to come home.”
The vendors for this Dunsborough home accepted an offer within three days of it being listed. Picture: realestate.com.au/buy
Ms Fairclough said she listed a Dunsborough property online on a Friday night in early July. By Sunday morning there had been three viewings and the vendor accepted an offer that afternoon.
“We had three offers from the three viewings well over $2 million and another offer written sight unseen,” she said.
“It’s just what’s happening. People are buying immediately. We did a FaceTime walk over of a block in Yallingup and a couple from Dubai bought it. Yallingup and Dunsborough are just going crazy.
Would-be buyers are eager to snap up beachfront properties like this limestone beauty in Quindalup. Picture: realestate.com.au/sold
“In Yallingup and on beachfront properties, there is a massive upwards trend of prices. People are paying top dollar.”
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