All roads lead to Perth’s South West
The focus on the South West region of WA has seen a rise in sales as developers scramble to get a foothold into the area to cater for the demand for new homes and infrastructure.
The South West region of WA has experienced strong population growth over the past decades with many people taking advantage of the area’s lifestyle offer. With a resident population of 165,985 at the 2011 Census, representing a 22 per cent increase from 2006, the population is predicted to grow to nearly 230,000 people by 2026.
As the South West population continues to grow at a strong rate, it fuels the demand for new properties and infra-structure. According to CoreLogic RP Data figures, the Bunbury region has seen a rise of 18.7 per cent in property value, lifting the median house price to $650,000 in the past 12 months. Margaret River, Dunsborough and Busselton were also among centres to record price growth.
Dunsborough Lakes sales agent Geoff Bowman attributes the growth to this area to the lifestyle opportunities and affordable price points for house and land, which prompt people to move out of Perth and make a new life in this area.
“Median house price in Dunsborough is over $600K, whereas you can get a fantastic house and land package in Dunsborough Lakes for under $400K. A good quality 4x2 on a standard block in our estate currently receives over $500/week in rent” says Bowman.
Whilst some areas of the South West are experiencing rapid population growth, the game-changing $59.7 million expansion of the Busselton-Margaret River Regional Airport is expected to unlock new economic opportunities for the growing South West region.
The project was announced in June 2015, with Premier Colin Barnett saying it will drive economic growth in the South West. “This is a major investment in the South-West that will help broaden the economy and create jobs,” the Premier said.
The South West region has a diverse economy with mineral wealth, agriculture, tourism and a range of population serving industries all providing good employment opportunities. With more than $800 million of new development approved in 2013/14, particularly around the two regional cities of Bunbury and Busselton, there has been a strong return for the tourism industry.
According to the South West Planning Commission, in 2014, the total visitors to the region exceeded 4 million, with total visitor expenditure valued at a $1.16 billion. This record amount of retail turnover in the South West has been supported by strong investment in housing and commercial construction. New shopping centres have opened in Eaton and Dalyellup, with further retail expansion at existing shopping centres in Greater Bunbury planned or underway.
With promising times ahead for the region’s tourism, agriculture, and manufacturing industries, there is every reason for optimism for the property market in the South West.
Region by the numbers
Source: South West Development Commission.
Top new Developments in the South West
Dunsborough Lakes is situated 1km east of Dunsborough town centre. The development has its very own 18-hole championship golf course featuring a number of spectacular lakeside tees and greens. As well as being a sporting hub for residents of the estate, the golf club is also a focal point for social activities – off-course facilities include a clubhouse, pro shop and tavern.
Benefits: 5 minutes to the beach and town centre, living on a championship golf course, and surrounded by 5-star wineries and amazing restaurants.
Block sizes: New release homesites average at around 500sqm, with larger lots measuring 600sqm and over.
Located just eight kilometres south west of Busselton, comprises a mixture of residential, retail, education, health and commercial land development.
The development will extend over 300 hectares and house between 5,000 to 7,000 residents, four schools including the Vasse Primary School and Cape Naturaliste College.
Construction has commenced on the village-style town centre which will include a Coles supermarket as well as other specialty retailers. Also planned are cafés, a restaurant, fast food outlets and medical facilities.
Benefits: Established education facilities and a new Village Centre with a Coles, Coles Express, medical centre and specialty retail committed to open in 2016/ early 2017.
Block sizes: New release homesites average at around 560sqm, with larger lots measuring 650sqm and over.