Australian Bureau of Statistics figures for 2020-21 show the highest regional population growth in Western Australia (excluding the tiny outback town of Cue, which added four residents for a total of 144) was in Busselton and surrounding towns, which recorded a 3 percent growth to reach 41,034 residents. Busselton is WA’s fastest-growing regional area. The region includes some of the state’s most exclusive and expensive beachside properties.
The median house prices in Yallingup will set you back a cool $3.05 million, with the average price of a patch of paradise leaping a staggering 54 percent over the past 12 months. It’s a similar story in the tiny coastal town of Eagle Bay, where the median house price is $2.5 million, an increase of 42 percent across the year. Properties are more affordable in Dunsborough at $710,000, a growth of 6.8 percent over the past 12 months.
The average price of a home in Augusta is $590,000, a 24.2 percent increase over the past year. Margaret River experienced a population growth of 2.5 percent with a median house value of $540,000, a growth of 17.5 percent. Collie, Dardanup, and Dalyellup have all seen a modest increase in population growth and from 13 to 30 percent growth in the median house value.
Stocker Preston director Jason Cooper said the property market in the South West was flatlining before the pandemic but was now booming as buyers looked to the region for lifestyle opportunities and solid investment returns. Cooper said the sea and tree-change was part of a widespread acceptance of remote working that had spurred demand for lifestyle locations. “I’ve been in this field down south for 30 years and I’ve never seen anything like this level of interest since the pandemic started,” he said. “We are seeing buyers from Melbourne and Sydney buying properties off FaceTime without ever actually seeing the property in person.” Cooper said the upgraded Busselton airport and the foreshore redevelopment had been a big drawcard for the region, along with new bars, restaurants, markets, a health campus and the Hilton hotel and cultural centre currently under construction.
Realmark Dunsborough agent Julie Fairclough said the market was bustling at record levels.
“I’m listing a property on Thursday night and getting offers immediately,” she said.
“I had one buyer drive down on a Friday to view a property and a signed contract that night from him.
“Today I had two FaceTime walk-throughs with Sydney buyers.”
Fairclough said Dunsborough, Yallingup, and Eagle Bay were extremely popular as people sought locations that provided privacy, space, great beaches, food and wine.
Australian Bureau of Statistics figures laid bare the exodus from major cities like Melbourne and Sydney since the pandemic hit, as would-be residents searched for more spacious and affordable homes and a more relaxed lifestyle.
It’s the first time since 1981 that Australia’s regional population grew more than the capital cities, which the ABS attributed to changing migration patterns during the pandemic. Regional WA gained an extra 1900 residents.
REIWA deputy president Joe White, based at the southwest agency JMW Real Estate, said the statistics underestimate the growth in population in some areas. ’I’m not remotely surprised towns like Busselton, Augusta and Margaret River have experienced strong population growth,” he said. “The first wave was people who chose to isolate at the beach house who then decided to stay.
Because these people already owned the beach house, they were missed in the stats. We are seeing no evidence of them moving back to Perth. “The health, education and other essential local services are here now, which on top of the ability to work from home, makes staying here more attractive.“ White said inland towns in the Great Southern had also experienced a surge in demand. “All through these areas, towns like Katanning, Narrogin, Mt Barker, Pinjarra and Bridgetown have seen growth.
“People realise they can sell their $650,000 house in Perth, clear the mortgage and retire to a smaller country town and pick up a house for $200-$300,000. “We’re social animals, and we live very well in villages.”
Article By Sarah Brookes from Domain
April 13, 2022 — 4.00am