Fresh data is rolling back caution around the future of Capes house prices, with continued stellar growth now predicted well into 2025.
Real estate pundits were initially cautious huge increases in property values seen across the Augusta-Margaret River Shire and City of Busselton since 2020 would abate.
But the latest PropTrack data — as well as forecasts from the Real Estate Institute of WA — suggest a perfect storm of factors would continue to deliver growth in value.
It also follows the latest figures from PropTrack showing rental availability has not eased in the past 12 months, declining 0.1 per cent as of July.
The trend was further reinforced by news Bunbury and Busselton were leading the State in price growth.
The Real Estate Institute of WA figures reveal house prices in the Augusta-Margaret River Shire added $82,000 to a median value of $762,500, up another $12,000 in the past three months to July 31.
The number of listings for market shrank further during this period.
Ray White Stocker Preston agent Mark Murray backed the renewed optimism for sellers.
“With a shortage of supply of home sales in the market, plus folk still looking to move to our beautiful Augusta-Margaret River Shire, I can’t see home prices coming off at all,” he said.
“They are likely to continue to increase, with plateauing to be the only other potential market change in the foreseeable future.”
REIWA president and Dunsborough-based real estate agent Joe White said too many factors were stacked against entry-level buyers in the current market.
“I would love to see the population growth fall back as I can’t see how we can build more houses in the short term, so prices will keep rising whilst the population keeps rising — and that is really going to hurt purchasers at the entry level,” he said.
“The sellers are no better off as they still have to relocate, so the problem is just a big game of pass the parcel.”
While the benefit to owners and investors could not be denied, Mr White said he feared the consequences for less fortunate Capes residents.
Source Agencies
