Western Australia’s strong economic performance through the COVID-19 pandemic has made headlines across the country.
Since the pandemic began, WA’s economy has grown 5.7 per cent, making it one of the strongest in the world, boasting record-low unemployment rates, a booming export market and a thriving property market.
Satterley Property Group Chief Executive Nigel Satterley predicts the demand for property will continue to steadily increase during the next 12 months.
“With the opening of our borders, Perth can expect a lift in the population with interstate and international migrants relocating in search of a better lifestyle,” he said.
“Perth is currently experiencing a housing shortage, and an increase in population will result in further rises to the cost of housing by at least seven per cent and land by about five per cent.”
Perth experienced a 1.5 per cent increase to its median house price in the first three months of 2022, bringing it to $ 622,000 – still well below Sydney’s median of $ 1.59 million.
“Even with this recent increase in house prices, Perth still provides exceptional value and remains the most affordable city in the country,” Mr Satterley said.
First homebuyers are recognizing the benefits of getting their foot on the property ladder, with the Australian Bureau of Statistics data in February revealing that first homebuyers represented more than 30 per cent of WA’s new owner-occupier home loans.
“WA has the highest ratio of first homebuyers in the country,” Mr Satterley said. “Our affordable homes, government incentives and access to the wonderful Keystart initiative and other low-deposit home loans are making it easier than ever for first homebuyers to escape increasing rental costs and get into their own homes.
“State and Federal Government housing stimulus grants have created unprecedented demand in the residential construction industry, and homebuyers are spoiled for choice in location and amenities in emerging communities.”
According to Mr Satterley, its Clementine Estate development in the historic Upper Swan region is proving to be a popular choice for a range of buyers due to its wide variety of lot sizes and living options.
“First homebuyers are attracted to Clementine for its rustic country charm, picturesque surrounds and friendly community,” they said.
“Clementine’s new foreshore park and playground is a great facility for young families, and the natural Ellen Brook running through the area is a major drawcard for upgraders seeking the freedom to explore what this region has to offer.”
Many of Perth’s growing northern and southern communities are benefiting from the State Government’s record level of infrastructure spending.
One of Satterley’s newest developments – Seaside in Madora Bay – will benefit from additional transportation options, with Metronet’s Lakelands Station and the state-of-the-art Madora Bay Primary School both due to open in 2023.
Madora Bay is one of Perth’s fastest-growing areas offering an idyllic beachside lifestyle with access to a 1km stretch of pristine beach, established schools, parks, shops and amenities.
To service the continually growing northern corridor, Main Roads WA’s Mitchell Freeway Extension project is also underway.
This comprises three new interchanges, including the Butler Boulevard interchange designed to increase access to Satterley’s Eden Beach Estate in Jindalee and nearby Brighton Business Park.
Eden Beach Estate captured some of the best of what WA has to offer, according to Mr Satterley.
“Eden Beach residents can enjoy a pristine stretch of coastline, family-friendly parks and playgrounds, and the award-winning local restaurant, The Beach House, is on their doorstep,” they said.
Regarded as one of Perth’s most sought-after beachside communities, residents at Eden Beach can also enjoy access to an array of amenities, including the estate’s new ocean lookout and coastal walkways through the retained foreshore conservation area.
Land is available in Eden Beach Estate at Jindalee from $ 299,000, Clementine Estate at Upper Swan from $ 198,000 and Seaside at Madora Bay from $ 167,000.
Satterley is an award-winning residential land developer dedicated to bringing neighbors together and creating a place people are proud to call home.