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What makes the WA property market unique?

14-Jul-2024
What makes the WA property market unique?
The Perth and broader West Australian property market stands out for its dynamic and diverse characteristics, presenting a unique blend of opportunities and challenges in both the residential and commercial sectors.

This sense of place, deeply rooted in the region's identity, contributes significantly to its unique appeal.

The residential property market in Perth is distinctive for its affordability compared to other major Australian cities.

Despite the recent national trend of rising house prices, home ownership remains achievable for first-time buyers in Perth and regional WA.

Perth's median house price is considerably lower than those of Sydney and Melbourne, making it an attractive option to both investors and those seeking value without compromising on lifestyle.

"It’s a significant drawcard," said John Percudani, Managing Director of Realmark.

"Homebuyers can find spacious properties within proximity to stunning beaches, vibrant cultural scenes, and excellent amenities, which is a rare combination in other capital cities."

West Australia's commercial property market is robust, driven by a strong resource sector and a burgeoning technology industry.

Perth’s office market has shown resilience amid economic fluctuations, while industrial property is seeing unprecedented demand, supported by stable demand from mining, energy, and tech companies.

"The resilience of Perth's commercial property market is a testament to the region's economic diversity," Percudani notes.

"We're seeing significant interest from businesses looking to capitalise on the strategic advantages offered by Western Australia, including its position as a gateway to Asia."

This geographic advantage, coupled with significant government investment in infrastructure projects, has bolstered the region’s connectivity and attractiveness for
both residential and commercial developments.

Infrastructure projects such as Metronet, the expansion of Perth’s public transport network, and the ongoing development of commercial hubs are set to further elevate the market's appeal.

West Australia’s enviable lifestyle is a major factor driving interest in its property market.

From pristine beaches to world-class wineries, the state offers a quality of life that is hard to match.

The blend of urban convenience with natural beauty makes it a top choice for families, retirees, and expatriates.

"The lifestyle on offer in Perth and wider West Australia is unparalleled," Percudani adds.

"The combination of economic opportunities, affordability, and a high standard of living makes it an incredibly attractive destination for property buyers."

Looking ahead, the future of Perth and WA’s property market appears promising.

"Innovation and sustainability are key to the future of our property market," says Percudani.

"Realmark is committed to fostering these principles to ensure we meet the needs of the next generation of property owners and investors."
What makes the WA property market unique?

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