Western Australia is known as a place of contrasts and extremes – and for good reason. Largely defined by its expansiveness and remoteness, it is widely celebrated for its unique scenery and unparalleled natural beauty. However, it can also feel like quite a harsh place, particularly to those that are unfamiliar with its ways.
Western Australia’s most obvious point of difference is the enormous diversity of population centres dotted throughout the state. Generally, the state’s capital, Perth, and largest tourist destinations, like Broome and Margaret River, receive the most attention. However, there is also an array of smaller mining towns and remote communities that deserve their share of interest.
The Western Australian economy is also quite unusual, having been built on the back of a world-leading resources sector. This has created a boom-and-bust cycle for the state, which has historically impacted everything from migration to infrastructure investment. However, the expansion of the local tourism, technology, and agriculture industries over the last few decades has created more stability.
Over recent years, Western Australia has also emerged as a hotspot for sporting, artistic, and cultural activities and events. This has helped boost the state’s profile and establish it as a target for both domestic and international visitors. It has also highlighted the exceptional quality of life on offer in most areas, for those considering a more permanent move.
Much like the landscape it is built on, the Western Australian property market is unlike any other. It is generally quite rewarding, particularly to those that put in the work and are willing to take calculated risks. However, it can also feel quite foreign, especially if you have only experienced the east coast property markets.
If this is the case, we strongly suggest working with a local market expert, like an experienced buyers agent. They will know which areas offer the best investment potential and be able to guide you on where to buy. They will also understand the usual market rhythms and be able to advise on what moves to make, and when.
That last point is particularly important in Western Australia, where the property market has historically been largely counter cyclical. This means investors have traditionally only seen Western Australian property as a good option when other domestic markets are slowing. Though the strengthening local economy and increasing migration to the state are helping to change this view.
Perth continues to be the main focus for investors, with easy access to amenities being a particular selling point. Locations like Subiaco, Fremantle, and Scarborough are perennially popular, thanks to the high quality of life that they offer. That said, many of the more affordable areas surrounding these suburbs, and on the city fringe, also have strong investment potential.
Beyond the capital, larger population centres like Broome, Bunbury, and Mandurah usually attract the most investor interest. This is a good approach as, while smaller towns can deliver significant capital growth, prices can be quite unpredictable. Most buyers advocates will also suggest staying away from mining towns, like Port Hedland and Kalgoorlie-Boulder, for similar reasons.
Importantly, a general lack of supply means that the Western Australian rental market has traditionally performed very well. Demand is largely consistent, which results in low vacancy rates and high rental yields in most areas. That said, it is still important to do your research as performance varies greatly depending on location and property type.
If you are considering investing in the Western Australian property market, Search Party Property can help you find the perfect opportunity. Our team of property experts specialise in supporting investors to rapidly build high performing portfolios. We also work with investors from a wide range of backgrounds to secure their financial future through property.
To do this, we first need to get to know a little more about you, your situation, and your goals. This allows us to plan a suitable investment strategy and come up with a tailored investment approach. It also gives us a clearer idea of exactly what we should be looking for in a property for you.
Our experienced market analysts will then get to work on researching suitable opportunities and narrowing down a shortlist. This will be based on recent market performance, comparable properties in the area, and relevant demographic changes. We will also look into any planned developments or major infrastructure projects and how they will impact the area’s liveability.
All going well, one of the properties we present will be of interest and we can work on securing it. As part of this, we will walk you through doing your due diligence and putting together your offer. We can also negotiate the purchase on your behalf and guide you through getting the property set up and producing income.
For more information on our services, or to discuss the Western Australian property market further, Contact Search Party Property today.