Western Australia’s Property Boom: A Strategic Investment Move for 2024

Western Australia’s Property Boom: A Strategic Investment Move for 2024

For property investors seeking high-yield opportunities, the spotlight is now firmly on Western Australia. In a remarkable shift, Western Australia has surged to second place, surpassing New South Wales as the preferred investment destination in Australia. The key player in this transformation is Perth, where dwelling values skyrocketed by an impressive 15.2% in 2023, marking the highest return in the nation for any major city or regional centre.

Strategic Investment in Perth

As a property investor, it’s crucial to stay ahead of market trends, and the latest data from the Property Sentiment Report for Q4 2023 signals that Perth’s property market is not just a fleeting success. Forecasts predict further price increases well into 2024, making it an opportune time for strategic investments in the region.

Coastal Markets: A Haven for Growth

Despite economic challenges, Australia’s regional coastal markets have proven resilient, with over one-third (35%) recording housing values at record highs by the end of 2023. The jewel in the crown is Western Australia, dominating the list of top coastal suburbs with the highest annual capital gains. Mandurah, Perth’s South West, and Bunbury claim more than half of the top 20 spots, showcasing the immense potential for investors seeking both growth and stability.

The Winning Combination: Affordability and Lifestyle

In 2023, the divergence between city and regional property markets became pronounced, and coastal regions were no exception. The top-performing coastal markets in Western Australia and Queensland owe their success to a combination of affordability and lifestyle attributes. Buyers, recognizing the value in these regions, not only rode the upswing but also contributed to the resilience of these top-performing suburbs.

Top 20 Coastal Markets: Where Value Meets Lifestyle

Among the top 20 highest growth coastal markets, every suburb had a median value well under $1 million. These are not just glamorous hot spots but areas that offer a strategic blend of value, lifestyle attributes, and affordability. The opportunity to make a sound investment in areas like Mulambin and Rosslyn, with median dwelling values under $1 million, presents a compelling proposition for savvy investors.

Take Action Today: Contact Mirren Investment Properties

As property investment experts, Mirren Investment Properties recognizes the strategic potential of Western Australia’s property market. Now is the time to explore the opportunities that Perth and its coastal regions offer to investors like yourself.

For personalized insights and guidance on how to capitalize on the thriving property market in Western Australia, contact Mirren Investment Properties. Our team is ready to assist you in making informed investment decisions that align with your financial goals. Seize the moment and unlock the potential of Western Australia’s property boom!

Sources: Property Sentiment Report Q4 2023, Property Pulse, Research News 25th Jan 2024, CoreLogic.