If you’re wondering what could possibly be next in this topsy-turvy property market, we’re here to offer our expert analysis.
In this very special episode of Home in WA, host Jon Williams sat down with The Agency CEO Geoff Lucas to discuss his thoughts on the national and local property landscape in 2022 and beyond.
Home in WA airs weekends on Channel 7. But if you missed the last one, don't worry. You can check it out, along with a full summary, right here!
What does the future look like for the WA property market?
With the benefit of sustained government incentives, building stimulus and historically low interest rates, the national property market has been full steam ahead for many years.
With the tide shifting in the eastern states, the recent headwinds in property values has left people across the country asking ‘what’s next?’
To find out more about what’s happening, Jon Williams caught up with The Agency CEO Geoff Lucas to discuss his thoughts on the national and local property landscape.
Q: So Geoff, in the context of the national picture, how is WA performing, especially in light of the recent shift in demand in eastern states?
A: Well, it’s a great time to ask that question, John. In the eastern states, we've seen a significant drop-off in buyer demand. Just recently, in the last two months or so, we're seeing quite the opposite over here in the West; we're still seeing strong buyer interest in properties. And I think that's because we're seeing the dichotomy of markets compared to what the value is here in the west, compared to what people are seeing in the east.
Q: What’s on the horizon, then, for the WA market, and do you feel it can sustain its momentum?
A: Well, look Jon, I think that dichotomy that I mentioned before in pricing and value has never been more evident than now. For example, Perth in particular is displaying the lowest median house price in Australia at the moment at just $582,000. Now, that compares to say, in Sydney, it's up around $1.4 million.
And when you look at the lifestyle and the livability of a city like Perth and the surrounds throughout Western Australia, it's a completely different picture. We're seeing people in the eastern states continuing to be priced out of those markets, Sydney and Melbourne. Indeed, in Sydney, we're seeing people priced out move further north: 90 minutes north to the Central Coast. They've now been priced out of those markets.
What I think we're seeing now more than ever, is the value here that WA and Perth in particular represents. And now more than ever, we're seeing Australians from all around the country seeing that value. And we'd expect to see increasing demand in the coming weeks, months and years for Perth and its surrounds.
Regardless of national trends, WA’s property market has always performed according to its own set of rules.
To speak to one of our expert property partners about your home or to find out more information about market conditions in your area, visit theagency.com.au