Stellar 2024 property forecast for Margaret River region as developer advances land release plan

Warren HatelyAugusta Margaret River Times
Shannen and Harry Hick, with their children Jake and Matila, have bought into Spindrift Estate.
Camera IconShannen and Harry Hick, with their children Jake and Matila, have bought into Spindrift Estate. Credit: Supplied

The demand for homes in the Margaret River region is showing no signs of dropping off, with one operator fast-tracking their latest land release to keep up with buyer interest.

The news comes as Real Estate Institute of WA president and Dunsborough-based realtor Joe White said a fresh forecast of a 20 per cent rise in metropolitan house prices this year could be “undercooked” for the Capes region.

The housing crisis is seeing more buyers do whatever they can to escape the rental market, while interstate and overseas investors continue doing their part.

Mr White said the region’s lifestyle attraction, FIFO employees and retirees meant the future was bright for house prices for at least the next 12 months.

He said the region’s real estate fortunes were tied to iron ore, whether residents realised it or not.

His observations were backed by Spindrift Estate developer Goldfields, which reported strong buyer demand for its extension of Brookfield in Margaret River.

Goldfields State director Gareth Wilson said three quarters of the lots released in stage two were sold in the first two weeks on market.

“We’re seeing a higher level of buyer confidence and enthusiasm as builder activity in the region increases, interest rates stabilise and popularity in Spindrift and the greater Margaret River area continues to grow,” he said.

Buyers Shannen and Harry Hick said they bought in Spindrift because it was a rare entry level chance to get their young family into the Margaret River region.

Mr White said younger buyers had to exercise caution in how much debt they took on to get their start.

“It is worrying,” he told the Times.

“The further it goes on (a rising market), the harder it will soften, as it always does eventually.

“But younger buyers and renters in particular are feeling a strong sense of alienation about not being able to get into the market.”

Get the latest news from thewest.com.au in your inbox.

Sign up for our emails