What’s in store for WA property in 2016?

By Kevin Kelly

The next 12 months could be an interesting time for real estate in Australind and other parts of Western Australia, as one major property group makes its predictions for the new year.

President of the Real Estate Institute of Western Australia (REIWA) Hayden Groves explained how 2015 has been largely positive across the state, and 2016 could be even better. He suggested that regional parts of WA could be ones to watch, alongside metropolitan Perth.

Mr Groves described the coming 12 months as "the ideal year for trade-up buying", particularly as stability starts to return to several key markets.

He also indicated that migration trends would also have an impact on real estate in Australind. Similar conclusions were recently drawn by the Housing Industry Association (HIA), which analysed the effect of population trends on the property market as a whole.

"The waning of the mining boom in Western Australia contributed to a significant change in the state's migration flows and population growth during 2014," said HIA economist Geordan Murray.

"The contribution from overseas migration essentially halved during the year."

Official figures from the Australian Bureau of Statistics revealed that on a national basis, the population reached 23.63million over the course of 2014. This marked a rise of 1.4 per cent from 2013 levels, even though net overseas migration was actually down.

Making your move into the WA property market

If Mr Groves' predictions come true, then 2016 could be the year property in Western Australia really thrives. Getting in touch with the team at Ray White Bunbury is a great way to make sure you're in the right place to make the most of it.

Give us a call to discuss the type of property you have your eye on, and we'll take it from there.

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