The Western Australian population has started to slow down recently, which has had knock-on effects for other parts of the state. This is according to the Real Estate of Western Australia (REIWA), which found the population growth rate has fallen below the average growth rate for the past two decades.
Over the past two years alone, the net overseas migration rate has fallen 71 per cent. This is partly a result of a decline in resources activity, which has meant fewer people are relocating to the state.
This means economic activity in the state is starting to take a hit, but it's not necessarily preventing people from securing real estate in Bunbury and other popular locations.
However, the economic impact hasn't been all bad. REIWA explained that building approvals in the state have declined, but this will enable the backlog of previous projects to finally get moving.
The Housing Industry Association recently suggested that new home building may have reached its peak – something these figures seem to back up. The group indicated that residential property prices have also hit their summit.
The challenge now is to make sure the right policies are in place to support home building and ensure it can continue to thrive. This will help Western Australia both now and well into the future.
There's also good news for first-time buyers, as the cost of real estate in Bunbury and other parts of the state has gradually started to decline, REIWA reveals. Not only this, buyers are making the most of the last few months for the First Home Owners' Grant. This has led to a surge in the number of people entering the market.