Buoyed by rising Perth house prices, local vendors believe 2013 will see a recovery in the Margaret River housing market driven by a strengthening construction sector.
Real Estate Institute of WA figures for the December quarter showed about 3 per cent growth in Augusta and 2 per cent growth for homes on the block in Margaret River.
REIWA executive manager of communications and marketing Brian Greig said there were 110 sales in Margaret River in 2012 with a median price of $422,500.
“For the December quarter alone there were 29 sales in Margaret River with a median of $430,000, ” he said.
“So, on balance we can say that modest growth was experienced in both places.”
Margaret River Stocker Preston managing director Ken Preston said there were early signs with inquiries for top end properties which he expected to improve during the year as confidence grew.
“My view for 2013 is to return to a normal market with property prices now adjusted to a level where buyers are perceiving value and making fair offers, ” Mr Preston said. “There has been some firming of prices as more buyers enter the market and with strong rents and low interest rates the demand is strong with investors buying either established property or house and land packages to supply the tight rental market.”
Mr Greig said there weren’t representative sales figures to give a clear picture for the Augusta property market, with four homes sold in the latest quarter, but 19 homes were sold during the calendar year with a median price of $470,000.
Sixteen houses and eight units sold in 2011 for a median price of $455,000.