WA MARKET OVERVIEW
WESTERN AUSTRALIA
WA Market Overview with Anthony Van Der Wielen
As we approach the traditional spring selling season for residential property, what’s your take on current sentiment amongst buyers and sellers? The sentiment in the market is cautiously optimistic. Buyers are keen to capitalise on what seems to finally be a more stabilised interest rate environment, and sellers are feeling more confident as valuations have been holding up well. There seems to be a mutual understanding that it’s a balanced market, which can serve both parties well. Interest rate hikes have challenged the market over the past twelve months, but with rates now entering a period of stabilisation, how are you finding the response has been from vendors? Vendors have generally welcomed the stabilisation of interest rates. The unpredictability that comes with rate hikes can make both pricing strategies and buyer engagement somewhat challenging. A more stable rate environment fosters a sense of reliability, allowing vendors to price their properties more confidently. Reflecting on prevailing market dynamics, which properties are most in-demand from buyers currently? Properties that offer both modern amenities and proximity to essential services like healthcare and education are in high demand. Additionally, homes in well-connected neighbourhoods and close to public transport or major transport arteries. Those offering work-from-home amenities are also proving to be very attractive to buyers. By this I mean those suburbs with a genuine community hub close by. People that have become accustomed to working from home like a good café, pub, yoga/ pilates studio or gym close by etc. With a resurgence in interest from expat and international buyers, have you observed a corresponding increase in transaction activity? Yes, absolutely. There’s been a noticeable uptick in inquiries and transactions from expat and international buyers. With global travel restrictions easing somewhat and the economic outlook improving, international investors seem more eager to enter or re-enter the local market. In terms of your local market, what has been the appetite from buyers for new projects, and what are the fundamentals that end-users are looking for in these developments? In the local Fremantle market, there is significant interest in new projects, particularly those that incorporate green and smart technologies. End-users are increasingly looking for developments that offer a blend of community, convenience, and sustainability. From a developer’s perspective, where are the opportunities, and what is the ideal product mix (townhouses, apartments, mixed-use, commercial)? The ideal product mix largely depends on the locality and demographic trends. However, given the
ANTHONY VAN DER WIELEN Principal Director Empire Property
114 – September / October 2023
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