The borders may fall, but will real estate prices rise?

25 Feb 2022

Premier Mark McGowan announced on 18 February that Fortress WA will be reopening on the adjusted date of 3 March from the original decision of 5 February. The reactions have been varied from all industries mixed with the anticipation of home owners who have been riding their own wave through the Christmas, New Year period thinking of selling or renting to interstate and overseas buyers and investors.

With the lure of our laid-back culture, beautiful Swan River, great schools and universities and idyllic holiday destinations from the south-west to the top end, triple vaccinated travellers will now have the pick of the bunch when it comes to our real estate market.

Even with the delay in the border opening, the stage has been set for another year of solid growth in house prices in 2022.

The Real Estate Institute of WA (REIWA) predicted house prices would jump 10 per cent this year when the state finally lowered the drawbridge to interstate and overseas migrants. 

REIWA president Damian Collins said increased demand from new arrivals and low stock levels would place upward pressure on prices, particularly in the second half of the year.

"WA has always been a state that has been driven by jobs and a strong economy and that's what drives the population growth," he said.

"I expect once the borders come down, companies are certainly going to start ramping up their recruitment drives, both on the east coast and internationally.

"Now it will take some time to get those people recruited and on board, but I expect in the second half of 2022, we will certainly start to see a pick-up in population growth into Western Australia."

So, with amplified demand, the market won’t show any signs of slowing just yet. If you’ve patiently waited for Fortress WA to be reopened, now is the time to plan if you’re thinking of selling or renting your property.

By employing a Peard Real Estate Sales Associate or Property Manager to sell your home or manage your investment, you can be assured that you are employing the very best. Because we only employ the best. Qualifications, skill, personality and commitment all factor into the selection criteria.
Every Peard Real Estate Sales Associate or Property Manager is an experienced professional with extensive local knowledge teamed with industry training. They are committed to providing an ethical, diligent, efficient and confidential service.

Many of our Sales Associates and Property Managers have worked and lived in their local area for many years, ensuring specific knowledge that is second-to-none.

Get in touch with your local Peard Real Estate office today if you have any questions about your real estate goals.

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