The third release under a greenfield masterplan in WA’s Margaret River sold out in 48 hours as sea changer and FIFO worker demand outstrips supply in the West Australian hotspot.
The release at developer Goldfields’ Spindrift residential estate had been brought forward on the back of demand for the first two releases.
The released section of the estate comprised 20 lots. Goldfields said it would now work to to bring forward its fourth release.
The estate is 3km south of Margaret River on 47ha site bordered by a developed community to the west, and established Marri trees to the north and east.
Goldfields WA director Gareth Wilson said that enquiry levels were at their highest point since the project began, underscoring “strong demand for affordably priced, spacious properties in one of Western Australia’s premier regional housing markets”.
“According to CoreLogic, Margaret River’s median house price has grown 11.4 per cent over the 12 months to March, placing its growth ahead of major centres such as Sydney, Melbourne, and Canberra,” Wilson said.
“Margaret River’s record low vacancy rate of 1 per cent, soaring rents—up 29.8 per cent—and acute worker accommodation shortage are all major factors attracting buyers.”
Wilson said lot prices were below the WA average of $279,974 despite being larger sites than that average, according to the UDIA WA Urban Development Index.
Interest in the region, a three-hour drive south of Perth, has been steadily increasing post-pandemic.
The population of the Shire of Augusta-Margaret River mid-2023 was 18,620, a 3.92 per cent increase year on year, compared to 1.44 per cent for all WA regional areas.
Margaret River media reported in April that house prices in Margaret River had jumped more than 55 per cent in median value since March, 2020.
In April, The Urban Developer reported that plans had been approved for a high-end hotel and spa at a historic homestead partially destroyed by bushfires in 2011 in the region.
The plans include a 25-key hotel comprising 18 rooms and seven chalets, and with rooms from 46sq m to 216 square metres.
It will also sport a restaurant and bar with capacity for 62 people and spa treatment rooms, and 42,800sq m of landscaped gardens.
