Influx of enquiries as more people move to Perth

17 February 2024

Applecross is attracting the interest of keen foreign property seekers, new data shows, as southern riverfront suburbs continue to be in hot demand from buyers interstate and abroad.

Statistics compiled by realestate.com.au show that Applecross is one of the most hotly contested suburbs searched by overseas property seekers online.

Inner Perth, Fremantle, Claremont, Subiaco and the beachside suburbs of Cottesloe, City Beach and Scarborough also made a showing in the list.

Mont Property Managing Director Matthew Podesta said it was little wonder that international buyers were keenly seeking property and investment options in Applecross, given it is one of Perth’s most beautiful and best-positioned suburbs.

“From its stunning homes, waterfront location, signature jacaranda trees and village vibe, Applecross ticks a lot of boxes for local buyers. So, it’s no surprise that international buyers have cottoned on to the fact that Applecross is one of Perth’s finest and most liveable suburbs,” Mr Podesta said.

“Couple that with Perth’s Mediterranean climate, relaxed lifestyle, excellent job prospects and affordable housing, compared to bigger Australian capital cities, and it’s easy to see why more and more people from interstate and overseas want to call Perth home.”

Latest population data from the Australian Bureau of Statistics shows that more than 73,000 people moved to WA in the year to June 2023.

Mr Podesta said the strong migration was putting upward pressure on property and rent prices, with new arrivals seeking established homes to purchase or rent.

“We have seen a noticeable uplift in enquiries from east coast buyers, particularly in the mid-to high end price range, and prices are being fuelled by the scarcity of stock, with sales listings at an all-time low,” he said.

“There has never been greater demand for established homes than right now, and many are attracting sales prices well above expectation because people are reticent to entertain a new build given construction delays.”

The National Housing Finance and Investment Corporation has forecast that WA faces a shortfall of 25,200 new properties between 2023 to 2027, with expectations that number will increase further with the slow rate of building completions and surging population growth.

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