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The Real Estate Institute of Western Australia (REIWA) has revealed where the state’s biggest property hunters are currently searching from – both domestically and abroad.
The state real estate body has given a rare glimpse into its website traffic, with a snapshot of who has been looking at buying and renting in Western Australia from 2022 to 2023.
Of all the states, Brisbane had the highest increase in views of 87 per cent, with a strong focus on rental listings.
The website also saw a greater popularity from Queenslanders for commercial property than residential properties for sale, which REIWA suggested indicated a “possible inclination towards business and investment opportunities within WA”.
Views from Melbourne residents increased nearly 12 per cent, and this was balanced evenly between sales and rental properties.
Meanwhile, Sydney residents were more interested in properties for sale.
REIWA’s research revealed the US, Singapore, New Zealand, India and Indonesia were the five most active countries on the website – equally searching for properties available for sale and rent.
Out of the five countries, the website saw the most visitors from the US who were mainly looking at the news and feature articles, indicating a strong interest in market research and analysis.
Recently, REIWA president Joe White addressed the apparent increase in Western Australian property from buyers outside of the state, acknowledging that “WA and Perth have caught the eye of eastern states investors”.
He explained that they are drawn by the value that Western Australia’s property market can offer.
“Despite increases over the past few years, our property prices are much more affordable than the east coast, and we’ve had significant rent price growth. This means properties have the potential for very good yields,” he said.
But while east coasters may be contributing to competition, Mr White predicted that their involvement will soon be on the decline.
“WA is the current hotspot for eastern state investors and what we need to understand is that this will pass. When yields become less attractive, they will move on to the next big thing. This is already happening in sections of our market, with some of our members noting rising house prices have reduced yields and interest has fallen,” he said.
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