Navigating WA's Robust Real Estate Market in 2024: Projections and Challenges

In the realm of real estate, WA continues to stand out as a resilient market, driving considerable attention and interest. The landscape in WA has been shaped by an array of factors, including a surge in migration, a scarcity of available properties, and a consistently strong seller's market. These elements have fostered a real estate scene characterised by high demand and fierce competition among buyers.

In recent years, WA has experienced a steady influx of migrants, both domestically and internationally, drawn to its breathtaking landscapes, robust economy, and enviable quality of life. This sustained appeal has fuelled a buoyant housing market, surpassing available inventory and leading to a market that heavily favours sellers.

Despite this favourable climate for sellers, the state's housing prices still tend to remain lower compared to those in the eastern states. This pricing discrepancy has attracted investors from the eastern states, further intensifying the competition for properties in WA. The influx of investors from other regions has created additional hurdles for local buyers, making it even more challenging for them to secure desired properties.

Looking ahead to 2024, the real estate landscape in WA is expected to maintain its momentum. However, slight shifts in dynamics are anticipated. There are indications that the housing inventory might experience a slight increase due to ongoing construction projects and government initiatives aimed at bolstering housing supply. While this might offer a bit more choice to buyers, the fundamental drivers of the market, such as migration, economic growth, and the region's allure, are expected to persist.

The attractiveness of WA, bolstered by ongoing infrastructure developments and urban renewal projects, will continue to attract new residents and bolster housing demand. This sustained demand, coupled with the lingering gap between supply and demand, is likely to maintain pressure on the market. While the increased housing supply might moderate price growth, it is unlikely to fully level the playing field for local buyers.

Navigating the real estate landscape in WA in 2024 will still present challenges. Local buyers may continue to face stiff competition from interstate investors vying for properties. Strategies such as prudent financial planning, seeking guidance from seasoned real estate professionals, and maintaining flexibility in negotiations will remain critical for local buyers aiming to secure properties in this competitive market.

In summary, WA's real estate market is poised to uphold its resilience in 2024, maintaining its status as a seller's market. While an anticipated increase in housing supply might offer a glimmer of hope for buyers, the persistent demand fuelled by migration and economic growth, combined with the allure for investors from the eastern states, will likely sustain the market's competitive landscape.

Paulette Contessi 

Director/Licensee

CONTESSI PROPERTIES