Competition expected to be strong for final stage of Busselton release
First launched in June 2017, Qube Property Group is about to launch the final release of its popular Stonebridge development in Busselton.
Stonebridge Estate is a nestling of just 57 rural residential lifestyle blocks of around 2,000sqm each. Qube Managing Director, Mark Hector, said that he expected competition for the final release of the last 15 lots to be strong given previous sales performances in the Estate and the current state of the WA regional property market.
“Stonebridge’s Stage 2B sold out in 2 and a half months after being released in late November 2020, Stage 3 sold out in less than 2 weeks after its release in late February, and Stage 4A sold out within 2 hours in April 2021 – so the trajectory becomes fairly clear.
“We saw the average number of Stonebridge enquiries go from 1-3 per week pre-market recovery to 5-10 per week as the initial post-pandemic boom began to really gain traction,” he said.
“The rate of sales are a clear indication not only of the state’s recovering property market – 13 sales pre-recovery, 29 sales post-recovery – but also of Busselton’s enduring popularity as a destination town for sea changers, holiday makers and locals alike.
Mr Hector said that while Busselton had always been a popular seachange destination, the swing towards the regions in the wake of the onset of the Covid pandemic had really cemented its status as one of the country’s premier regional destinations.
The increasing popularity of regional property across the country is tipped to last for at least a decade according to Property Council of Australia chief Ken Morrison.
His comments come on the back of a recent Core Logic report that showed that regional housing markets had far outperformed the capital cities in the last 12 months rising on average 13% compared with an average 6.4% gain across our capital cities.
The growing popularity of the South West as a permanent base rather than vacation hot spot is in part being driven by more flexible working arrangements according to Core Logic, and despite the recent price gains it still remains relatively affordable compared to our capital cities.
Recent REIWA statistics placed Busselton in the list of WA’s top ten performing markets recording 28.8% growth in the past 12 months with realestate.com reporting just two properties currently available to rent and only 26 available for sale.
To date, locals from the South West region have dominated sales at the popular Stonebridge release, accounting for approximately 50% of sales overall, followed closely by buyers relocating from Perth and the north (40 per cent) as well as those from the eastern states (10 per cent).
Mr Hector said that enquiry levels and sales at Stonebridge had begun gradually improving early in 2020 pre Covid, however things began to escalate quickly as a raft of State and Federal stimulus measures were announced to keep the economy moving during heightened uncertainty as the pandemic hit.
“Buyers of Stonebridge lots were eligible for the Federal Home Builder Grant as well as the State Builder Bonus Grant, both of which have played a part in the growing sales momentum.
The recent announcement that Busselton would soon see direct flights to the Eastern States after a Covid induced delay, has only further boosted the region’s popularity as more than just a tourist town.
Its already sought-after location status also has a valuable added bonus for those looking to live outside the Perth metropolitan area, with workers from mining giant Rio Tinto and other major players in the resources sector flying direct to mine sites from Busselton, making it an even more desirable home for FIFO workers looking to call the popular tourist destination home.
Currently, the majority of those buying into the estate are second or subsequent home buyers (80 per cent) with the remainder drawn from the fast moving and heavily subsidised first home buyers’ sector.
The final stage set to be released in July with an average sized block in excess of 2000sqm.
Qube Property Group also has a select number of blocks for sale in nearby Port Geographe with a final limited release due to be announced later this year.