Western Australia’s lifestyle property markets brace for east coast buyer mayhem

Travel restrictions have created the ‘eye of the storm’ in WA’s lifestyle property markets.

A luxury homestead surrounded on three sides by ocean has come on the market at 502 Gantheaume Point Road, Broome.

Restrictions on travel have created the “eye of the storm” in Western Australia’s lifestyle markets, with agents bracing for east coast buyer mayhem to set in when easy travel ­resumes.

East coast holiday markets such as NSW’s Byron Bay and Queensland’s Sunshine Coast and Whitsundays have boomed on the back of lockdowns and international travel restrictions.

In the west, luxury properties in southern locations such as Margaret River, Dunsborough and Busselton, and Broome in the north, have been quickly snapped up as a result of rising prices and low stock levels.

Managing editor of Perth-based buyers agency Strategic Property Group, Trent Fleskens, says the local market is being stabilised by an ­“artificial cap” on demand caused by state border caps, noting an obvious drop in inquiry soon after the current restrictions were announced three months ago.

“At the start of the year, it was nuts,” Fleskens says. “Everything went up and there was not much available. The reality is now, all of our fundamental economic indicators – such as stock levels and vacancy rates – are at record low levels. When the borders reopen, it will be mayhem.”

The five-bedroom home at Gantheaume Point Road, Broome, is perfect for enjoying the local weather.

The Perth property market has performed weaker than its eastern counterparts during the recent boom, up 9.8 per cent in the year to July. Fleskens expects another boost in coming months. “It’s calm at the moment, there is no real excess pressure on the market. This is the eye of the storm,” he says.

One property that has already captured the imagination of Perth buyers is the luxury homestead at Gantheaume Point, at the southern end of Cable Beach near Broome.

The vibrant colours of the red earth is exaggerated by the pristine blue of the Indian Ocean that surrounds the property at 502 Gantheaume Point Rd, Minyirr on three sides. The five-bedroom, three-bathroom homestead was built on 3027sq m in 1996, continuing the long colonial history of a site that was once lighthouse keeper’s quarters (since 1906), and became a nuns’ retreat and camp for Girl Guides in the 1930s.

Red earth and pristine blue waters feature at the homestead at Gantheaume Point near Broome.

Ray White Cottesloe Mosman Park agent Caro Cunningham says the property is difficult to price, given the strong market conditions and east coast lockdowns. No price guide has been offered on the home for that reason, with an expression of interest campaign to run until October 15.

While local interest has been strong, Cunningham is expecting to start fielding east coast inquiries in the coming weeks

“It’s one of the most iconic properties along the west coast,” she says.

“People just love Broome. It is the perfect destination and house to get away for six months of the year. It will never be built out and is perfect for those long table lunches and to enjoy the weather.”

Perth buyers will be able to see the property for themselves prior to the expressions being due, with Cunningham organising flights and private viewings from October 10-13.