BUSSELTON isn't the only premium property hot spot in the South West according to a Dunsborough real estate agent.
JHY Realty owner Lee York said the rise in interest in premium properties was driven by cautious stock market investors looking for new projects to invest in.
Cash rates at historic lows are also driving investors into the premium property market in the South West.
The current Reserve Bank Australia cash investment rate is 2.5 percent.
Clients are advising Mr York interest rates are too low to leave money in cash so they are seeing much better value in the South West market than they are in the Metro areas or the North West.
According to Mr York this is also reflected in historical data which is showing in many cases the local market is priced below long term trending.
JHY Realty has 32 home listings throughout, Dunsborough, Yallingup, Eagle Bay, and Port Geographe priced in excess of one million dollars.
“We are currently experiencing an increase in activity from buyers looking to downsize their homes in Perth and purchasing their primary home in the region, if not for immediate use certainly to take occupancy of in the short to medium term,” Mr York said.
“The primary market for properties priced in excess of $1,000,000 is from the more affluent suburbs of Perth, from investors or holiday home buyers, and from farmers looking for their future retirement homes.”
Dunsborough is also home to the South West’s most fantasised property in Western Australia.
A beach front Eagle Bay home was recently picked to feature in a Lotto advertising campaign dubbed the “Lotto House”.
Featured in June’s $30 million Superdraw the home is on the market for 10.5 million.
