WA high-end resi value tipped to grow

Western Australia is tipped to have its high-end residential property value increase in the next 12 months amid strong demand in the recent quarter, CBRE reports.

CBRE today released its prestige residential valuer insights for the third quarter of FY24, finding South Australia and WA had the strongest demand for high-end property in the country.

In its report, CBRE found 40 per cent of valuers surveyed claimed demand for prestige property was ‘strong’ or ‘very strong’.

The highest price growth was predicted in WA, SA and New South Wales with 54 per cent of surveyed valuers expecting house value to grow in the next 12 months.

Valuers reported the demand was strongest for houses valued up to $10 million and dwellings between $10 million to $20 million, CBRE said.

CBRE estimated the strongest growth in values of houses, apartment, and vacant land to be in WA and SA.

“The majority of valuers, 51 per cent, expect demand to remain the same in their local prestige markets over the next 12 months,” CBRE said in its insights.

“NSW and WA are expected to see demand increase the most, while softer demand conditions are anticipated in SA and Queensland.”

The survey was conducted in early August with CBRE receiving 35 responses from valuers across the country.