The month in review: Southwest WA Property Market Updates
By Herron Todd White
One of the more desirable locations in the South West is Dunsborough, a tourist town of approximately 5,000 inhabitants which swells to over double that during the holiday seasons. Dunsborough is a strategically located suburb which has good access to Geographe Bay and is close to the pristine beaches of Eagle Bay, Bunker Bay and Yallingup. Furthermore, it is situated at the northern end of the Margaret River wine region and is conveniently located close to many significant wineries.
Properties with ocean views and particularly ocean frontage can sell for over $4 million, however take a step back into the Old Dunsborough locality and the average value range drops to around $1.3 million to $1.5 million. Still not what many would consider to be affordable.
This is similar in the sections closer to the Bay such as Peppermint Drive with values in the range of $900,000 to $1.1 million. However if you go back another street from the bay, values drop significantly with an average value of $600,000 to $700,000. Again still perhaps out of the average beer drinker’s price range.
The Dunsborough Lakes area offers a more affordable entry into this desirable location. The older areas in Dunsborough Lakes such as Brookland Loop and Amberley Loop have values in the low $400,000 and the newer areas at the southern end of the Lakes have entry levels of $450,000 to $500,000. You could even build your own modern project style home for under $450,000.
The Lakes is particularly attractive as the subdivision is quickly running out of land, with less than two years of future land stock available. Once this has been exhausted it could be a while before another significant subdivision development enters the market. This would put a squeeze of supply and therefore one would assume that this will place upward pressure on values in the suburb.