By Herron Todd White
After a period of declining values, the residential property market around Australind and Eaton received a potential boost with the commencement of construction of the new $1 billion lithium processing plant at Kemerton, with in excess of 600 new jobs to be created and the doubling of production at the Greenbushes lithium mine which has already seen 200 new employees
The respective companies behind these significant regional enterprises are specifying that the workforce must live within 50 kilometres. Where previously property values in this catchment have been steadily falling over a number of years, there is now cautious optimism, with new sub-divisions emerging in Donnybrook, Eaton and Glen Iris. Real estate agents are seeking new stock to sell as investors begin to purchase the properties that have been on the market for a noticeable period of time. It is realistic to say that the region remains a buyer’s market for the time being, however, it is anticipated that stability will be introduced in the coming months.
One related observation has been the recent sale of a number of executive dwellings in Bridgetown and Manjimup with prices over $700,000 being achieved for three properties which is setting a new upper price bracket for these quality houses as mining executives are looking to relocate to the South West.
The overall review of the South West land division residential property market, however, is best described as weakening with downward pressure on values particularly in the outlying localities such as Dalyellup in Bunbury, Provence and Kealy in Busselton, and Brookfield in Margaret River.
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