Mark Hay from Mark Hay Realty Group gives an EOFY wrap-up on the housing market in WA.
Category
🗞
NewsTranscript
00:00Well, the end of this financial year, 24, has been a dynamic one for residential and
00:11industrial property.
00:13It's still going through the roof in rents and sale prices, and there seems to be no
00:18end in sight, mainly brought about by the crisis has caused because we've got a huge
00:23supply shortage, and we've got 85,000 people a year coming into our beautiful state.
00:30Everyone wants to be here because it's the state to be, especially with our resource
00:33sector.
00:34We've got the best real estate market to be investing in, the best returns, and the best
00:38employment, so we tick a lot of boxes.
00:41I think it's going to continue for many years to come, subject to no great events, and I've
00:46said that many times over.
00:48The industrial sector, as I alluded to as well, is going gangbusters.
00:51Once again, driven from the fallout from COVID, lack of supply, lack of where people
00:57can store stuff.
00:58In the COVID, there was a big supply chain problem, and so the warehouses are top of
01:03the wazza at the moment, and that safety factor is about the same as what we are in residential
01:07property at the moment, at 0.5.
01:10The rural market, it's come off a bit from where it was going very well for three years.
01:16We've seen virtually a drought across the whole state at the moment, which has come
01:20to a bit of a thunder.
01:21Live exports now on the chopping block, and grain prices aren't looking so flashed.
01:27The farmers have had a bit of a hit this year.
01:30Look, office, still about a 15% vacancy factor, but we'll start to slowly take that absorption
01:37up.
01:38Retail, once again, it's pick and mix.
01:41You go to Caranoff Shopping Centre, and it's going gangbusters, but there's other retailers
01:46that are obviously still falling to the effects of COVID.
01:50So the retail sector is patchy, but look, is improving as well.
01:54Across the whole sector, I would suggest to you that the real estate market is going onwards
01:58and upwards.
01:59We have a huge amount of investors here from the East Coast, are ploughing money in like
02:03there's no tomorrow.
02:05And in our office alone, we've seen many deals where they've outbid the local market by 10
02:10or 15%, so that's helping the bush prices too, unfortunately.
02:15There's going to be some winners and losers in this crisis, and I've said it for three
02:19or four years constantly.
02:20If you're not in the property market, I suggest you beg borrow and steal to see how you get
02:24into the property market, because it's only going to keep going continually upwards from
02:28here, subject to no great catastrophe.
02:31I've been suggesting to you that for a long time, whether it is residential or it's somewhere
02:37that you need to branch out investment-wise, now is the time to act.
02:42If you need assistance with purchasing your next property, whether it's home or investment,
02:46or you want an evaluation that maybe it's time to cash the chips and look at a different
02:50alternate, happy to do so.
02:53More than ever, it's very important you have a true professional at your side, assisting
02:57you in the investment market and the home ownership market as it stands today, because
03:02I tell you what, it's very much buyer beware out there.
03:05Here's to a great new year of 24, 25, and look forward to seeing how things unravel
03:10from there.