Wealthy doctors among those on the hunt for luxury South West properties

Wealthy medical, banking, and mining sector professionals are snapping up high-end South West properties as the prospect of holidaying overseas any time soon diminishes.

Margaret_RiverThe property has sold, but there are three written offers waiting in the wings in case the deal stalls.

ACTON South West Margaret River sales executive Brook Palmateer said he was seeing a huge amount of inquiries coming from the corporate sector from around the world wanting to bunker down in the area.

Expats living in the UK, Singapore and Hong Kong were searching for properties they could live in and escape COVID-19 lockdowns in big cities.

“These people know COVID didn’t hit us too hard and we’re seeing a lot of people looking to buy down here,” Mr Palmateer said.

“When we went into lockdown here, our life got better. The reason why people want to come down here is our beaches, the forest. All the outdoor activities. We are still able to enjoy them, and without too many people around.”

Mr Palmateer has just sold a property marketed at $2.89 million, but the deal was waiting on finance before settlement. There were three other offers on the property with those buyers waiting in the wings in case the deal fell through.

“In the Margaret River region, when you are in the $2 million-plus bracket there is usually a limited number of buyers looking. But at the moment there are more buyers looking at the higher end in the south west,” he said.

Excerpt from article on WAtoday.com.au
By Daile Cross
July 28, 2020