Spindrift set to fill gap in South West housing supply shortage

Homebuyers are flocking to a vibrant new master planned community set within the natural surrounds of the world-renowned Margaret River region ahead of its official launch this month.

Construction has now commenced at Goldfieldsโ€™ new 423-lot Spindrift project, 3km south of the Margaret River town centre in Western Australiaโ€™s South West.

Situated on 47ha of gently undulating land, Spindrift is surrounded by a developed community to the west and established Karri trees to the north and east. The first release of land will be on sale from 26th November 2022 with prices starting from $194,500.

Gareth Wilson, Goldfields General Manager in WA, said Spindrift was perfectly positioned within a short drive to town while still having access to the natural beauty of Margaret River. He said the developmentโ€™s larger lots, intelligent design and landscaped reserves would make it highly sought after in a constrained local real estate market.

โ€œMargaret River offers a unique opportunity to live in one of Australiaโ€™s most picturesque and renowned destinations and continues to be one of the most sought-after regions in WA,โ€ Mr Wilson said. โ€œHousing demand has continued to outweigh supply in Margaret River which is testament to the attractiveness of the South West lifestyle.

โ€œSpindrift will play a pivotal role in meeting short and medium term demand for housing in Margaret River.โ€

Spindrift is a meticulously designed development centred on a strong sense of community, where residents can immerse themselves in nature while still enjoying the comforts and amenity of modern life.

With one of the worldโ€™s best wine regions on its doorstep and stunning beaches and coastal walks close by, Spindrift will also offer all the amenities expected of a contemporary estate including immediate access to neighbouring parks and playgrounds, schools, shopping strips, cafes, restaurants and medical facilities.

Brook Palmateer, Associate Director at Acton Belle Property in Margaret River, said early interest levels in Spindrift were on par with that seen at larger, metropolitan housing developments.

โ€œInterest is coming from a wide variety of people, but particularly local homebuyers,โ€ Mr Palmateer said. โ€œThat early interest has been all the greater because there are very few blocks on the market in the region at the moment.

โ€œEverything has sold, there is hardly anything titled on the market and the only things that are titled at the moment are on very steep blocks that are harder and more expensive to build on. We have a significant lack of stock at this price point for people to choose from, across the whole South West region but particularly in Margaret River.โ€

The Augusta-Margaret River Shire recorded a sharp 17.8% increase in population from 2016 to 2021 in Census data released by the Australian Bureau of Statistics. The estimated local population of 17,298 represented a year-on-year increase of 2.85% compared to 0.93% population growth in Regional WA more broadly.

According to the Real Estate Institute of WA (REIWA), there were a total of four properties advertised for rent on reiwa.com on 31 October 2022. In October 2021 there were two, and in October 2020 just one.

โ€œWe have a housing crisis in Margaret River and the surrounding region at the moment,โ€ Mr Palmateer said. โ€œPeople cannot find anywhere to live โ€“ there is nowhere that is suiting them to buy, thereโ€™s no land to build on and weโ€™ve got a rental shortage, and almost zero percent vacancy rate.

โ€œ80% of the walk-ins to our office are people looking for rentals. Margaret River in particular, closely followed by Dunsborough, are in the highest demand. Not only are a growing number of people keen to move here and enjoy the beautiful lifestyle now that they have more flexibility with working arrangements, but there are a lot of local people that are looking for housing as well, people that have been here 20-30 years. It is across the board.

โ€œSpindrift is ideally situated to address this significant need for more housing in Margaret River and it is doing so at a great price point, in a central location close to amenities and all the natural beauty the region has to offer. This land will be snapped up swiftly.โ€

Spindrift is located at 104 Brookfield Ave, Margaret River. For more information, visit www.spindriftmargaretriver.com.au/

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