An international property group has snapped up a Bunbury development site for $4.95 million, after recognising the region’s huge potential. 

The 16,484sqm site at lot 76 Ocean Drive was marketed by RWC WA agents Daniel Abisedon and Brett Wilkins, alongside Elders agent Mick Caddy, on behalf of a Sydney based property group. 

“Hong Kong based property group, Oriental Property, identified Lot 76,Ocean Drive, as an optimal investment destination due to Bunbury’s burgeoning population and tourism growth over the past three years,” Mr Abisedon said. 

“With the strategic focus on fringe metropolitan and rural tourist suburbs, alongside our guidance and expertise, Oriental Properties recognised Bunbury’s potential for significant development and economic prosperity.” 

With unhindered views of the Indian Ocean, Mr Abisedon said the buyers had purchased the property with the intention of building permanent residences. 

“According to REIWA, the February 2023 Bunbury residential vacancy rate was 1.9 per cent, which represents very high residential rental demand and an appetite for increased housing supply,” he said. 

“There is the potential for the subject sites to be considered for permanent residential (grouped or multiple dwellings) at the discretion of the council.

“The City of Bunbury has indicated that they have a preference for permanent residential usage, ideal for the purchaser’s intentions.” 

Mr Abisedon said there were still two ocean front lots currently available for acquisition, “providing interested parties with the chance to secure their stakes in this promising venture”.  

Bunbury development site sold to Hong Kong based Oriental Property Group for $4.95 million - RWC WA & Elders