The Great Wealth Transfer and What to Do If You Inherit Property

Australia is entering the biggest intergenerational wealth shift in our history, and in Perth’s northern coastal suburbs, much of that wealth is tied up in local family homes. Understanding what’s coming and what to do next if you inherit property could save you time, tax and stress.

In higher value suburbs such as Burns Beach, Carine, Karrinyup and Hillarys, inheritors are dealing with mega value assets, meaning strategic timing matters. In growth suburbs like Currambine, Jindalee and Ocean Reef, you may face strong competition, rising prices and a different “sell vs hold” calculus.

First, a reality check: how big is Australia’s wealth transfer?

Australia is on track for $3.5 to $5.4 trillion to change hands over the next 20 years as Baby Boomer assets pass to younger generations, driven largely by residential property and superannuation.

According to the Productivity Commission, in 2018 alone, over $120 billion was passed on, the average inheritance was about $125,000, and inheritances made up approximately 90% of all transfers.
Since that report, Australian household net worth has climbed to $17.3 trillion (with $11.7 trillion in property), magnifying what will be transferred.

Why this matters locally:

Across the northern coastal corridor property values remain resilient and demand strong.

REIWA expects Perth price growth to remain positive through 2026 amid tight supply and record population growth, supporting the case for strategic, informed decisions around inherited homes, whether you choose to sell, hold, rent or redevelop.

The City of Joondalup’s median age is 41 (older than Greater Perth’s 37), and coastal suburbs such as Hillarys (44), Carine (43) and Duncraig (42) sit right in the demographic sweet spot for estates being planned now and settled over the next decade.

In suburbs like Burns Beach, the median house price now sits around $1.46 million, Hillarys - $1.42 million, Iluka - $1.35 million, and Mullaloo and Ocean Reef continue to record steady double digit growth. These figures mean many estates in our region are high value, and decisions about those homes such as whether to sell, keep, renovate or transfer carry significant weight.

Myth busting the “Death Duties” question

Good news: Australia has no inheritance (death) tax. It was abolished in 1979.
However, that does not mean there are no taxes at all. Capital Gains Tax (CGT) and superannuation tax can still apply depending on what you do next.

What inheriting or being heir to a home in our area really involves

1. Confirm authority: Probate or Administration

The executor or administrator usually needs a Grant of Probate or Letters of Administration from the Supreme Court of WA to deal with the property.
You can market a property before probate, but settlement must be subject to the grant.
More information here: supremecourt.wa.gov.au

2. Landgate essentials: Title and Right to Deal

Lodge the Application by Personal Representative (Transmission Application) so the estate is shown on title.
VOI (Verification of Identity) and Right to Deal checks are mandatory.
More information here: landgate.wa.gov.au

3. Duties (Stamp Duty) on deceased estates

Transfers to beneficiaries typically attract nominal duty in WA when distributing under a valid will or intestacy and no consideration is paid.
More information here: revenue.wa.gov.au

4. Capital Gains Tax (CGT) timing

If the property was the deceased’s main residence, selling within two years is generally CGT exempt (the ATO can extend this period).
If held longer or used to produce income, standard CGT rules apply.
More information here: ato.gov.au

5. Rates, water, insurance and utilities

Executors manage estate bills until settlement. Providers such as Water Corporation have deceased estate procedures. Keep insurance active throughout marketing and settlement.
More information here: watercorporation.com.au

Deciding your path

When you inherit a property, one of the most important decisions is what to do next. Whether you sell, hold or renovate, every option has financial, emotional and timing considerations. Our team at Noble Avenue has guided many families through this process, helping them make the right choice for their circumstances and the current market.

Sell now?

“Right now, we are still seeing excellent demand across the northern coastal suburbs,” says Linda Noble, Director at Noble Avenue Real Estate. “With limited listings available and buyer confidence remaining high, an inherited property can attract strong interest, especially if it’s presented well and priced strategically.”
Selling soon after inheritance can help you capture current buyer demand and simplify the estate process. Our team can provide a detailed market appraisal, prepare a sale strategy and coordinate everything from styling to marketing, allowing you to move forward with confidence.

Hold for now?

“In some situations, families want to take time before making any major decisions,” explains Jay Dass, Noble Avenue Real Estate Property Partner. “That’s perfectly okay. We often work with clients who want to understand market trends, likely price growth, and potential future opportunities before selling.”
If you are considering holding your inherited property, our agents can provide ongoing market updates and guidance on when conditions might be most favourable to sell, ensuring you are ready when the timing feels right.

Renovate or redevelop
“If the home has potential, updating or rebuilding can unlock incredible value,” says Shirley Heslip, Noble Avenue Real Estate Property Partner. “Suburbs like Duncraig, Karrinyup and Carine are seeing renewed buyer interest in modernised and architecturally enhanced homes. Even smaller updates can have a big impact.”
Our Noble Elevate Program can help assess what improvements deliver the highest return and what buyers in your area are currently looking for, and then fronts the cost of these improvements for you until the home is sold. "We are seeing $20,000 investments returning over $150,000 with recent sales, as people don't want to renovate themselves; they want to buy a home that is fresh and modern", Shirley says.

Need help deciding?

Every family’s circumstances are different, and there’s rarely one clear answer. Noble Avenue’s experienced agents can provide a personalised Inherited Property Gameplan to help you weigh your options, understand the local market, and move forward with confidence.

How the wealth transfer will change buyer behaviour here

• Expect even more support from the “Bank of Mum and Dad” and earlier “warm hand” gifts, meaning more deposit ready younger buyers and faster decision cycles when family homes in Ocean Reef, Mullaloo and Iluka hit the market.
• Inheritances are not just for 20 somethings. Many recipients are 55 and over, often selling to simplify, meaning more premium, renovated stock entering established suburbs such as Duncraig, Carine and Karrinyup.

Five practical tips if you are about to inherit or act as executor in the northern suburbs

1. Get in contact with Nobel Avenue Real Estate early so a game plan can be mapped out.

2. Photograph and insure early to protect the asset. Insurers may need occupancy details.

3. Get an on the ground appraisal and strategy to understand suburb specific pricing, buyer segments and optimal timing.

4. Gather compliance documents such as approvals, keys, reticulation, pool info, smoke alarms and RCDs. Smooth settlements protect value.

5. Know your CGT clock. Ask your adviser about the ATO’s two year window, even if you plan to hold.

6. Check nominal duty pathways for beneficiary transfers before sale where appropriate.

Thinking of selling or transferring an inherited property?

The great wealth transfer is already underway. With older age profiles across Hillarys, Sorrento, Kallaroo, Mullaloo, Carine, Duncraig, Karrinyup, Iluka, Currambine, Ocean Reef and Burns Beach, more estates will come to market over the next decade.

The decisions made in the first few months after inheriting a property can significantly influence both emotional and financial outcomes. Choosing when and how to sell, and understanding what preparation is needed, can make all the difference.

At Noble Avenue Real Estate, we recognise that these homes carry deep family value and history. Our approach is designed to balance sensitivity with strategy, ensuring you achieve the best possible result while honouring the legacy of your property.

Book your free, confidential Inherited Property Gameplan
Our 30-minute consultation includes:

• A detailed property price guide tailored to your suburb

• Insights on timing, marketing strategy, and current buyer activity

• Guidance on the paperwork you’ll need next, including Probate, Landgate, and VOI requirements

Your northern coastal specialists
Our team understands the local market like no one else, drawing on suburb-specific data and proven strategies that resonate with buyers in Hillarys, Sorrento, Kallaroo, Mullaloo, Iluka, Burns Beach, Currambine, Jindalee, Carine, Duncraig, Karrinyup and surrounding areas.

Take the next step with confidence.
Reach out to Noble Avenue Real Estate today to arrange your complimentary Inherited Property Gameplan and discover the most strategic path forward for your family home.

Disclaimer: This article is general information only and does not constitute financial or legal advice. Always seek independent advice from a qualified solicitor, conveyancer or tax professional for your specific circumstances.