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Western Australian Property markets will lead the growth in the country's real estate in the future, according to BIS Shrapnel. The firm's report predicts that the region will see the biggest growth thanks to vacancy rates and a slightly undersupply in housing. But one big factor? Immigration.

Indeed, immigration has picked up in recent years, reports Property Observer, predicted to reach 250,000 in 2013 - approaching, but not matching, the 2009 peak of 300,000. And Western Australia is one of the most popular places, attracting almost one fifth of all overseas arrivals.

"WA and Queensland are expected to see the biggest improvement as their economies post some of the strongest growth and also attract strong numbers of interstate migration," commented Angie Zigomanis, Senior Manager at BIS Shrapnel.

But the future is less bright for Victoria, adds the firm. The state has been building "too many new apartments and houses", while prices are higher than WA and Queensland markets.

"The weakness we have seen in Melbourne so far is only just the beginning," apologised BIS MD Roger Mellor.

"There is a lot of pain to come for Victoria, and there is a danger of the state going into a longer downward cycle," he added.