Just in the middle of preparing our 887 application at the moment. Should be ready to submit next week. Unfortunately, the first question on the visa application is whether or not you have lived and worked regionally for 2 years. So, yes you will have to wait for 2 years. We have been impatient as well, but the end is in sight.
It seems to be a relatively straight forward application. Make sure you have all of your documentation ready to evidence that you have lived and worked regionally etc. You could start scanning it in now to save you time nearer to when you submit your application.
We also chose WA to settle in and are about 6 hours north of you in Geraldton.