This article is from the Australian Property Journal archive
BUNBURY posted the biggest house price gains across regional Western Australia in the March 2024 quarter, according to the latest data from REIWA.
Its median house price rose 5.9% to $487,000, up from $460,000 in the December quarter.
Strong activity was seen across all price points in Bunbury, but the market was particularly competitive for houses priced around $600,000.
REIWA president Joe White said Bunbury is attracting interest from a wide range of buyers including east coast investors, first home buyers looking to exit the rental market, and people from Perth or other regional centres looking for a lifestyle change.
“Our members aren’t expecting a slowdown over winter and are forecasting strong growth over the next quarter.”
Houses in Bunbury were snapped up in a median of 11 days during the March quarter, which was one day faster than the December quarter and 14 days quicker than a year ago.
Busselton recorded a 4.2% uplift in price over the quarter, to $750,000, and Kalgoorlie-Boulder a 4.0% increase to $365,000. Port Hedland was up 2.9% to $540,000, while more modest growth was seen elsewhere.
White said that while the upper end of the market remains buoyant, higher priced properties are starting to take longer to sell.
“This is a trend across a number of regions. Our members report that homes in the low and middle price ranges continue to sell quickly, while there is a softening in the higher price brackets.
“Affordability remains a key factor for buyers across all regions.”
Eight of the regional centres recorded price growth over the quarter. Karratha was the only regional centre where the median house price declined, slipping 0.4%.
Annually, Port Hedland saw the highest growth, with the median house price rising 15.5%to $540,000. Bunbury was the state’s second best performer, recording 14.6% growth.
Mixed rental market results
In the rental market, four regional centres recorded an increase in their median weekly rent over the quarter. Three remained unchanged and two saw a decline.
Broome led rental market growth over the March quarter, with its median weekly rent increasing 9.5% to $1,150 per week on the back of the opening of the Thunderbird mine site.
White said that as renting becomes less affordable, people are electing to buy instead.
“This in turn puts pressure on sale prices.
“This is common trend across many of the regions, and Perth.”
All regions recorded an increase in their median rent over the year.
