This article is from the Australian Property Journal archive
SEVEN regional centres in Western Australia recorded price growth in the March quarter, as house values in the region continue to climb.
Among the seven centres, Port Headland saw the biggest growth in prices for the quarter, with median house sale prices increasing by 9.4% to $320,000.
Furthermore, Porth Hedland house sale prices have grown by 39% over the last 12 months, the biggest increase across WA.
“The driving force behind Port Hedland’s improvement in median sale price is the resurgence of the Pilbara’s mining sector. Mining companies are pushing for localised workforces which is drawing more people to the area and creating extra demand for property,” said Damian Collins, president at REIWA.
In Esperance median house sale price grew by 5.1%, up 17.5 % for the year, while Kalgoorlie-Boulder saw similar increases, with the median house sale price up 5% for the quarter and 12.1% for the year.
In Broome, the quarterly price change was up 1.5%, while annually it has increased by 13.3% and in Geraldton for the quarter the price change was up 3.4% for the quarter and 15.4% for the year.
Of the regional centres, Busselton and Karratha were the only areas that didn’t see growth over the quarter. Busselton was stable and Karratha saw a 0.5% decline.
“Annually though, Busselton’s median house sale price is up 2.6%, while Karratha’s median is up 11.9%,” added Collins.
| Regional centre | Median house sale price | Quarterly price change | Annual price change | Quarterly change in listings | Annual change in listings |
| Albany | $388,000 | 2.1% | 4.9% | -25% | -49% |
| Broome | $510,000 | 1.5% | 13.3% | 24% | 2.0% |
| Bunbury | $360,000 | 1.4% | 2.9% | -26% | -42% |
| Busselton | $510,000 | 0.0% | 2.6% | -36% | -60% |
| Esperance | $370,000 | 5.1% | 17.5% | -16% | -48% |
| Geraldton | $299,995 | 3.4% | 15.4% | -3% | -43% |
| Kalgoorlie-Boulder | $315,000 | 5.0% | 12.1% | 22% | -33% |
| Karratha | $470,000 | -0.1% | 11.9% | 7% | -17% |
| Port Hedland | $320,000 | 9.4% | 39.1% | -13% | -44% |
While median house sale prices were up, listings were down in six regional centres in the March quarter, with eight centres recording an annual decline.
“The state’s housing shortage is widespread and certainly being felt prominently throughout regional WA. Busselton recorded the biggest decline, with listing volumes down 36% compared to the December 2020 quarter and 60% compared to the March 2021 quarter,” said Collins.
Bunbury recorded a drop of 26% in listings for sale for the quarter and a fall of 42% over the year. Bunbury also saw median house prices climb by 1.4% for he quarter and 2.9% for the year.
Likewise in Albany listings were down 25% for the quarter and 49% for the year, though the region did see a 2.1% increase in median house sale price for the quarter and a 4.9% increase for the year.
“Just like we are seeing in Perth, the shortage of properties for sale throughout regional WA is creating competition amongst buyers and putting upwards pressure on house prices. Until the gap between supply of properties and buyer demand starts to close, house prices will likely continue to rise,” concluded Collins.
