INDUSTRY NEWSNEWSWA

Western Australian regional centres enjoy a spike in house prices

The Western Australian regional real estate market has seen a huge surge in interest over the past year.

Eight of WA’s nine regional centres experienced growth in median house sale prices in the June 2021 quarter, with Port Hedland experiencing the biggest growth rate of 8.8 per cent. 

Real Estate Institute of Western Australia (REIWA) president Damian Collins said this marked the fourth quarter in a row that most regional centres had recorded an increase in the median house sale price. 

“Regional WA’s recovery is tracking well. It’s pleasing that the state’s strong market conditions are not just contained to Perth, but are being experienced across the regions,” Mr Collins said. 

On an annual basis, REIWA data shows all nine regional centres recorded median house sale price growth, with five centres recording more than 20 per cent growth in the year to June 2021.

“Port Hedland was also the top regional performer on an annual basis, and in fact the top performer of anywhere in the state, with its median house sale price increasing 57.8 per cent to $359,000 in the year to June 2021,” Mr Collins said.

Other regional centres to record strong price growth over the last year were Esperance (up 24 per cent), Broome (up 22.8 per cent), Geraldton (up 21.5 per cent) and Kalgoorlie-Boulder (up 20.4 per cent).

Listings for sale in Western Australia

Five regional centres recorded an increase in listing volumes during the June 2021 quarter. 

Karratha recorded the biggest percentage increase in listings (up 45 per cent), followed closely by Port Hedland (up 44 per cent), then Broome (up 15 per cent), Geraldton (up 9 per cent) and Bunbury (up 2 per cent).

“With regional WA now firmly in a recovery phase, it’s clear that property owners are feeling more inclined to sell. While on an annual basis listings are still mostly down, it’s pleasing that we’re starting to see more properties come to market. There is a strong appetite from buyers which is creating competition and helping drive up house prices,” Mr Collins said. 

Busselton and Albany recorded the biggest decline in listing volumes during the quarter, with stock levels in both regional centres dropping 17 per cent during the quarter.

Median selling days

The median time to sell a property declined in seven regional centres during the June 2021 quarter.

Busselton recorded the biggest reduction in time, with its median selling time dropping 23 days to 16 days during the quarter. 

“With limited listing stock available in the area, buyers are needing to act very quickly in Busselton to secure a property,” Mr Collins said. 

Other regional centres to record a notable decline in median selling days were Karratha (down 16 days to 22 days), Bunbury (down 10 days to 32 days), and Kalgoorlie-Boulder (down nine days to 39 days). 

“The recovery of the regional sales markets shows no signs of slowing down. With prices up and competition amongst buyers high, conditions are very favourable for sellers in our regional markets,” Mr Collins said. 

“REIWA anticipates that the strong growth recorded across regional WA during the 2020-21 financial year will continue throughout the latter half of 2021 and into 2022.”

Changes seen in Western Australia’s nine regional centres. Source: REIWA

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