REIA: Consumer price index a ‘mixed bag’ for housing and home buyers
The All Groups consumer price index (CPI) climbed by 1.3 per cent in the December quarter of 2021 and by 3.5 per cent fo...
Fresh data has shown the areas in Western Australia that have witnessed an increase in median sale price for the last quarter.
Data from the Real Estate Institute of Western Australia (REIWA) has found that over the September 2020 quarter, several regional centres recorded an increase.
Karratha saw the biggest boost, with the September quarter median sale price increasing 8.1 per cent to $465,000.
“Geraldton experienced the second highest growth in median price for the quarter with an increase of 3.4 per cent to $275,000, Kalgoorlie Boulder by 3.3 per cent to $285,000, Port Hedland by 2.2 per cent to $230,000 and Bunbury which remained stable at $350,000,” REIWA president Damian Collins added.
Further, the REIWA data also indicated an increase in sales activity for the quarter.
The Kalgoorlie Boulder was touted as the standout in this regard. It recorded a 115 per cent increase in sales activity for the quarter and 57 per cent compared with the year prior.
“Karratha also saw a 61 per cent increase in sales activity. The significant increase we are seeing in some of the mining regional centres is partly due to the commitments mining companies have made to keep workers in WA since COVID-19 restrictions were introduced,” Mr Collins said.
“From a rental market perspective, listings for rent dropped across the board, with all nine regional centres recording a reduction compared to the June 2020 quarter. Bunbury and Geraldton experienced the highest decrease with a 53 per cent drop in rentals,” Mr Collins said.
“There were two regional centres which reported less than 15 rental properties available at the end of the September quarter, including Busselton which experienced a 50 per cent decrease in listings with 14 rentals available and Esperance with only nine rentals available and a 44 per cent decrease in listings.
“With the changing WA economy and the population growth we are seeing, we will see continued upward pressure on sales and rental values in our regional centres in the coming months.”