Busselton, Bunbury named top-performers among WA regional markets

“Regional WA continues to benefit from the state’s strong economy, jobs market, growing population and people’s desire for a lifestyle change,” he stated.

He attributed Busselton’s steady performance to demographic trends. “Busselton has been a consistently strong performer over the past few years, both quarterly and annually, which is driven by population growth,” Mr White noted. 

Data from REIWA showed that Busselton’s median house price rose 5.4 per cent to $648,000 during the period — making the regional centre the top performer among its peers. 

The impressive growth figures come on the heels of a strong June quarter performance. Busselton was the second best-performing region for the previous three-month period, recording a 4.5 per cent in its median selling price, which currently stands at $610,000. 

Busselton was also named the biggest winner in terms of annual gains. Over the year, house prices in the coastal city are up by a staggering 22.3 per cent. 

On top of strong population growth underpinning the beach town’s upward price trajectory, Mr White noted that its lifestyle offerings is also one of its drawcards. 

“There are three mining companies that fly out of Busselton, so the area is attracting FIFO workers who come down to enjoy the lifestyle,” he noted. 

In addition to the area’s lifestyle appeal, Mr White noted that significant changes in workplace trends also played a hand in Busselton’s strong popularity. 

“There is also an increase in the work-from-home/micro-business trend; the idea of having to live where you work has changed significantly post-COVID. In this field, we’re seeing a lot of growth in the 25-35 age bracket who are choosing to enjoy the south-west lifestyle,” he said. 

Bunbury was the second-biggest gainer during the quarter, recording a 2.5 per cent increase in median house prices to currently stand at $410,000. 

Mr White said that while the coastal city also attracted fly-in-fly-out (FIFO) buyers, its growth is more related to its position as a major employment centre. 

“Bunbury is a bigger regional centre and has a strong industrial and manufacturing base as well as the port. These are all major sources of employment, which attracts residents,” he said.  

Interestingly, he noted that Bunbury’s medical industry also makes it a viable choice for those who are relocating. 

“There are two great hospitals in the area that offer the same range of medical services as you would find in Perth. This is great for residents but is also seeing young medical professionals relocate based on the employment opportunities and lifestyle benefits,” he said. 

One other notable mover over the quarter was Albany, where median house prices rose by 2.3 per cent to $445,000. 

Meanwhile, other markets plateaued or fell during the quarter. Geraldton edged up by 0.3 per cent, while Broome, Esperance and Kalgoorlie saw no movement in house prices during the period. 

On the other hand, median house prices in Karratha fell by 0.3 per cent, while Port Hedland house values fell by a steep 2.3 per cent over the three months to September. 

And while Port Hedland was the biggest loser among regional markets during the latest quarter, the market notched the second-biggest price growth in the 12-month period to September. 

House prices in Port Hedland are up by 12.9 per cent year-on-year, with a current median house price of $465,000. 

Mr White said Port Hedland’s strong annual growth was a reflection of the ongoing effects of the mining-driven employment. 

Other regional centres to notch double-digit annual growth in median house sale price were Albany (10 per cent) and Broome (10.9 per cent). 

While there are areas that are ahead of other markets in terms of price growth, Mr White noted that “annually, all regional centres have seen growth over the past 12 months”.