WA’s top performing regional market revealed

In just a few months, the median house price rose from $430,000 in June to $445,000 in September.

Not only were house prices on the rise, Bunbury properties also spent substantially less time on market, with the median home taking 15 days to sell – a significant drop from the 23-day median in the first half of this year.

According to Joe White, president of the Real Estate Institute of Western Australia (REIWA), the shrinking market time is a reflection of buyers’ growing demand for Bunbury homes.

“With 13 interest rate hikes since May 2022, affordability is important to buyers, and Bunbury is relatively affordable, particularly when you compare it to Perth and neighbouring Busselton,” Mr White said.

“It’s close to Perth, offers the benefits of a South West lifestyle, and is close to many other attractions of the South West,” he added.

Bunbury is a coastal city located 175 kilometres south of Perth, and is Western Australia’s most populous city after Perth and Mandurah.

Mr White explained: “As a large regional centre, it also offers a lot of employment opportunities, and these are set to grow with plenty of development in the area.”

For now, however, pre-existing homes are being preferred over new developments, with Mr White noting that “population growth, combined with the challenges in the rental market and ongoing constraints in the building industry are maintaining demand for established homes”.

Over the past 12 months, the median house price in Bunbury rose 8.5 per cent, a whisker under Port Hedland’s year-on-year hike of 9.1 per cent.

Currently, the most expensive Western Australian regional centre for home buyers is Busselton, whose median house price currently sits at $685,000.

Rents in Bunbury are also on the up, with the city recording an 11.1 per cent increase over the last 12 months.

However, this pales in comparison to the north-west town of Karratha, which saw rents rise a massive 60 per cent year-on-year to a total of $1,200 per week – more than double Bunbury’s median of $550 per week.

Mr White stated: “There are growing employment opportunities as the resource sector continues to strengthen and this fuels the need for rental properties in these areas.”

“While building constraints are having an impact on all markets, they are greater in regional areas, like the Pilbara,” he explained.

“As a result, there is pressure on the rental market to meet the needs for housing.”