WA’s top-performing regional markets revealed

Moreover, seven of the nine centres experienced median house price growth from September to December 2020.

According to REIWA president Damian Collins, Port Hedland saw the biggest improvement, with the median price up 9.3 per cent on the quarter and 17 per cent on the year to $270,000.

“Esperance was another strong performer, with its median increasing to $343,000, an increase of 3.9 per cent during the quarter and 9.8 per cent compared with the December 2019 quarter,” Mr Collins said.

Sales activity posted strong growth, too, with as many as five regional centres recording a boost during the quarter. Karratha and Geraldton were the standouts with sales activity growth of 15 and 12 per cent, respectively, according to REIWA.

The other centres to record improvements were Port Hedland (up 7 per cent), Albany (up 4 per cent) and Kalgoorlie-Boulder (up 1 per cent).

“Overall, the regional sales markets are showing strong signs of recovery, with mining sectors like Port Hedland and Karratha leading the way. This is in part due to the commitment by mining companies to keep their workers in WA as they continue to navigate the COVID-19 travel restrictions,” Mr Collins said.

“With the fallout of COVID-19 changing how we do business, Western Australians are increasingly able to work remotely and therefore have more freedom to choose where they want to live. It will be interesting to see whether this translates to longer-term regional population growth,” he noted.

Listings for rent constrict

But strong demand has seen rental listings decline in seven regional centres during the December quarter, with almost all regional WA markets now in a state of undersupply.

Among the most restricted markets were Busselton and Bunbury, with listings down 36 per cent and 23 per cent, respectively.

“With fewer rentals available across regional WA, tenants were having to offer more weekly rent to secure a lease. Port Hedland and Karratha recorded the biggest quarterly increase in rent price, with their median rents up $55 to $550 per week and $50 to $700 per week, respectively,” Mr Collins said.

He also noted subdued investor activity as a major contributor to a drop in vacancy rates to below 1 per cent.

“Investors may want to consider regional WA as part of their investment portfolio rather than just focusing on Perth,” Mr Collins concluded.

REGIONAL CENTRE	MEDIAN HOUSE SALE PRICE	QUARTERLY CHANGE IN MEDIAN PRICE	ANNUAL CHANGE IN MEDIAN PRICE	MEDIAN RENT PRICE
Albany	$380,000	1.3%	1.3%	$370 per week
Broome	$480,000	1.2%	6.7%	$598 per week
Bunbury	$355,000	1.4%	1.4%	$363 per week
Busselton	$505,000	1.1%	-0.2%	$470 per week
Esperance	$343,000	3.9%	9.8%	$350 per week
Geraldton	$275,000	0.0%	3.8%	$320 per week
Kalgoorlie-Boulder	$295,000	1.7%	1.7%	$380 per week
Karratha	$470,000	0.0%	17.5%	$700 per week
Port Hedland	$270,000	9.3%	17.4%	$550 per week You need to be a member to post comments. Become a member for free today! Comments powered by CComment Related articles Author Maja Garaca Djurdjevic Know more More from this writer: Major bank says inflationary pressures on the way up Housing markets brace for ‘tricky’ territory, but a rapid snapback could be on the cards Australia’s build boom could end in 2022 as lack of migrants bites Australia’s preliminary auction clearance rate just fell to a new low Property market told to brace for more frequent natural disasters Westpac warns of sharp economic contraction Pioneering buyer’s agent reveals his secrets to building a fruitful property career