Property news you need to know: The week ending 19 September
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For the fourth quarter in a row, a majority of Western Australian regional centres have recorded an increase in house prices.
Eight of Western Australia’s nine regional centres have experienced median house sale price growth in the June quarter, with one particular centre standing out from the pack following price gains of 8.8 per cent.
Port Hedland has emerged as the top regional performer both in the June quarter and on an annual basis, and has take the crown of 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, according to data from REIWA.
“Regional WA’s recovery is tracking well. It’s pleasing that the state’s strong market conditions are not just contained to , but are being experienced across the regions,” said REIWA president Damian Collins.
In fact, on an annual basis, all nine regional centres recorded median house sale price growth, with 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) among those experiencing gains of over 20 per cent in the year to June.
Listings too were up across five regional centres, led by Karratha (up 45 per cent) and 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.
As for the median time to sell a property, that declined in seven regional centres in the three months to June, with Busselton taking the title for the largest reduction of 23 days to just 16 days on market.
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).
Looking ahead, Mr Collins said that the recovery of the regional sales markets shows no signs of slowing down.
“With prices up and competition among 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.”
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