Eight of the nine regional centres of Western Australia have recorded an increase in median sale price for the September 2020 quarter, with Karratha experiencing the largest increase of 8.1 per cent to $465,000.
REIWA President Damian Collins said after experiencing a lull in the market in recent years, it is pleasing to see not only the median price improve, but also listings for sale and sales volumes increase across many areas of regional WA.
“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,” Mr Collins said.
reiwa.com data also revealed that six regional centres saw an increase in sales activity for the quarter, with Kalgoorlie Boulder the standout, revealing a 115 per cent increase in sales activity for the quarter and 57 per cent compared to 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.
Most of the other regional centres performed well with sales in Broome (up 64 per cent), Geraldton (up 50 per cent), Esperance (up 39 per cent), Busselton (up 13 per cent), Bunbury (up two per cent).
Regional rental market
“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.”
Source REIWA - original article available here.