RESIDENTIAL PROPERTY

Regional WA prices performing strongly

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IN Western Australia eight out of nine regional centres are recording an increase in median sale price, with Karratha coming up on top with an 8.1% increase.

REIWA data has shown that in the September 2020 quarter there has been an increase in regional WA of not just median prices, but listings for sales and sales volumes increases.

“Geraldton experienced the second highest growth in median price for the quarter with an increase of 3.4% to $275,000, Kalgoorlie Boulder by 3.3% to $285,000, Port Hedland by 2.2% to $230,000 and Bunbury which remained stable at $350,000,” said Damian Collins, president of REIWA.

Karratha while having the largest increase in median sale prices, at $465,000, also reported a 61% increase in sales activity. With Kalgoorlie Boulder having the highest increase in sales activity at a 115% increase for the quarter and 57% compared to last year.

“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,” said Collins.

Only three regional centres experienced a drop in sales activity, Port Hedland experienced a 16% drop, Albany 4% and Greater Perth 2%. Greater Perth was also the only centre with a declining median sale price for the quarter, though small at 0.2%.

Rental listings however showed a drop a in listings across all regional centres for the quarter, with both Bunbury and Geraldton falling by 53%. Karratha and Kalgoorlie Boulder showed a significantly smaller decline at 3% and 4% respectively.

“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% decrease in listings, with 14 rentals available and Esperance with only nine rentals available and a 44% 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.” said Collins.

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