House prices in Bunbury and the South West are increasing and fairing better than Perth properties according to the latest figures from REIWA.
The Greater Bunbury region’s median house increased by 2.8 per cent in the December 2017 quarter with a median house price of $365,000, outperforming the Perth Metro area.
REIWA president Hayden Groves said Bunbury had a solid December 2017 quarter, recording stable sales volumes.
“It would appear the Bunbury property market found its floor in 2017, which is consistent with trends observed across regional WA as a whole,” he said.
“Market conditions in Bunbury should moderately and steadily improve throughout 2018, however it’s unlikely we will see any rapid growth in house prices over the next 12 months.”
Overall the regional WA median house price increased to 2.9 per cent during the quarter, with Karratha the top performer with a 13.5 per cent rise.
“Busselton, Albany and Esperance also recorded strong price growth, lifting 9.8 per cent, 7.2 per cent and 6.3 per cent respectively,” Mr Groves said.
“Pleasingly, house prices improved across the board, with centres both north and south of Perth showing positive growth.
“West Australians are feeling more optimistic and buyer enthusiasm is returning.”
Mr Groves said after a challenging couple of years Bunbury was exhibiting strong signs of recovery.
“Regional WA is wide and varied, so it’s important to look at the individual markets,” he said.
“Our analysis found a mixed bag of results in the December quarter, with sales activity in a number of regional centres increasing or stabilising.”
REIWA data showed sales activity in Bunbury and Busselton were stable while Northam, Karratha and Esperance saw increases.
It was also 10 days quicker to sell a property in regional WA during the December 2017 quarter than it was in the September 2017 quarter.
“Overall, despite subdued sales volumes across regional WA in the December 2017 quarter, the market is moving in the right direction with price growth a leading indicator,” Mr Grove said.
“The signs are there that, like Perth, regional WA has entered the next phase of this property cycle and a number of centres already appear to have started their recovery.”
