Bunbury real estate 'challenging for sellers' as median house prices drop 14 per cent

The latest available statistics from the Real Estate Institute of Western Australia, for the first quarter of 2019, show a sizeable drop in the price of sold properties.

In the March quarter, 31 homes were sold in Bunbury with the median sales price of $445,000.

This is a 14.1 per cent drop from the first quarter of 2018, with the average price dropping $73,000 from $518,000.

The trend is mirrored in Australind, despite significantly more sales taking place.

In the March quarter, 198 home sales were recorded, with the median property price $350,000.

This has fallen 5.4 per cent from $370,000 in the equivalent period in 2018.

On the other side of the scale, the average price of selling homes in Carey Park has increased.

With 56 home sales in the first quarter of 2019, the median price has increased 8 per cent from $220,000 to $237,500.

REIWA deputy president Lisa Joyce said the whole region had been impacted by a downturn in the industry.

"The overall South-West property market remained challenging for sellers during the March 2019 quarter, with data showing sales volumes were subdued," she said.

"Bunbury's median sale price lowered to $445,000 with a 14.1 per cent decrease to the annual change for one year median, however compared to five years ago the median has decreased only 3.4 per cent.

"In more positive news, median sale prices stabilised across the region at $375,000 and listings for sale decreased by 10 per cent compared to March 2018 quarter.

"While overall sales volumes remain subdued across regional WA, median house sale prices are holding up well.

"Once the changes to the Australian Prudential Regulation Authority, Reserve Bank of Australia rate cuts and Keystart initiative are in full effect, we would hope to see an increase of buyers which may lead to the beginning of a recovery."