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Six of Western Australia’s nine regional centres recorded an increase in median house sale price during the March 2019 quarter.
REIWA President Damian Collins said Karratha saw the most notable improvement, with its median lifting 18.8 per cent from $345,000 to $410,000.
“While sales were down in Karratha during the March quarter, the median price of those properties that did sell were notably higher than those that sold in the December quarter. Karratha’s median house price is also performing well on an annual basis, up 17.1 per cent compared to the March 2018 quarter.
“After a turbulent few years following the slowdown in the mining sector, Karratha is starting to reap the benefits of renewed investment in mining projects in the Pilbara, which is having a positive impact on house sale prices.
“Leasing activity in Karratha’s rental market has almost doubled over the last year, which is a good indicator that an improvement in sales is not too far behind. Typically during a recovery, we observe improvements in the rental market before the sales market follows,” Mr Collins said.
Bussleton and Geraldton were the other two stand outs from the March quarter, with reiwa.com data showing improvements in median price and sales volumes in both regional areas.
“Busselton’s median house sale price increased 4.5 per cent to $522,500, while sales rebounded 56 per cent following a particularly quiet December quarter. Busselton also showed a median price increase of four per cent on an annual basis, which is positive news,” Mr Collins said.
“In Geraldton, the median house sale price increased 8.5 per cent to $275,000 and sales were up six per cent, however, Geraldton’s median price was still down by 1.8 per cent on an annual basis.”
Esperance, Kalgoorlie Boulder and Port Hedland were the only regional centres to record median house price declines during the quarter.
“Although Esperance’s median house price was down, it was one of only three regional centres (along with Busselton and Geraldton) that saw sales volumes increase during the quarter,” Mr Collins said.
“While overall sales volumes remain subdued throughout regional WA, median house sale prices are holding up well, which is an encouraging sign that we may be approaching the bottom of the market.”