"REIWA President Joe White said Bunbury, like many regions, was seeing strong demand for established homes, which was putting upward pressure on prices."
Bunbury was the top performing regional centre for the September 2023 quarter, recording a 3.5 per cent increase in its median house price.
Its median house price rose from $430,000 in the June 2023 quarter to $445,000.
REIWA President Joe White said Bunbury, like many regions, was seeing strong demand for established homes, which was putting upward pressure on prices.
“Houses in the Bunbury regional centre sold in a median of 15 days, which is eight days faster than the previous two quarters. This reflects the high demand,” Mr White said.
“Population growth, combined with the challenges in the rental market and ongoing constraints in the building industry are maintaining demand for established homes.”
Bunbury saw a lot of sales activity at the lower end of the market during the quarter.
“With 13 interest rate rises since May 2022, affordability is important to buyers, and Bunbury is relatively affordable, particularly when you compare it to Perth and neighbouring Busselton,” Mr White said.
“It’s close to Perth, offers the benefits of a South-West lifestyle and is close to many other attractions of the South West.
“As a large regional centre, it also offers a lot of employment opportunities, and these are set to grow with plenty of development occurring in the area.”
Five of the nine regional centres recorded price growth over the quarter, one remained stable and three recorded declines.
Annually, Port Hedland recorded the most growth, with its median house price rising 9.1 per cent over the year to $500,000. Bunbury was the second best performer with an 8.5 per cent increase in its median house price.
In the rental market, five regional centres recorded an increase in their median weekly rent over the quarter. Two remained unchanged and two declined.
Karratha saw the most growth, with its median weekly rent increasing 23.1 per cent to $1,200.
While rent prices are rising, they are still below the peak of $1,750 set in the December 2011 quarter.
Mr White said rents in the North West had seen strong growth.
“The median weekly rent in Karratha has increased 60 per cent in the past year. Port Hedland has seen 19.1 per cent growth,” he said.
“There are growing employment opportunities as the resource sector continues to strengthen and this fuels the need for rental properties in these areas.
“While building constraints are having an impact on all markets, they are greater in regional areas, like the Pilbara.
“It is difficult to get trades and materials, the cost of building has risen significantly and is prohibitive for many people. As a result there is pressure on the rental market to meet the needs for housing.”
|Regional centre||Median house sale price||Three-month change||12-month change|
|Regional centre||Median weekly rent price||Three-month change||12-month change|
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