Home News Three regional centres remain WA’s brightest spots

Three regional centres remain WA’s brightest spots

Font size :

Western Australia's regional centres recorded mixed housing-market performance over the final months of 2018, but three remained the state’s brightest spots.

Western Australia's regional centres recorded mixed housing-market performance over the final months of 2018, but three remained the state’s brightest spots.

The latest property snapshot by the Real Estate Institute of Western Australia showed that only three of the nine regional centres experienced a quarterly growth in median home prices — Busselton, Port Hedland and Bunbury.

The growth in these areas was enough to help regional WA to record a 5.5% growth in median home prices to $335,000.

"The increase in price in Busselton, Port Hedland and Bunbury — three of the larger regional centres in the state — was a big driver behind why regional WA’s overall median house price improved during the quarter," REIWA president Damien Collins said.

However, Western Australia's median home price declined by 1.5% when compared to the previous year.

The table below shows how each regional centre performed:

REGIONAL CENTRE

MEDIAN HOUSE PRICE

QUARTERLY CHANGE

ANNUAL CHANGE

Albany

$392,500

↓ 1.7%

↑ 3.3%

Broome

$430,000

↓ 8.5%

↓ 13.1%

Bunbury

$345,000

↑ 1.5%

↓ 5.5%

Busselton

$555,000

↑ 11.2%

↑ 5.7%

Esperance

$325,000

↓ 4.4%

↓ 10.0%

Geraldton

$280,000

↓ 0.9%

↓ 9.7%

Kalgoorlie-Boulder

$305,000

- 0.0%

- 0.0%

Karratha

$329,000

↓ 0.3%

↑ 8.0%

Port Hedland

$210,000

↑ 5.0%

↓ 8.7%

Regional WA

$335,000

↑ 5.5%

↓ 1.5%

 

In terms of sales activity, two regional centres posted an increase. Geraldton and Kalgoorlie-Boulder reported year-on-year sales growth of 10% and 17%, respectively. On a quarterly basis, Geraldton scored sales growth of 36%, while Kalgoorlie-Boulder recorded 10%.

Collins said the local resurgence in mining projects has contributed to the sales of homes in these regions, particularly in Kalgoorlie-Boulder and Port Hedland. The rejuvenated mining support in these areas has created more local jobs and helped to boost population growth.

"With mining projects in these regions expected to continue to grow, this should have a positive impact on the regions’ property markets and aid in their recovery," he said.

It can be confusing to know whether to get a variable rate or fixed rate mortgage, and what features are important. That's why it's important to not only check the right rates, but make sure that you're getting the right features in your home loan. Get help choosing the right home loan

Mortgage News and Articles

What you need to know when buying a tenanted property What you need to know when buying a tenanted property

Are you occupying the property or are you taking over as the landlord? Read more

Consider these things before you fix your home loan rate Consider these things before you fix your home loan rate A fixed-rate home loan has its pros and cons — see if it fits your current needs ... Read more

How long does a loan or mortgage pre-approval last? How long does a loan or mortgage pre-approval last? A pre-approval can be a huge head start in your home buying journey ... Read more

Understanding comparison rates Understanding comparison rates Comparison rates help you find out how much your home loan really costs ... Read more

More mortgage news and articles

Sponsored Links

Saturday, Feb 23, 2019
Top Featured Rates
Top Bank Rates

Get help choosing the right home loan

Let us help you find the right home loan for your needs.

Tell us a bit about your circumstances:
  • Purpose of mortgage
  • Household Income
    $
  • How much do you want to borrow?
    $
  • How much deposit do you have?
    $
  • How much is your house worth?
    $
  • How much do you still owe on your mortgage?
    $
  • What type of mortgage do you have?


  • How much is your new home?
    $
  • How much do you want to borrow?
    $
  • How soon do you want a mortgage?
Next
  • First name
  • Last name
  • Where do you live?
  • Phone number

Special Offers

Related Keywords