Regional WA starts the year strong

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Western Australia’s regional market has carried the torch for the state over the first three months of 2016.

After seasonal conditions saw the WA regional markets perform poorly over the December 2015 quarter, the three months to March 2016 have been a different story with figures from the Real Estate Institute of Western Australia (REIWA) showing regional house, unit and land markets outperformed their metro counterparts.

“It’s really pleasing to see that regional WA’s overall median price lifted 1.3 per cent over the quarter, and looking at houses, units and land individually, there was notable growth in all three areas,” REIWA president Hayden Groves said.

“In particular, units experienced the biggest quarterly growth in median price, lifting six per cent. This can mostly be attributed to the Mandurah-Murray region which saw its median unit price improve significantly to $390,000 over the quarter, from $320,000 in the December quarter 2015,” Groves said. 

Source: REIWA

In comparison, REIWA’s figures for Perth over the March quarter show the metro market was much more subdued over the three-month period, with house and unit prices pulling back slightly when compared to figures from the December quarter.

In terms of house prices, Bunbury was regional WA’s best performing sub-market over the quarter.

“Bunbury in the state’s South West saw the biggest increase to its quarterly median house price in the March quarter, lifting 5.6 per cent to $395,000,” Groves said.  

“Bunbury also saw an improvement in house sales activity over the quarter, with volumes increasing six per cent in the first three months of this year.”

House prices also increased over the quarter in Northam, up 4.3% to $245,000, Albany Urban Area up 2.7% to  $386,000,  Kalgoorlie-Boulder up 2.6% to $340,000 and Mandurah-Murray region up 1.9% to $396,000.

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