Western Australia's regional markets performed strongly over the second quarter of the year, with eight of the nine regional centres posting gains in median sale prices, according to the latest report from REIWA.
Damian Collins, president of REIWA, said the recovery of regional markets in the state is tracking well, given that the recent results marked the fourth consecutive quarter of gains for the markets.
On an annual basis, all regional centres posted gains in median house sale prices, with five hitting gains of over 20%.
“Port Hedland was also the top regional performer on an annual basis, and in fact the top performer of anywhere in the state, with its median house sale price increasing 57.8% to $359,000 in the year to June 2021,” Collins said.
Other regional centres that recorded robust price gains over the last year were Esperance (24%), Broome (22.8%), Geraldton (21.5%), and Kalgoorlie-Boulder (20.4%).
In terms of listings, five regional centres recorded an increase in volume, with Karratha posting the biggest jump at 45%.
"With regional WA now firmly in a recovery phase, it’s clear that property owners are feeling more inclined to sell. While on an annual basis listings are still mostly down, it’s pleasing that we’re starting to see more properties come to market. There is a strong appetite from buyers which is creating competition and helping drive up house prices," Collins said.
Median selling times also shrank in seven regional centres during the quarter. Busselton clocked the biggest decline, down from 23 days to 16 days.
"The recovery of the regional sales markets shows no signs of slowing down. With prices up and competition amongst buyers high, conditions are very favourable for sellers in our regional markets," Collins said.
The table below shows the housing market indicators of the nine regional centres in Western Australia: