House prices continue to increase across regional WA, with seven regional centres recording price growth during the March 2021 quarter.
REIWA President Damian Collins said reiwa.com data for the March 2021 quarter showed the states housing boom was very much being experienced across the regions too.
Port Hedland recorded the biggest price growth, with its median house sale price increasing 9.4 per cent to $320,000 during the quarter. On an annual basis, house sale prices in Port Hedland have spiked 39 per cent over the last 12 months the biggest increase of any region in WA.
The driving force behind Port Hedlands improvement in median sale price is the resurgence of the Pilbaras mining sector. Mining companies are pushing for localised workforces which is drawing more people to the area and creating extra demand for property.
“Esperance and Kalgoorlie-Boulder were the other two stand-out regions, with their median house sale price growing by 5.1 and five per cent respectively during the March 2021 quarter. They also both recorded notable increases on an annual basis, with Esperances median up 17.5 per cent and Kalgoorlie-Boulder’s up 12.1 per cent.
Busselton and Karratha were the only regional centres that didnt record increases to their median price during the quarter, with the Busselton median unchanged and Karratha experiencing a negligible 0.5 per cent decline. Annually though, Busseltons median house sale price is up 2.6 per cent, while Karrathas median is up 11.9 per cent, Mr Collins said.
Listings for sale
Listings for sale declined in six regional centres during the March 2021 quarter, while eight regional centres recorded annual declines in listings.
“The states housing shortage is widespread and certainly being felt prominently throughout regional WA. Busselton recorded the biggest decline, with listing volumes down 36 per cent compared to the December 2020 quarter and 60 per cent compared to the March 2021 quarter, Mr Collins said.
Bunbury and Albany also recorded notable declines, with listings for sale down 26 per cent and 25 per cent respectively for the quarter, and 42 per cent and 49 per cent respectively over the year.
Just like we are seeing in Perth, the shortage of properties for sale throughout regional WA is creating competition amongst buyers and putting upwards pressure on house prices. Until the gap between supply of properties and buyer demand starts to close, house prices will likely continue to rise.
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For more regional data, visit our WA market page.