Bunbury has emerged as the star performer in regional Western Australia, leading the pack in house price growth for the September 2024 quarter.
Key Takeaways:
- Median house price surge: Bunbury’s median house sale price jumped 6.7% to $555,000, building on its impressive annual growth of 24.2%.
- Factors driving growth: Strong employment opportunities, excellent amenities, and relative affordability compared to nearby Busselton and Dunsborough are attracting buyers to the area.
- Shifting buyer dynamics: While the market remains competitive, increased listings and a slowdown in Eastern States investor activity are giving buyers more choice and time to make decisions.
- Rental market insights: Kalgoorlie-Boulder saw the highest rental growth, but affordability concerns may be starting to impact the market.
Bunbury’s Winning Streak:
REIWA Regional Spokesperson Joe White attributes Bunbury’s success to a combination of factors:
- Lifestyle and affordability: Bunbury offers a desirable South-West lifestyle with good schools, medical facilities, and employment opportunities, all at a more affordable price point than neighboring coastal towns.
- Accessibility: The Busselton Airport provides easy access for FIFO workers and families, further boosting Bunbury’s appeal.
- Increased choice for buyers: More properties coming to market are easing the sense of urgency and allowing buyers to be more selective.
Regional Market Overview:
- Sales: Seven regional centres recorded price growth over the quarter, with Bunbury leading the way. Karratha remained stable, while Port Hedland experienced a slight decline.
- Rentals: Four regional centres saw rental increases, with Kalgoorlie-Boulder experiencing the most significant growth. However, affordability concerns may be starting to impact the rental market in some areas.
A Closer Look at the Numbers:
Here’s a quick snapshot of median house price growth across regional WA:
| Regional Centre | Median House Sale Price | 3-Month Change | 12-Month Change |
|---|---|---|---|
| Albany | $550,000 | +3.0% | +13.4% |
| Broome | $685,000 | +3.0% | +7.0% |
| Bunbury | $555,000 | +6.7% | +24.2% |
| Busselton | $830,000 | +3.8% | +20.6% |
| Esperance | $460,000 | +4.0% | +9.5% |
| Geraldton | $429,000 | +4.6% | +13.6% |
| Kalgoorlie-Boulder | $385,000 | +3.1% | +10.0% |
| Karratha | $550,000 | +0.0% | -2.7% |
| Port Hedland | $540,000 | -0.9% | +6.9% |
What’s Next?
The regional WA property market continues to present diverse opportunities for buyers and investors. Stay tuned for further updates and insights from REIWA as we continue to monitor these dynamic markets.