South-West Outperforms Other Regional Markets

The South-West regional centers of Busselton and Bunbury have once again demonstrated their resilience in the real estate market, outpacing all other regional areas in the June 2024 quarter.

Busselton and Bunbury Lead the Way

Busselton took the top spot with a 6.0% increase in its median house sale price to $795,000. Bunbury followed closely behind with a 5.5% increase to $517,000.

Annual Growth Continues

Looking at the year-on-year performance, Bunbury emerged as the top performer with a remarkable 19.6% increase in median house sale prices. Busselton also recorded strong growth at 16.9%.

Strong Demand and Limited Supply

REIWA President Joe White attributed the continued success of Busselton and Bunbury to a combination of strong demand and limited new supply. The region’s proximity to Perth, accessibility for FIFO workers, and appeal for those seeking a sea change without sacrificing convenience have all contributed to its popularity.

Rental Market Challenges

While the sales market remains relatively robust, the rental market in the South-West is facing challenges. Esperance, in particular, has experienced significant rent price growth due to a severe shortage of available properties. This has led to increased competition among tenants and difficulties for property managers in finding suitable accommodation.

Key Takeaways

• The South-West regional centers of Busselton and Bunbury continue to outperform other regional areas in the real estate market.
• Both regions have experienced strong growth in median house sale prices.
• The rental market in Esperance is facing challenges due to a lack of available properties.
• The overall regional property market remains relatively stable.