Regional WA outperforms Perth in price growth

Regional WA experienced positive overall price growth across houses, units and land in the three months to March 2016, outperforming the Perth metro area as the regions recovered from the seasonal impacts of the December quarter.

REIWA President Hayden Groves said reiwa.com data showed that while parts of regional WA were still feeling the effects of the slowdown in the mining sector, a number of areas – particularly those south of Perth – were showing signs of strength in a challenging market.

“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.

“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,” Mr Groves said.

Quarterly change in median price for regional WA (preliminary)

Houses Units Land
December quarter 2015 $375,000 $312,500 $175,000
March quarter 2016 $380,000 $331,250 $185,000
Percentage difference ↑ 1.3% ↑ 6.0% ↑ 5.7%

At a sub-market level, around half of the state’s regions experienced positive median house price growth 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. 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,” Mr Groves said.

Other regional areas to experience positive median house price movement were:

  • Northam – $245,000 (↑ 4.3 per cent)
  • Albany Urban Area – $386,000 (↑ 2.7 per cent)
  • Kalgoorlie-Boulder – $340,000 (↑ 2.6 per cent)
  • Mandurah-Murray region – $396,000 (↑ 1.9 per cent)

 

Find More about your Regional Area Here

Uncategorized
Related Posts
Regional WA outperforms Perth in price growth