Bunbury, Western Australia’s third-largest city, is the strongest regional market in the state, with house prices up 5.9 per cent in three months.
According to the Real Estate Institute of Western Australia (REIWA) the median house price hit $487,000 in the March quarter, up from $460,000 in the December quarter.
REIWA President Joe White said there was strong activity across all price points in the Bunbury regional centre, but the market was particularly competitive for houses priced at about $600,000.
“Bunbury is attracting interest from a wide range of buyers including east coast investors, first-home buyers looking to exit the rental market, and people from Perth or other regional centres looking for a lifestyle change,” Mr White said.
“Our members aren’t expecting a slow-down over winter and are forecasting strong growth over the next quarter.”
Houses in Bunbury sold in a median of 11 days during the March quarter, which was one day faster than the December quarter and 14 days quicker than a year ago.
“Properties are selling very quickly, and well-priced homes are getting enquiries as soon as they come to the market,” Mr White said.
“While the upper end of the market remains buoyant, higher priced properties are starting to take longer to sell.
“This is a trend across a number of regions.”
He said homes in the low and middle price ranges continued to sell quickly, while there was a softening in the higher price brackets.
“Affordability remains a key factor for buyers across all regions,” Mr White said.
Eight of the other major regional centres in WA recorded price growth over the quarter, with Karratha the only location where the median house price declined.
Annually, Port Hedland saw the highest growth, with the median house price rising 15.5 per cent to $540,000.
Bunbury was the state’s second best performer, recording 14.6 per cent growth over the year.
Looking at the rental market, four regional centres recorded an increase in their median weekly rent over the quarter, while three remained unchanged and two saw a decline.
Broome led the rental market over the March 2024 quarter, with its median weekly rent increasing 9.5 per cent to $1150 per week.
Mr White said the opening of the Thunderbird mine site had brought additional people to the area in recent months.
“The mine has seen people move to Broome for employment opportunities, which has boosted the demand for rentals and put upward pressure on prices,” he said.
“However, as renting becomes less affordable, people are electing to buy instead. This in turn puts pressure on sale prices.
“This is common trend across many of the regions, and Perth.”
