- Eight of WA's nine regional centres recorded growth during the June 2021 quarter
- Port Hedland recorded 8.8% during the quarter
- Annually, the town recorded 57.8% growth over the fiscal year
House prices continue to grow across much of regional Western Australia, according to data released by the Real Estate Institute of Western Australia (REIWA), with Port Hedland recording the most growth on both a quarterly and annual basis.
Eight of WA’s nine regional centres recorded median house sale price growth during the June 2021 quarter.
Port Hedland recorded the biggest quarterly growth rate of 8.8%, while Busselton was the only regional centre that failed to record any growth.
Growth in Port Hedland is not surprising given the mining boom and to a small extent, the government has voluntarily offered to purchase 400 dust-ridden properties near the port.
Annually, all nine regional centres recorded house price sale growth, with five centres recording over 20% growth.
Port Hedland recorded the highest annual change at 57.8%, more than double of second-placed Esperance which recorded 24% growth.
“Regional WA’s recovery is tracking well. It’s pleasing that the state’s strong market conditions are not just contained to Perth, but are being experienced across the regions,” said REIWA President Damian Collins.
In terms of listings, five regional centres recorded an increase during the quarter. Karratha saw a 45% jump in listings, with Port Hedland close at 44% and Broome up 15%.
Busselton and Albany recorded a 17% decline in listings during June. Annually, Busselton recorded a 57% decline.
Regional WA June 2021 quarter breakdown
|Regional Centres||Median House Price||Quarterly Price Change||Annual Price Change||Quarterly Change in Listings||Annual Change in Listings||Median Selling Days|
|Port Hedland||$359,000||8.8%||57.8%||44%||8%||24 (↓3)|
“With regional WA now firmly in a recovery phase, it’s clear that property owners are feeling more inclined to sell,” explained Mr Collins.
“While on an annual basis listings are still mostly down, it’s pleasing that we’re starting to see more properties come to market. There is a strong appetite from buyers which is creating competition and helping drive up house prices.”
The median time to sell declined in seven of the nine regional during the quarter.
Busselton witnessed a reduction in time to sell to 16 days – a 23-day decline – the biggest of any regional centre. Perhaps it is the VESPAS?
Karratha recorded a 16-day reduction to 22 days, although overall listings are up 88% year-on-year.
“With limited listing stock available in the area, buyers are needing to act very quickly in Busselton to secure a property,” Mr Collins added.
“The recovery of the regional sales markets shows no signs of slowing down. With prices up and competition amongst buyers high, conditions are very favourable for sellers in our regional markets.”
“REIWA anticipates that the strong growth recorded across regional WA during the 2020-21 financial year will continue throughout the latter half of 2021 and into 2022,” Mr Collins concluded.