- House prices in Port Hedland have increased by 39% over the past year
- Kalgoorlie-Boulder and Esperance have also recorded strong growth
- Broome is the only regional centre that has had listings increase
Regional house prices continue to boom in the West, with seven of the nine regional centres recording growth during the March 2021 quarter.
Data from reiwa.com shows of the regional centres, Port Hedland recorded the highest price growth with the median house sale price increasing to $320,000 during the quarter – a 9.4% increase.
Annualised, house sale prices have spiked by 39% – the biggest increase of any regional centre in WA. According to REIWA President, Damian Collins, mining has been the single biggest factor in this.
“The driving force behind Port Hedland’s improvement in the median sale price is the resurgence of the Pilbara’s mining sector.
“Mining companies are pushing for localised workforces which is drawing more people to the area and creating extra demand for property.”
Damian Collins, REIWA President
Mr Collins also singled out Esperance and Kalgoorlie-Boulder as two other stand-out regions with both recording a 5% and 5.1% median house sale price increase respectively. On an annual basis, Esperance’s median is up by 17.5% with 12.1% for Kalgoorlie-Boulder.
During the quarter, however, Busselton and Karratha didn’t record median price increases; Busselton remained the same with Karrath’as decreasing by 0.5%. Nevertheless, on an annual basis, both are up; 2.6% for Busselton and 11.9% for Karratha.
Listings declined in six of the regional centres during the March 2021 quarter, with recording annual declines in listings – Broome is the only centre that has seen an increase in listings.
Mr Collins warns the shortage seen throughout both Perth and regional WA will further place upward pressure on house prices.
“The state’s housing shortage is widespread and certainly being felt prominently throughout regional WA. Busselton recorded the biggest decline, with listing volumes down 36 per cent compared to the December 2020 quarter and 60 per cent compared to the March 2021 quarter,” said Mr Collins.
“Just like we are seeing in Perth, the shortage of properties for sale throughout regional WA is creating competition amongst buyers and putting upwards pressure on house prices.
“Until the gap between supply of properties and buyer demand starts to close, house prices will likely continue to rise.”
Of the nine centres, Broome and Busselton recorded the equal highest median house sale price at $510,000 – higher than Perth’s current median of $495,000. Geraldton has the lowest median of $299,995.
