Bunbury Leads Regional Growth in March 2024 Quarter

21 May 2024

Bunbury was the top-performing regional centre for the March 2024 quarter, according to the latest data from REIWA.

Its median house price rose 5.9 per cent to $487,000, 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, with the market proving particularly competitive for houses priced around $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,” he 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 just 11 days during the March quarter, which was one day faster than the December quarter and 14 days quicker than a year earlier.

“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. Our members report that homes in the low and middle price ranges continue to sell quickly, while there is a softening in the higher price brackets.

“Affordability remains a key factor for buyers across all regions.”

Eight of Western Australia's regional centres recorded price growth over the quarter, with Karratha the only regional centre to record a decline.

On an annual basis, Port Hedland recorded the highest growth, with its median house price increasing 15.5 per cent to $540,000.

Bunbury ranked second across the State, recording annual growth of 14.6 per cent.

Regional Rental Market

Looking at the rental market, four regional centres recorded an increase in their median weekly rent over the quarter.

Three remained unchanged, while two recorded a decline.

Broome led the rental market during the March 2024 quarter, with its median weekly rent increasing 9.5 per cent to $1,150 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 a common trend across many of the regions, and Perth.”

All regional centres recorded an increase in their median weekly rent over the year.

Article credit: REIWA (21 May 2024).