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, but the market
was 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 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. 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 the regional centres recorded price growth over the
quarter. Karratha was the only regional centre 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.
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 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 $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 common trend across many of the regions, and
Perth.”
All regions recorded an increase in their median rent over the
year.
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