Regional WA outperforms Perth in price growth: REIWA
Houses, units and land across regional Western Australia had positive growth for the three months to March 2016 and outshone the Perth metropolitan area, according to the Real Estate Institute of Western Australia.
Areas south of Perth, according to REIWA president Hayden Groves, were showing signs of strength. Some parts of regional WA, however, still suffer from the slowdown in the mining sector.
"Units experienced the biggest quarterly growth in median price, lifting six percent," he said.
"This can mostly be attributed to the Mandurah-Murray region which saw its median unit price improve significantly to $390,000 over the quarter, from $320,000 in the December quarter 2015.
“It’s really pleasing to see that regional WA’s overall median price lifted 1.3 per cent over the quarter, and looking at houses, units and land individually, there was notable growth in all three areas.
“Bunbury in the state’s South West saw the biggest increase to its quarterly median house price in the March quarter, lifting 5.6 percent to $395,000. Bunbury also saw an improvement in house sales activity over the quarter, with volumes increasing six percent in the first three months of this year."
Other regional areas to experience positive median house price movement according to REIWA were:
- Northam - $245,000 (4.3 percent)
- Albany Urban Area - $386,000 ( 2.7 percent)
- Kalgoorlie-Boulder - $340,000 (2.6 percent)
Mandurah-Murray region - $396,000 ( 1.9 percent)