Western Australia's top ranked suburbs for house price growth: REIWA

House price growth in the Albany Urban Area in West Australia grew 5.3% over the year, with the new median house price at $389,750, according to new figures from the REIWA.

Albany was named best performing regional centre for property over FY14/FY15, with 456 house sales, 42 unit sales and 200 land sales over the last year.

The Busselton Urban Area was second with a 3.4% growth over the financial year, with the local suburb Abbey recording a median house price of $625,000, up 15.7% over the year. 

REIWA’s Branch Chairman for Albany, Barry Panizza, said the lift in median price over the last year really only brings us back to where we were five years ago, because the market has been weak for that long.

"However, it’s encouraging to think that we might now be returning to a better position of forward growth and it gives buyers and sellers a bit more confidence," Mr Panizza said.

“Turnover, however, was down 10 per cent on last year which could be attributed to fewer properties on the market and this also helped with price growth.

“I also think there may have been some renewed interest in Albany following the hugely attended ANZAC commemorations over the last 12 months. Thousands of people from all over Australia got to see and experience Albany last October and again in April this year, and it wouldn’t surprise me if that resulted in a few people relocating here or acquiring an investment holiday home for the future,” he said.  

Bayonet Head prices are up 8.8% with a median of $397,000, Mount Melville up 5% to $380,000 and Spencer Park, up 4.9% to $350,000. 

Karratha dropped 32.3% to a median price of $440,000.

 Regional Centre results – Year to June 2015 

*The varied composition of sales and small sample sizes skewed the result in Esperance so the figure of 10.7% growth in median price should be treated with caution.