Busselton was the top-performing WA regional centre for the December 2023 quarter, according to the Real Estate Institute of WA (REIWA). New data shows median house prices climbed 4.2% to $715,000 in the December 2023 quarter, which was up from $686,000 in the September quarter.
In Albany, housing reached a median of $495,000 and in Bunbury, the median house price in the December quarter was $460,000. Much of this is being driven by a shortage of housing supply and strong demand for living in regional areas, in Busselton for example.
REIWA president Joe White said several factors were underpinning price growth in WA regions. “The rental shortage is driving the lower end of the market as people look to buy a home and get off the rental roundabout,” Mr White said. “Similarly to the rest of the nation, population growth and the rush to WA’s regions are the other factors.”
“The State is seeing strong population growth overall and the fantastic South West lifestyle continues to draw people to Busselton – you can’t underestimate the ongoing impact of the airport on the region.” With three mining companies flying out of Busselton, there has been a strong influx of fly-in, fly-out workers and their families. Keen to enjoy the lifestyle and the airport lets them commute with ease.”
High demand for homes is reflected in the number of sales in the December quarter. Sales in Busselton in the December quarter were 19pc higher than in the September quarter and 5.3% higher than the same time in 2022. Sale historically slow down over Christmas, there was little evidence of that this year.
Seven of WA’s nine regional centres recorded increases in the median house sale price in the December quarter, one remained stable and one recorded a small decline.
Regional Australia Institute (RAI) chief executive officer Liz Ritchie said as demand for a “life in the regions” continued unabated, attendees at last week’s National Regional Housing Summit discussed developing solutions to support regional communities. “Our regions are gearing up to be the engine room of the nation’s energy transition to net zero.’
With population movement to the regions still elevated almost 12% on pre-COVID level, housing supply requires a laser focus. Thousands of jobs are on offer in our regional communities and, to help fill those positions, we need more diverse housing options available.
Original source: Farm Weekly
