Port Hedland rose in the past 12 months as the top performing regional center in Western Australia after posting a whopping 54.7% annual growth in house prices.

According to the latest data from CoreLogic and the Real Estate Institute of Western Australia (REIWA), regional centers across the state reported solid gains in September, with an annual gain of 19.9%.

REIWA President Damian Collins said Port Hedland led the nine regional centers in terms of annual price increases. Downtown homes cost $379,000.

“A number of factors have contributed to the strong growth in Port Hedland over the past year, such as the desire of mining companies to have a more localized workforce and the implementation of the WA government’s voluntary buy-back scheme in the West End, which gave residents the opportunity to sell their property for a government-guaranteed market price,” he said.

Geraldton and Broome also posted strong annual gains of 25.5% and 22.2% respectively.

On a quarterly basis, Geraldton recorded the highest increase at 6.2%.

Median house prices in Broome and Port Hedland also rose from the previous quarter, by 5.4% and 5.1% respectively.

“Price growth in regional WA is strong and even outperformed the Perth region for annual growth in the year to September 2021,” said Mr Collins.

“REIWA expects the current regional WA growth cycle to continue through the remainder of 2021 and into 2022.”

Tight supply of homes, shorter days on the market

During the quarter, quotes fell in most regional centers with Busselton posting the largest drop at 20%.

Interestingly, the top three performers all reported an increase in listings, a whopping 15% increase.

However, the biggest jump in odds was in Karratha with 17%.

“While competition for stocks is still fierce, it’s gratifying to see more properties coming to market in regional WA,” said Mr. Collins.

“A growing number of property owners recognize that there is strong demand from buyers and feel motivated to sell.”

Declining inventory in most regional centers due to increasing competition among buyers has resulted in shorter sales days.

Esperance witnessed the most drastic drop in median sales days from 49 days in June to 24 days in the last quarter.

“If you are a homeowner in Esperance and are considering selling, now would be a great time to take action,” said Mr Collins.

However, the fastest selling homes are in Busselton, where it only takes about 14 days to get a home sold. The center even outperforms Perth’s sales days.

regional center

Median house selling price

Quarterly growth

Annual growth

Quarterly change in offers

Median sales days and quarterly change

Albany

$400,000

0.3%

6.8%

-17%

24 (two down)

Broome

$579,500

5.4%

22.2%

6%

36 (two up)

Bunbury

$380,000

1.3%

8.6%

-13%

28 (two down)

Busselton

$527,750

1.1%

5.6%

-20%

14 (three down)

Esperance

$385,000

3.1%

17.4%

-16%

25 (down 24)

Geraldton

$345,000

6.2%

25.5%

15%

30 (down 11)

Kalgoorlie-Boulder

$325,000

0.0%

12.8%

-2%

43 (four up)

karratha

$494,250

0.9%

5.1%

17%

28 (to six)

Port Hedland

$379,000

5.1%

54.7%

7%

29 (five up)

Photo by Nao Takabayashi on Unsplash.

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