Bunbury Leads Regional Growth In March 2024 Quarter

REIWA

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.

Median house price growth
Regional centreMedian house sale priceThree-month change12-month change
Albany$505,000+1.4%+7.4%
Broome$650,000+1.6%+0.0%
Bunbury$487,000+5.9%+14.6%
Busselton$750,000+4.2%+11.1%
Esperance$430,000+1.2%+4.9%
Geraldton$388,000+0.8%+4.9%
Kalgoorlie-Boulder$365,000+4.0%+6.1%
Karratha$557,500-0.4%+1.4%
Port Hedland$540,000+2.9%+15.5%
Median weekly rent
Regional centreMedian weekly rent priceThree-month change12-month change
Albany$500+8.7%+11.1%
Broome$1,150+9.5%+23.7%
Bunbury$600+5.3%+16.5
Busselton$700+0.0%+11.1%
Esperance*$380-17.4%+13.4%
Geraldton$450+0.0%+25.0%
Kalgoorlie-Boulder$650+8.3%+18.2%
Karratha$1,100+0.0%+29.4%
Port Hedland$900-7.7%+5.9%

*Reflects a low number of leases over the quarter.

/Public Release. View in full here.