Albany posts median house price growth
Albany emerged as the best-performing regional centre for property over the past financial year.
Data released by reiwa.com last week showed the Albany urban area had 5.3 per cent growth in median house price over the past year, lifting it to $389,750.
REIWA’s Albany branch chairman, Barry Panizza, said while any growth was good, the lift in median price over the past year really only brought Albany back to where it was five years ago after a long period of slow performance.
However, it should be encouraging for owners to think that the area might now be returning to a better position of forward growth.
Turnover in Albany was down 10 per cent on last year but Mr Panizza said he believed the growth should hold as the available land in some areas was being taken up quickly with no new subdivisions on the horizon in most suburbs.
Mr Panizza said he also felt there might have been some renewed interest in Albany after the hugely attended Anzac commemorations over the past 12 months.
Thousands of people from all over Australia visited Albany last October and again in April this year, and it wouldn’t surprise him if that resulted in a few people relocating there or acquiring an investment holiday home for the future.
The second-best-performing regional centre was the Busselton urban area, which experienced 3.4 per cent growth over the financial year, after positive growth in previous years.
In third place was Goldfields-Esperance with 3.1 per cent growth, although Esperance itself did well with 4.3 per cent growth based on 25 sales and a median price of $365,000.
Several regional centres had zero growth or very modest fluctuations, such as Mandurah and Bunbury, while many others went backwards.
Hardest hit was the Pilbara region, still suffering from the downturn in the miningconstruction sector. Karratha dropped by 32.3 per cent to a median price of $440,000. Port Hedland dropped 12 per cent but still had a significant median price of $880,000, while South Hedland had a modest drop of 4.6 per cent to $711,000.
Price growth across all regions was almost one per cent, lifting the country median house price to $383,000.