Albany posts me­dian house price growth

Pilbara News - - Property - ■ David Airey

Albany emerged as the best-per­form­ing re­gional cen­tre for prop­erty over the past fi­nan­cial year.

Data re­leased by 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.

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