Largest rent and house price increase in Regional centres

Seven of Western Australia’s nine regional centres recorded an increase in median weekly rent according to reiwa.com’s December 2019 quarter data, with the largest increase of $128 to $620 per week recorded in Karratha.

REIWA President Damian Collins said for a second quarter in a row, Karratha saw the most notable improvement across both the sales and rental market.  

“On an annual basis, the median weekly rent increased $170 per week and listings for rent fell by 27 per cent, demonstrating that it is a landlord’s market in Karratha after many years of significant rent declines,” Mr Collins said. 

“reiwa.com data shows that the other mining regional areas also performed well included Port Hedland which saw an increase of $50 per week and Kalgoorlie increasing $8 per week compared to the September quarter.” 

The only two regional areas that didn’t see an increase were Albany that remained at $350 per week and Geraldton which fell by $5 to $290 per week. 
 
WA REGIONAL CENTRE MEDIAN WEEKLY RENT PRICE QUARTERLY CHANGE IN PRICE ANNUAL CHANGE IN PRICE
Albany $350 - $0 ↓ $8
Broome $565 ↑ $15 ↑ $30
Bunbury $350 ↑ $10 ↑ $20
Busselton $400 ↑ $10 - $0
Esperance $320 ↑ $10 - $0
Geraldton $290 ↓ $5 - $0
Kalgoorlie-Boulder $368 ↑ $8 ↑ $18
Karratha $620 ↑ $128 ↑ $170
Port Hedland $450 ↑ $50 ↑ $30
Regional WA $350 - $0 - $0

*Data in this table is filtered for the 12 months to December 2019.

Median house price  

reiwa.com analysis shows five regional centres had stable or increased medians during the quarter.  
“Karratha was the top performing regional centre with its median lifting 6.8 per cent to $390,000 and increasing 18 per cent on an annual basis.” Mr Collins said.  

“After a turbulent few years following the slowdown in the mining sector, Karratha is starting to reap the benefits of renewed investment in mining and gas projects in the Pilbara, which is having a positive impact on the property market.”  

Other regional centres to experience quarterly improvements in median price were Geraldton (up five per cent), Broome (up 1.4 per cent), Bunbury (up 0.9 per cent) and Albany (up 0.2 per cent).  

Sales activity  

While there have been improvements in some aspects of the property market in these regional areas, there were only three that saw an increase in sales activity for the quarter.  

“Busselton saw the biggest increase of 13 per cent, which was closely followed by Kalgoorlie with a six per cent increase and Geraldton increasing by two percent,” Mr Collins said.   

“Despite this, most of the regional areas also had a decrease in sales listings over the quarter, which is the same trend we are seeing in the rental market and demonstrates current stock is being absorbed at a faster pace than new supply entering the market.”

Looking to buy in Karratha? Check out www.jingarri.com to learn of available land and house & land packages.
Source: REIWA

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