The overall median price of dwellings in the Western Australia (WA) region performed well in the last quarter of 2018, while sales increased in some regions during the same period.
The overall median housing price climbed 5.5% to $ 335,000, although results were mixed across the region's AO. With three of the nine regional centers experiencing average house price growth, the president of the Real Estate Institute of Western Australia (REIWA), Damian Collins, said that he was essential to evaluate each area individually according to its merits.
Busselton, Port Hedland and Bunbury recorded the largest improvements in median house prices, with their respective medians increasing by 11.2%, 5% and 1.5%.
"Rising prices in Busselton, Port Hedland and Bunbury – three of the state's largest regional centers – contributed significantly to the improvement in the overall median price of housing in the WA region during the quarter "said Collins.
The regional centers recording the largest annual increase in the median price of real estate were Karratha (+ 8%), Busselton (+ 5.7%) and Albany (+ 3.3%).
Broome and Esperance, meanwhile, decreased by 8.5% to $ 430,000 and 4.4% to $ 325,000, respectively. These cities recorded the largest price decrease during the quarter.
Kalgoorlie-Boulder is the only regional center where the median price of housing has remained stable, with values ​​in the region stabilizing on a quarterly and annual basis.
REIWA also reported that in terms of sales volume, the WA Regional had experienced a slowdown, although two regional centers recorded an increase in activity during the December quarter.
"It is not uncommon for sales to drop at this time of year, as people are generally less likely to buy a property before the Christmas and New Year holidays," Collins said.
The regional centers of Geraldton and Kalgoorlie-Boulder resisted the downward trend, recording an increase in activity on a quarterly and annual basis.
Geraldton sales were 36% higher than the September quarter and 10% higher than the 2017 quarter. Kalgoorlie-Boulder sales increased 10% in the quarter and 17% compared to the same period last year. at the same time last year.
On an annual basis, Broome and Port Hedland also recorded an improvement in their activity, with sales increasing by 12% and 7%, respectively, compared to the December 2017 quarter.
"The local recovery of mining projects has had a positive impact on sales in these regions, particularly in Kalgoorlie-Boulder and Port Hedland, where renewed support in the mining sector has created more local jobs and helped boost population growth. As mining projects in these regions continue to grow, this should have a positive impact on the region's real estate markets and help their recovery, "said Collins.
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