Regional WA’s median house price was stable in the September quarter, with preliminary Landgate data showing it held steady with no change in the three months to September at $350,000.
It is pleasing that regional WA’s median house price had remained stable over the quarter despite challenging market conditions.
Despite sales still being low (but steady) in Carnarvon, it was the best performing regional centre for house price growth in the September quarter with the quarterly change in the annual median lifting 1.6 per cent, while Albany, Busselton, Esperance, Northam and Kalgoorlie/Boulder all held up quite well experiencing just minor shifts in their annual median house prices.
The Karratha and Broome regional centres experienced the biggest declines in house price, with their annual medians dropping back seven and 3.8 per cent respectively over the quarter.
Annual median house price (Year to September 2016)
Quarterly change in the annual median house price
￼￼￼￼￼Albany Urban Area
Broome Urban Area
Busselton Urban Area
Carnarvon Urban Area
Esperance Urban Area
Karratha Urban Area
￼Overall sales activity was down in regional WA in the September quarter, with preliminary data showing 1,441 transactions recorded. This figure was expected to lift to around 1700 once all sales have settled.
While overall sales activity dipped this quarter, there were some regional centres that bucked the trend to record notable hikes in activity.
Northam, Broome and Kalgoorlie/Boulder experienced the biggest increases in sales volumes, with activity in these areas lifting by 11, nine and seven per cent respectively over the quarter.
The Pilbara also displayed signs of improvement over the quarter, with preliminary sales volumes in the region stable and expected to lift as more transactions settle. In Port Hedland for example, the revised June quarter sales figure is 44, while preliminary volumes for September show 41 transactions.
According to reiwa.com analysis, the majority of transactions in each of the regional centres over the quarter occurred in the $150,000 to $360,000 price range.
The only exception to this was in Albany and Busselton where the bulk of activity was in the $360,000 to $500,000 range, and in Broome where the main sales price range was between $360,000 to $600,000.
Overall, it took longer to sell in regional WA in the September quarter than it did in the June quarter, however four regional centres experienced a notable improvement in the number of days it took to sell a property.
It was 10 days quicker to sell in Port Hedland in the September quarter, eight days quicker in Albany, six days quicker in Karratha and two days quicker in Broome.
￼Interestingly, more sellers had to drop their listing price in Albany and Broome this quarter, while in Karratha and Port Hedland the opposite was true, with both centres experiencing a significant reduction in the number of sellers who had to reduce their asking price over the quarter.
This tells us that in Albany and Broome more sellers needed to drop their asking price to sell, while in Karratha and Port Hedland the results indicate that sellers are heeding their real estate agent’s advice and pricing their property accurately from the start.
First home buyers active in Perth during September quarter, REIWA
$100,000 gap between average home loan in east and west
Housing affordability continues to improve in Perth