Strong demand across all price brackets saw Albany record median house price growth of 2.6 per cent in the March 2023 quarter, taking the title of top performing regional centre. 

Its median house price rose from $455,000 in the December 2022 quarter to $467,000. 

REIWA President Joe White said well-presented homes priced to meet the market were selling extremely quickly and attracting multiple offers. 

“Our members tell us buyers are mainly Albany locals, with a lot of property owners looking to upgrade,” he said. 

“There is particularly strong interest in premium residential and lifestyle properties around $1 million, with all enquiries for a recent near-$3 million listing in Middleton Beach coming from local buyers so far.” 

Mr White said Albany, like a lot of regional centres, was also affected by the increasing costs and significant delays of building a home. 

“Our members report people are changing direction; they may have been looking to build or extend, but are buying a near-new property instead,” he said. 

“It’s a trend in Perth, but more so in the regions where it is even harder to get tradespeople and more expensive to build.” 

Seven regional centres recorded price growth over the quarter, with two remaining stable. Esperance was the second top performer with its median house price rising 2.5 per cent to $410,000. 

Busselton again led the way annually, recording 14.2 per cent median house price growth, with Albany the next best performer with 9.9 per cent growth over the year. 

Mr White said that the rate of price growth had been slowing across WA. 

“Like Perth, regional markets are holding firm in the face of numerous interest rate rises,” he said. 

“Buyers have adjusted their budgets and expectations. They are seeking value, and sellers who price their properties to meet the market are selling in reasonable timeframes”. 

When it came to the rental market, the results were mixed. Five centres saw their median rent price increase, while it remained stable in one and decreased in three. 

Albany again saw the most growth, with the median weekly rent rising 15.4 per cent during the quarter.  

“The rental market remains very tight in Albany,” Mr White said. 

“It’s a problem of supply. Our members say there hasn’t been an increase in the number of properties available for rent in Albany. Investors have been selling and not many have been buying over the past year. 

“It’s a problem seen across most of the State and the lack of supply, coupled with strong demand is pushing rent prices up. 

“There is a lot of debate about rental reforms at the moment, but the big question for assessing housing policy in this market is whether it will increase the amount of homes that can be built, bought or rented. The feedback from investors is that proposed rental reforms won’t do that and will in fact have the opposite result. This would just add to the woes tenants are facing currently.” 

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