WA’s regional housing market has remained buoyant throughout COVID, with a 7.21 per cent year-on-year increase.
Western Australia’s regional house prices have shown a 7 per cent uptick in the last 12 months as home values in capital cities have dropped, new data shows.
REA Group index Proptrack’s latest market insight report reveals that home values in Australia’s regions have lifted by 6.49 per cent in the year to October, despite a 2.08 per cent decline in capital city values.
WA’s regional home values lifted 7.21 per cent in that time, while Perth’s home values increased by 5.67 per cent.
Sydney and Melbourne led a national drop in home values across the capital cities, falling by 5.82 per cent and 3.45 per cent respectively over the past year.
In regional WA, October 2022 prices were 0.87 per cent below their recent peak, at $450,000.
Last month, Proptrack’s regional WA home index fell by 0.15 per cent, while national regional home values edged up by 0.06 per cent.
Proptrack’s latest report stated that demand for more affordable regions and larger homes has resulted in regional areas faring better than capital city areas in 2022.
areas faring better than capital city areas in 2022.
“In addition, conditions remain tougher for regional buyers, with the number of properties listed for sale still well below pre-pandemic levels,” the report read.
“This means regional buyers have less choice and less negotiating power, another reason why regional areas are exhibiting a lesser pace of price falls relative to the capital cities.”
WA had the second most affordable regional property prices, with Adelaide’s regions at $366,000 and the national average at $623,000.
Bunbury stood out in regional WA, with a 9.14 per cent year-on-year increase in home value, while home values in the state’s far north have dropped by 0.6 per cent.
Home values in Norseman have dropped b more than 20 per cent in the past 12 months and dwelling values in Merredin fell by 4.22 per cent, according to the index.
