REIWA
Residential real estate in WA has entered a new growth phase, according to the June quarter 2005 market report by the Real Estate Institute of WA.
The real estate market in WA has not only resisted the interstate slow-down, the local market has actually stepped up a gear, said REIWA President Mr Greg Rossen.
"All sectors of the WA real estate market experienced strong growth in property values in the June quarter. The June quarter saw a coming together of positive market influences, including continuing high levels of property sales to investors and first home buyers, and increased numbers of households trading up to more expensive locations.
"In the June quarter we saw a big increase in demand for properties in the higher priced end of the market, which has been lagging the rest of the market for some time.
"However the hottest markets were outside of the Perth metropolitan area, including Albany, Augusta/Margaret River, Bunbury, Mandurah and the Pilbara.
"Local and interstate investors hungry for affordable and high yielding properties, took a strong interest in regional WA in the June quarter.
"The main indicator of State real estate values, the REIWA median price of house sales in WA, rose 5.1% to $280,000 in the June quarter. The WA median house price rose 19.1% in the full year to June.
"The median price of house sales in Perth rose by 4.2% in the June quarter to $297,000. The annual rate of growth for Perth s median house price was 16.5%.
"The median price of unit and apartment sales in Perth was $230,000 in the June quarter, which is 3.6% up on the previous quarter and 16.8% up on the previous year. The median price of inner city unit and apartment sales experienced a stronger growth rate, rising 4.9% in the quarter to $278,000.
"In regional WA the largest increase in median house prices occurred in Bunbury, rising 9.7% in the June quarter to $260,000. The annual growth rate for Bunbury was a staggering 39.8%.
"Other strong regional markets in the year to June, included Geraldton (median price $195,000 and 40% annual growth), Albany (median price $255,000 and 34% annual growth), Augusta/Margaret River (median price $366,500 and 32% annual growth), and Port Hedland (median price $287,500 and 54% annual growth).
"Land values also continued to grow in the June quarter, however the rate of growth in land values lagged behind the broader market.
"The median sale price of residential blocks of land sold in WA in the June quarter rose 2.2% to $138,000. The annual growth rate for the WA median land sale price was 16%. The Perth metropolitan median land sale price in the June quarter was $143,000 which is 10.9% up on the previous year.
"The WA real estate market continues to benefit from an exceptionally strong State economy, which is drawing in large numbers of interstate and overseas migrants.
"Western Australia also continues to offer some of the most affordable property investment opportunities in Australia.
"The are no signs of a weakening in the WA real estate market and there is enough positive momentum for the current strong rates of growth in property values to continue for the remainder of the year", said Mr Rossen.
Residential real estate in WA has entered a new growth phase, according to the June quarter 2005 market report by the Real Estate Institute of WA.
The real estate market in WA has not only resisted the interstate slow-down, the local market has actually stepped up a gear, said REIWA President Mr Greg Rossen.
"All sectors of the WA real estate market experienced strong growth in property values in the June quarter. The June quarter saw a coming together of positive market influences, including continuing high levels of property sales to investors and first home buyers, and increased numbers of households trading up to more expensive locations.
"In the June quarter we saw a big increase in demand for properties in the higher priced end of the market, which has been lagging the rest of the market for some time.
"However the hottest markets were outside of the Perth metropolitan area, including Albany, Augusta/Margaret River, Bunbury, Mandurah and the Pilbara.
"Local and interstate investors hungry for affordable and high yielding properties, took a strong interest in regional WA in the June quarter.
"The main indicator of State real estate values, the REIWA median price of house sales in WA, rose 5.1% to $280,000 in the June quarter. The WA median house price rose 19.1% in the full year to June.
"The median price of house sales in Perth rose by 4.2% in the June quarter to $297,000. The annual rate of growth for Perth s median house price was 16.5%.
"The median price of unit and apartment sales in Perth was $230,000 in the June quarter, which is 3.6% up on the previous quarter and 16.8% up on the previous year. The median price of inner city unit and apartment sales experienced a stronger growth rate, rising 4.9% in the quarter to $278,000.
"In regional WA the largest increase in median house prices occurred in Bunbury, rising 9.7% in the June quarter to $260,000. The annual growth rate for Bunbury was a staggering 39.8%.
"Other strong regional markets in the year to June, included Geraldton (median price $195,000 and 40% annual growth), Albany (median price $255,000 and 34% annual growth), Augusta/Margaret River (median price $366,500 and 32% annual growth), and Port Hedland (median price $287,500 and 54% annual growth).
"Land values also continued to grow in the June quarter, however the rate of growth in land values lagged behind the broader market.
"The median sale price of residential blocks of land sold in WA in the June quarter rose 2.2% to $138,000. The annual growth rate for the WA median land sale price was 16%. The Perth metropolitan median land sale price in the June quarter was $143,000 which is 10.9% up on the previous year.
"The WA real estate market continues to benefit from an exceptionally strong State economy, which is drawing in large numbers of interstate and overseas migrants.
"Western Australia also continues to offer some of the most affordable property investment opportunities in Australia.
"The are no signs of a weakening in the WA real estate market and there is enough positive momentum for the current strong rates of growth in property values to continue for the remainder of the year", said Mr Rossen.
