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Bright Outlook for Property Market in Bunbury 2011

By Kevin Kelly

2011 is expected to be a better year for the property market and the return of investors to buying properties is expected to be the main driver for sales.

The property market began to get back on its feet after the global financial crisis with the rental market tightening dramatically and it is believed people had held back on purchases this year for fear of interest rates rising.

With the Bunbury population growing and unemployment being low, a high pressure has been placed on the real estate market for rental properties, and should the RBA hold interest rates for this quarter people will feel more secure and safe come the new year.

From January to September this year there were 953 houses sold in the Greater Bunbury area and 524 blocks of land sold during that period.

There has been positive movement across the last year with the average house price increasing by 5 per cent.

Homes in Greater Bunbury went from a median house price of $350,000 in 2009 to the current median price at $367,500.

The amount of listings remained constant sitting on 1,200 whereas selling days went from 91 in June to 104 in September.

Another factor that could boost the property market was the push for the approval of a new first home buyer’s grant, with the WA Government being urged to increase the first home owner grant by almost triple.

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