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How is Perth affecting the state of Bunbury real estate?

By Kevin Kelly

Western Australia has so much to offer at all points up and down the coast, but the state capital plays such a large role in determining how people in the region move around.

The recent changes to the way the Perth property market has reacted to the end of the mining boom means real estate in Bunbury could become far more heated in competition. While the majority of homeowners in the state's most populated city will be holding off selling because their capital gains won't be as high, there are many people who will still be looking to take a step into the property market.

Bunbury is a close neighbour, and a fabulous place to live. It's opening itself up to becoming far more popular as a property buying destination.

What's going on in the Perth market?

With the end of the mining boom came a rush to get out of property while it still held some sort of value. The fall in the industry also meant a lot of people were out of jobs, and so wanted to vacate the region altogether in a search to find employment and more stable living. When this happened, the housing market took a drastic turn downward.

While cities like Sydney have grown by 13.05 per cent in median dwelling value over the past year, Perth has actually fallen by 4.23 per cent.

It's left the median dwelling value at just $588,790 for the city, but values aren't predicted to drop further, according to the CoreLogic-Moody's Analytics. This means in a low-confidence buying landscape, housing isn't even going to become more affordable! That's when buyers will start looking elsewhere, and Bunbury is a great option.

Everyone living in the city already knows how fantastic the lifestyle is – will you make the move and buy real estate in Bunbury?

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