The positive trend for growth in Western Australia (WA) indicates the impending recovery of the housing and rental market.
Residents of Perth can breathe a sigh of relief as the strength of the market continues to improve. Renters are beginning to investigate homeownership, which is a positive sign as it will create more availability for those looking to invest.
This is great news for renters and investors in real estate in Bunbury and surrounding suburbs, where the median price for houses has grown by $15,000, recently reaching $380,000, according to the Real Estate Institute of Western Australia (REIWA).
Perth, now on the upswing after seven months of decline, has seen median house prices increase by $2,000 during the March quarter. The gap between asking price and selling price is shrinking, which indicates that sellers are finding a balance between the current restrictions of the market and the upward trend in prices.
There are more properties on the market, and the number of homes sold surged by 13 per cent. Also encouraging, the price of units, apartments and villas grew by 2.5 per cent. Outside Perth, apartment pricing has stayed fixed at $335,000.
These price increases indicate a steady state of good economic growth in WA and an excellent chance of robust sales this spring. Investments in property in Bunbury are likely to increase in value as the market recovers and capital growth for housing and rental properties continues to rise.