There have been some areas in Western Australia that have recently seen extreme property declines, and that could have been bad news for Bunbury – if it weren't one of the standout regions on the whole coast.
Where regions such as Pilbara have declined by 44.2 per cent in median house price over the past three years according to figures from Jones Lang LaSalle (JLL), real estate in Bunbury has actually bucked the trend and grown by 2.1 per cent in the same time period.
Over the past six months, there has been a large amount of developments planned around the city, and that has been generating interest in real estate around the region. Particularly when rare artefacts are discovered, many people want to come and visit, adding value to the retail and accommodation sectors of the economy.
What's more, Bunbury has never relied on mining in order to have stability in its markets. While the mining boom looks to be over all across the state, Bunbury is unlikely to feel any repercussions on the back of that because it is not in close proximity to these places.
Derby and Karratha are the two regions that have suffered the most in the last three years. Derby's median house price has fallen by a whopping 50 per cent to $270,000, while Karratha isn't far behind, dropping 47 per cent to $418,000.
While the rest of the west coast seems to be rapidly sliding downhill, it might be wise to buy property in Bunbury while the market is still open and affordable. Whether you buy as an owner-occupier or for an investment, it's worth making your move soon.
When you do decide to buy in this lovely, growing city, contact the team at Ray White Bunbury for expert advice on real estate in the region.