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Is the Western Australian property market ripe for buyers?

By Kevin Kelly

There has been a big shift in recent times regarding the Australian property market – and the beautiful city of Bunbury is looking like a great spot for buyers.

The CoreLogic RP Data Pain and Gain Report from December 2015 suggests there are a large number of properties that can be snapped up for a bargain price. While it might not be excellent news for sellers in some cases, anyone after a cheap patch of real estate in Bunbury will still need to put in the legwork to find the right spot.

Will you be amongst the buyers this year who have found a great price for your dream piece of property?

Pain now could mean gain later

CoreLogic states that a property experiencing 'pain' is one that sells for less than it was originally bought for. On the other hand, a property in the 'gain' category has shown capital gains and essentially shows a profit for the seller.

The Pain and Gain report shows that while there were only 11.7 per cent of Perth properties in the pained category, around regional Western Australia that figure increases to 27.7 per cent. What does this mean for buyers?

Well, for a start, more than a quarter of properties sold in 2015 around the smaller centres of Western Australia were brilliant buys. There were still many properties that brought capital gains for their owners (72.3 per cent), but 27.7 per cent is the highest pain figure around the entire country.

How much did sellers lose?

Taking data from just up the road in Mandurah, the median loss on properties sold in 2015 was $42,500. A nice little saving for most Australians. On the other hand, people who reaped a profit had a median gain of $155,000. Investors take note!

Get involved while the market is perfect for buying and contact Ray White Bunbury today.

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