The median values of houses and units in Western Australia has recently taken a few hits – and that's drawing buyers into real estate in Bunbury.
CoreLogic RP Data reports that the Perth median dwelling value has fallen considerably over the past 12 months – that figure is now sitting at $604,800. Darwin is the only other city which has seen a drop.
So, with this drop in home values, how have sales been affected? Well, SQM Research has found that there was a high volume of sales all around the country – the national average for sales over the past 12 months has risen 5.2 per cent, and between March and April, 4.1 per cent. Perth has shone even brighter than that, going up 9.2 per cent over the year, which is a figure only behind the big three on the east coast.
With an increase in dwelling sales, there is clearly a demand for more housing in the region. That's causing growth in the home construction sector as well, with the Australian Bureau of Statistics finding there was a 0.6 per cent national increase in building approvals through March.
More specifically, around all of Western Australia, a 1.1 per cent increase was registered. That's great news for anyone looking at buying – there will soon be a plethora of options on the market as these homes are completed and other people make their moves!
This could see investors drawn to Bunbury as a way to escape the high prices seen in the capital city to the north, but anyone looking to start their own property portfolio in the city should act soon.
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