Bunbury recorded the highest growth of any Western Australian regional centre in the July–September quarter 2023.
In just a few months, the median house price rose from $430,000 in June to $445,000 in September.
Not only were house prices on the rise, Bunbury properties also spent substantially less time on market, with the median home taking 15 days to sell – a significant drop from the 23-day median in the first half of this year.
According to Joe White, president of the Real Estate Institute of Western Australia (REIWA), the shrinking market time is a reflection of buyers’ growing demand for Bunbury homes.
“With 13 interest rate hikes since May 2022, affordability is important to buyers, and Bunbury is relatively affordable, particularly when you compare it to Perth and neighbouring Busselton,” Mr White said.
“It’s close to Perth, offers the benefits of a South West lifestyle, and is close to many other attractions of the South West,” he added.
Bunbury is a coastal city located 175 kilometres south of Perth, and is Western Australia’s most populous city after Perth and Mandurah.
Mr White explained: “As a large regional centre, it also offers a lot of employment opportunities, and these are set to grow with plenty of development in the area.”
For now, however, pre-existing homes are being preferred over new developments, with Mr White noting that “population growth, combined with the challenges in the rental market and ongoing constraints in the building industry are maintaining demand for established homes”.
Over the past 12 months, the median house price in Bunbury rose 8.5 per cent, a whisker under Port Hedland’s year-on-year hike of 9.1 per cent.
Currently, the most expensive Western Australian regional centre for home buyers is Busselton, whose median house price currently sits at $685,000.
Rents in Bunbury are