Report details drop in region’s property value

Bunbury dwelling values are continuing to slide, despite indicators the decline was nearing its end earlier this year.

A report by Corelogic this week revealed home values in the metropolitan area were back on the downturn, but data showed Bunbury fared no better.

The data came from Australian Bureau of Statistics mapping, of which the “Bunbury” region covered just outside of Pinjarra to Walpole.

While the report showed values in Perth falling 0.6 per cent last month, dwelling values in Bunbury dropped by 0.8 per cent.

The region’s downturn was also reflected in quarterly and yearly figures, with a 4.7 per cent drop and 5.4 per cent drop respectively. Contrastingly, Perth homes prices fell by just 2.1 per cent over the past year.

While the values in Bunbury had dipped, those in the north were steadying somewhat, with a 0.4 per cent jump over the last quarter and a 1.2 per cent jump over the last 12 months.

Corelogic head of research Cameron Kusher said despite signs earlier this year the declines were nearing their end, WA’s housing market remained weak.

“Over the past few months, values have weakened again and values have commenced declining,” he said.

“The declines right now are more moderate than those being experienced in cities like Sydney and Melbourne however, the downturn in these two cities is relatively recent while Perth has been in a downturn since 2014.”

The median value of a home in Bunbury was estimated to be $344,469, compared to $470,385 in Perth’s South West suburbs.