Unprecedented demand driving house prices through the roof in latest report

Suburbs in Bunbury and the South West have seen big increases in house prices in the past year with high demand and low availability keeping prices at an all time high. According to data from Domain, 14 South West suburbs have seen house prices increase by more than 10 per cent in the past year. In the Peel region, Waroona saw the regions’ biggest house price boom with a whopping 27 per cent increase compared to last year. Collie, Bridgetown and Withers were the other suburbs to record 20 per cent home increases, with the median house in Bridgetown costing a cool $520,000. Usher, Dalyellup, Glen Iris and East Bunbury were the other big growers in Bunbury while Busselton, Yalyalup, Margaret River and Capel saw double-digit growth along the coastline. According to PropTrack, regional Western Australia is at its peak of house prices. Summit Reality South West principal Greg Gardiner said multiple factors were contributing to the rise in prices. “There’s been a lot of people coming out of Perth and inland retiring down this way, there’s also been a big focus from Eastern States investors buying in, especially around the Bunbury area,” he said. “Another factor that may have contributed, even though it’s starting to even out a little bit now, is building time frames and costs, so I think people seeing value for money in the established market.” Mr Gardiner said he was seeing firsthand how high demand was. “We’ve come off a pretty busy month, a lot of the stuff we’re selling at the moment is literally selling in three or four days,” he said. “Our peak property this month, the property that had the most offers placed on it within a matter of days, was one property that received 27 offers. “I’ve been doing this for over 30 years, and I’ve never seen anything like it.”