WA property: Albany records highest annual house price growth in regional WA following ‘new wave’ demographic

Albany has long been considered a sleepy retirement region but a new wave of young professionals are helping to shake this tag while driving up property values, with the Great Southern city recording the highest house price growth in regional WA over the past year. According to the latest Real Estate Institute of WA data, the port city’s median house price shot up by 10.3 per cent over the year and was also the second highest performing regional centre for the June quarter, with a 2.1 per cent increase bringing its median house price to $480,000. Busselton was the second strongest performer annually, with a 10 per cent jump in house values, while Port Hedland recorded the highest growth in the June quarter, with a 6.1 per cent increase bringing its median house price to $498,500. Mason Realty principal Rob Mason, who has lived in Albany for a decade, had noticed a gradual shift in the area’s demographic as it slowly became as hip as its South-West neighbour. “It would have been considered mostly retirees coming to Albany but we are certainly seeing more professionals, younger couples and families coming to make Albany home,” he said. “It’s still a slow transition but where people, particularly specialists, were coming for say a week, a month or a couple of days a fortnight or whatever it might have been, more and more we’re seeing those people wanting to live permanently in Albany.” With the opening of more private facilities and a fairly new regional hospital, Mr Mason said more jobs had opened up, particularly in the medical field. “But we are also seeing people who have the ability to work remotely, either full-time or part-time, and Albany is the spot that they want to live permanently. “There have been a lot of infrastructure projects, the facilities are getting better and better, there’s been huge investment into sporting facilities in recent years, and some quality restaurants. The outdoor scene here such as trail running, and bush walking and mountain biking, surfing and fishing has always been strong, but I think a lot of people through COVID either discovered or rediscovered it.” Meanwhile, REIWA president Joe White said Port Hedland — regional WA’s strongest performer for the quarter — was seeing a lot of activity at the more affordable end of the market. “Members report demand is higher in the $250,000-$400,000 price bracket and properties are selling quickly, while $600,000-$700,000 family homes are taking longer to sell,” he said. “Both local owner occupiers and interstate investors are active in the market. New South Wales investors, in particular, are increasingly interested in Port Hedland, seeking to capitalise on the significant range of new infrastructure and resource projects underway that will boost employment and the need for accommodation.” Eight of the nine regional centres recorded price growth over the quarter. Broome was the only regional centre where the median house price declined. Top performing regional centres by annual median house price growth Albany 10.3% Busselton 10% Bunbury 7.5% Karratha 7.4% Port Hedland 7.2% Kalgoorlie 5.3% Esperance 5% Geraldton 0% Broome -1.5% Source: REIWA