Region shining star in property market
Albany real estate has ended on a high for 2016, with three suburbs ranked in the 10 highest-growth regional centres.
Orana, Bayonet Head and Lower King were ranked the fifth, seventh and ninth highest-growth centres for median house prices with 4.3 per cent, 3.6 per cent and 1.8 per cent growth respectively. But according to Real Estate Institute of WA president Hayden Groves, 2016 did not start as smooth sailing for the Albany region.
“It was a challenging year for property prices and transaction levels ... throughout the regional and Perth metro market,” he said.
“But the year ended more brightly than it began.
“The Albany urban area performed particularly well in the December quarter, returning a close to a 4 per cent increase in median house prices.
“It was good for sellers because prices increased but also transaction activity improved.”
According to Mr Groves, 2017 is predicted to be relativity flat for property values, while the median house price will fluctuate marginally.
“I think ... the median price might jump around a bit — with a margin less than 5 per cent,” he said.
“But 2017 will be a fairly flat year for property value in Albany and surrounds and transactional activity will remain subdued but very unlikely to get very worse.”
Mr Groves said this year was set to be a strong market for buying or selling in Albany.
“Whether you are buying or selling, this is a great market for transactions,” he said.
“You don’t have to make a rash decision to buy something ... and buyers can make fewer compromises.”
Mt Barker, Denmark and Katanning were ranked in the top 10 highest-growth regional centres for median house prices with 2.2 per cent, -4.9 per cent and 1.4 per cent growth, respectively.
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