Price rises amid race for homes in the South West

The housing market in Bunbury is proving to be favourable for sellers, with the median sale price in the city jumping 8.8 per cent in 2020. According to director of economic research at REA group, Cameron Kusher, sales volumes in Bunbury were 61 per cent higher in 2020 than they were in 2019. “There has been a significant surge in demand for houses in the South West,” Mr Kusher said. “We have seen on realestate.com.au that demand in regional areas has increased substantially along with sales volumes since the pandemic hit.” So far in early 2021, Mr Kusher said sales were 45.5 per cent higher than they were at the same time in 2020. Real Estate Institute of WA deputy president Joe White said this was the best market for sellers he had ever seen in his 31 years in the industry. “Clearly, we are in what is undeniably a boom market,” he said. “The level of sales surpasses what was happening in 2006, however people are being more cautious and we are not seeing an overheating in the market.” Mr White said up until November 2019 WA had been in the longest property slump in the State’s property history. “We were coming off a very low base and Bunbury had been particular hard hit,” Mr White said. “In January/February of 2020 we saw a definite change in trajectory from a low slide to increased turnover. “With everyone in lockdown during March/April, those months almost didn’t exist so the sales that would have typically occurred in that time rolled into the next quarter and meant the winter months saw some frenetic activity.” Mr White believes housing turnover in the South West increased sharply after last year’s lockdown. “Coming into the spring months we started to see a reduction in the stock levels and by summer the prices started to kick up as people started to race to get in. “Whilst I’m optimistic about 2021, I don’t think it’s going to get ridiculous. “Bunbury is coming off a hell of a weakness and it has a strong, diversified economy with an attractive and evolving town centre. Bunbury has a good future.”