Everything is going up.
Food, fuel and, unfortunately, for the millennial WA – housing prices.
According to new REIWA data, in eight of the nine WA regions, in all Goldfields-Esperance bars, a surge in housing prices was observed during the first three months of the year.
In one city in Pilbary, there was even a price increase of more than 40 percent between March 2021 and the 2022 quarter.
Housing prices in Port Hedland, a vital cog in the WA resource sector, jumped 40.6 percent to an average of $ 457,000.
REIWA Vice President Joe White attributed sky-high sums to the “thriving commodity market” of Pilbury and COVID-19.
He said many mining companies saw the importance of having a localized workforce when the WA borders were closed.
Mr White also said the state government’s voluntary buyout scheme, which allows people to sell their government residential real estate at a guaranteed premium market price, has affected prices in the region.
But not only the Northwest has performed well.
Southwest Baselton Tourist Harbor was the most efficient regional center for rising prices.
Data show that house prices rose 5.5 percent to $ 580,000.
Mr White said those figures reflected a shortage of affordable housing in Basselton, and lists fell by more than 20 per cent for the quarter.
“With fewer available stocks, it has caused a boom in buyers, forcing them to be more competitive in placing real estate offers and pushing the average cost of the regional center,” he said.
“We have also seen an increase in interest in the regional center of Basselton from people living in Perth and the interstate, which has contributed to growing demand.”
Mr White said direct flights from Melbourne to Basselton Margaret River Airport could also affect house prices in the future.
In other regional centers, such as Geraldton and Broome, average house prices rose 21 and 17.5 percent over the past 12 months, respectively.
The average price in Geraldton is now $ 375,000, and in Broome it is almost twice as much as $ 619,000.
The average cost of a home in Albany is $ 425,000. Bunbury’s costs $ 395,000 and Esperance’s $ 390,000.
Karratha cost $ 513,750, and Kalgoorlie was the cheapest city with $ 326,020.
These figures come amid an investigation by the homeless in the WA conducted by the state parliament.