Augusta-Margaret River housing market continues upward growth as Bunbury claims regional WA title

House prices within the Capes area are continuing their upwards march despite Bunbury claiming headlines this week as the fastest-growing regional centre.

The latest Real Estate Institute of WA statistics showed median house prices within the Augusta-Margaret River shire added nearly another $20,000 in value during the past three months.

The quarter-on-quarter growth – coinciding with a continued tightening in new listings – saw the median house price rise from $711,500 in October 2023 to $776,250 last month.

The 12-month growth was unsurprising to vendors who pointed to the low levels of available housing.

“The sales market continues to be tight with houses selling very quickly and upwards pressure on prices, however the jumps seen to be moderating,” REIWA president and Dunsborough-based realtor Joe White said.

“The rental rates dropping is encouraging, but vacancy rates are still very low and we still have shortfall of social and cheaper-end housing.

“Christmas could be tricky for the vulnerable,” he said.

“Population growth and wages growth will dictate everything (in the year ahead).”

Ray White-Stocker Preston senior realtor Mark Murray said the lack of listings remained the biggest factor.

“We remain in a beautiful location to move to that has good employment availability,” he said.

“Therefore, I can’t see home prices showing buyer relief and very likely to continue to increase value.

“Residential land availability is also unusually low in supply and light industry options as well.”

Bunbury meanwhile posted another record as investors and buyers flocked to the port city.

It is seen as an affordable market for young families and professionals, and a good place to run businesses in the South West or be based for a fly-in, fly-out lifestyle.

Its median house sale price rose 6.7 per cent to $555,000, up from $520,000 in the June 2024 quarter. Bunbury also saw the most growth during the year, with the median house sale price rising 24.2 per cent.

Augusta-Margaret River rose 9.1 per cent during the same period.

Mr White noted Bunbury was more affordable than Margaret River and Dunsborough and added that Busselton too had developed a higher price tag.

Mr White said the $650,000-$800,000 price bracket remained the most active market sector.

Meanwhile, rental prices were also up. Augusta-Margaret River data was not available, but Busselton rents rose 13.8 per cent during the past 12 months and Bunbury median rents climbed 9.1 per cent.