Albany housing market surges, rents up 19.6% and home prices rise 15.5%, says REIWA

Rental prices in Albany have risen by almost 20 per cent and housing prices 15.5 per cent since December 2023, new statistics from the State’s peak real estate body reveal. The Real Estate Institute of WA released its latest quarterly report for December 2024 on Monday, revealing huge price hikes to both the housing and renting market. REIWA regional spokesman Joe White said demand for rental properties continued to exceed supply, with Albany’s rental vacancy rate at the end of January at 0.4 per cent with 20 houses available for rent. “REIWA members are still seeing some applicants offer over the asking price in order to secure a home,” he said. “Albany’s median (weekly) rent increased 5.8 per cent quarter-on-quarter and 19.6 per cent over the year to $550 per week. “Demand is very strong at the lower end of the market and properties are leasing quickly when they become available.” A healthy vacancy rate is considered to be between 2.6 and 3.5 per cent. Albany had the second-highest 12-month increase in weekly rent, beaten only by Esperance which was up 26.1 per cent. For median house price increases, Albany is fourth, following Bunbury (28.5 per cent), Busselton (20.1 per cent) and Geraldton (18.2 per cent). Of the nine regional centres recorded, seven had increases to weekly rental prices since 2023, with Karratha remaining the same and Broome decreasing by 4.8 per cent. All nine centres experienced a hike in median house prices. Mr White said an uplift in families relocating to the regions has increased interest in larger homes, with the strong competition among buyers and renters resulting in the “upwards pressure” on prices. The median sale price for a home in Albany rose 4.5 per cent over the quarter and 15.5 per cent annually to $575,000. “Homes in good locations, such as Albany Town Centre and Middleton Beach, continue to attract strong interest, with agents receiving multiple offers and buyers offering above the asking price to purchase the property,” Mr White said. “REIWA members are seeing a mix of buyers, including local upgraders, Perth buyers, and an increasing number of farmers post-harvest, which is typical for this time of year.”

Albany housing market surges, rents up 19.6% and home prices rise 15.5%, says REIWA

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