More of the same to come for property

The Great Southern real estate industry is forecasting a mild year, following on from similar conditions in recent times.

Overall, Albany’s median house price has declined 3 per cent in the past year to sit at $372,000, with sales up nearly 7 per cent, according to Real Estate WA’s latest figures.

This compares favourably to the 6.7 per cent decline in median house prices for regional WA and a 4 per cent drop in WA.

Wellington and Reeves director Barry Panizza said he was expecting minimal change for the new financial year.

“The median house price in Albany hasn’t changed much in the last seven years and I don’t believe there will be much change in the near future,” he said.

Gledhow was Albany’s fastest growing suburb with an 11.7 per cent increase in house prices, followed by central Albany (6.2 per cent) and Spencer Park (1.3 per cent). Rounding out the top five, McKail recorded a 0.6 per cent rise in prices, while Orana remained flat at $295,000.

In terms of overall sales, Spencer Park was the top-performing suburb with 66 houses sold, while McKail (60) and Bayonet Head (55) also had plenty of activity.

Merrifield Real Estate director Jeremy Stewart is predic-ting a similar trend for the region.

“Expect to see much of the same as the last 12 months, with activity at the lower end for established housing and blocks, a sluggish mid-sector and the higher end soft,” he said.

“There are opportunities for both sellers and buyers provided the seller meets the market and a buyer is prepared to pay market value.”

Ray White Crofts director Kim Crofts is expecting improvements in the Plantagenet region.

“With prices in the Shire of Plantagenet being well below Albany and Denmark, along with greater number of property inquiries, we are confident of sales improvement in the coming 12 months,” he said.