Albany amongst most affordable

Albany is one of the most affordable regional cities in the State to buy a house, according to the latest data from the Real Estate Institute of WA.

Figures released by REIWA this month show Albany had the second-lowest average house price of $350,000 of regional cities, compared to the State average of $372,000 in the last financial year.

The port city trailed slightly behind Kalgoorlie/Boulder, where houses averaged $345,000, as the most affordable property market of regional cities in WA.

Busselton was the most expensive regional city to purchase a house, with an average of $420,000, followed by Mandurah/Murray with $390,000.

Statistics for the year ending June 2013 showed the average house price in Albany dropped $10,000 over the past year, however house sales increased by 13 per cent from 388 to 439.

REIWA president David Airey said country property, including Albany, Broome, Carnarvon and Geraldton, was “flat-lining” with no growth in the last quarter.

But REIWA Great Southern president Barry Panizza said a small decrease in median house prices was not a major issue and it was more important that sales had experienced a boost.

“The increase in turnover in the last 12 months shows that at least now properties are selling,” he said.

“Because prices haven’t risen indicates there is still a good amount of stock and the ones that are selling are the ones priced correctly.”

Mr Panizza said the number of properties on the market in Albany had also increased since the last quarter, from 780 to 803.

“There is a good supply for those wanting to buy a property,” he said.

“Albany is still very affordable, particularly for first homebuyers … the good news for buyers is that interest rates are low, and property prices have not risen.”