Albany market leads the way

There is some positive news in Albany’s real estate market, with one of its most popular suburbs leading the way in price growth in regional WA.

Picture by Merrifield Real Estate: This house at 18 Grandis Way in Yakamia has just been listed by Merrifield Real Estate for $475,000.

Yakamia has topped a Real Estate Institute of WA list of the top 10 regional areas with the highest median price growth in 2010-11, having an average price of $410,000 based on 35 sales.

That was a 13.9 per cent or $35,000 jump on its 2009-10 median price of $375,000, based on 38 sales.

Next on the list was Port Hedland with a 13.7 per cent hike in its median price, followed by South Hedland at 10.8 per cent.

Albany REIWA branch chairman Barry Panizza said despite the jump in Yakamia, the average median house price in Albany had dropped about $5000 in the past 12 months to $375,000.

“The median house price for the Albany urban area hasn’t changed very much for the last four quarters,” he said.

“Compared to rest of regional WA we are very, very similar in our median house price and also how our market has changed.”

Mr Panizza said sales across Albany had remained steady.

“The last three quarters in Albany there has been 359, 360 and 362 houses sold (respectively),” he said.

Mr Panizza said he did not expect much change in the market over the next 12 months, and believed this made Albany a good place to buy.

“I don’t foresee any great boom or any great bust,” he said.

“It depends on what happens in the rest of the world a little bit, but certainly there’s no reason to buy anywhere else other than Albany.”

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