Wheatbelt house prices drop by 2.4 per cent in 2018

Northam’s median house price has dropped by $25,000 in the past year according to the Real Estate Institute of Western Australia (REIWA).

The annual growth, median house price and population were all down for the town, with Toodyay facing an opposite outcome for 2018, with all areas increasing.

REIWA President Damian Collins said property prices are expected to stabilise in 2019.

“The Wheatbelt region experienced a 2.4 per cent fall in house median sale prices during 2018 at $200,000,” he said.

“Much like the rest of WA, these regions have experienced softer conditions during the last few years.

“Looking forward, a strong wheat harvest in 2018 supported by higher export prices should boost regional sentiment in the medium term and in turn drive local interest in property.”

Mr Collins said population growth remains a key driver of demand for property and local migration trends are necessary for any potential upswing in property prices.

“The likelihood of a major rebound is low with headwinds from tighter access to housing finance dampening demand and restricting recovery,” he said.

“In the absence of any major catalysts, property prices are expected to stabilise in 2019.”