Albany’s median house price rises

ALBANY’S median price rose 4.4 per cent to more than $390,000 in the last 12 months, according to the latest REIWA data.

Chairman of the Institute’s Albany branch Barry Panizza said the growth was possibly skewed by more recent sales than usual in higher price brackets.

According to REIWA, there was a shift in the composition of sales in Albany during the September quarter 2018, with significantly more activity above $350,000 than previously, and fewer sales occurring below $350,000, which was where the bulk of activity had typically occurred in the region.

As with the Perth market, Mr Panizza said pricing property was important for a successful sale.

“Unfortunately sale numbers are down for the last two quarters, so it is difficult to sell properties unless they are priced correctly,” he said.

“Most sales are usually made to people from throughout the Great Southern region, but we do have reasonable inquiry from the Perth metropolitan area, particularly during a hot summer.”

Mr Panizza said the Albany market was not expected to change significantly in the next 12 months, with a good supply of listings available and no major economic developments on the horizon.

“Albany and the South Coast are generally steady in the market,” he said.

“We don’t seem to have the highs and lows of a lot of other places.”