Waroona, Yarloop and Roelands house prices rise more than 20 per cent as those in Preston Beach, Harvey fall

It has been a house seller’s dream in three locations across the region over the past year, according to the State’s real estate body. However, prices in other areas have fallen by more than 7 seven per cent during the same period. Data from the Real Estate Institute of Western Australia shows Roelands, Waroona and Yarloop have all had their house prices increase by at least a fifth over the past 12 months despite increasing interest rates and substantial cost-of-living pressures. The biggest increase in demand was in Roelands, with the semi-rural locality recording the highest price increase of 23.1 per cent between May 2022 and May 2023. It has maintained its title as the most expensive area to buy within the Harvey and Waroona shires, with a median sales price of $825,000. REIWA President Joe White said while there were new developments in the area, house listings were low. “It is like a supermarket with low stock — you add supply and it quickly gets snapped up,” he said. Waroona is second on the annual growth list, with the town’s house prices growing by 20.7 per cent. Local agents have put the rise down to its central location between Perth and the South West, a number of local industries and a lack of established housing supply. In nearby Yarloop, prices increased by 20 per cent, continuing a resurge after a major fall in 2020. Mr White said people returning to the area following the 2016 bushfires was a factor, but he also pointed to strong economic growth in the region and the shift to the regions in recent years. On the opposite end of the scale, Preston Beach is suffering from a weak market with median house prices dropping by 7.4 per cent over the past year. Harvey and Brunswick Junction also both recorded price falls, though theirs were not as large at 2.7 per cent and 4.5 per cent respectively. Mr White said part of the reason for the decreases was the type of homes in the locations for sale. “We are seeing cheaper housing stock come on to the market and the reason is because the rental stock is very tight,” he said. Along the coast, Australind prices (up 8.3 per cent) increased more than nearby Leschenault (up 7.2 per cent), while Myalup also recorded a rise (8.2 per cent). Mr White said he expected much of the market to remain stable over the next year. “You will see more listings – the market will get a little more easy, but we have under-invested in housing across the board,” he said.