CoreLogic Home Value Index results show prices rising by 5.9 per cent in South West since start of 2024

There is no sign of the property market cooling down in the South West, with new figures revealing house values have increased by nearly 6 per cent since the start of the year. The latest data from CoreLogic’s Home Value Index released on Tuesday shows property values in the region rose by 2.3 per cent in March and 5.9 per cent since January, despite interest rate increases and cost-of-living pressures. Prices rose by 15.6 per cent in the last 12 months — the highest increase for any area in regional WA. Company research director Tim Lawless said rate hikes, cost-of-living pressures and reduced housing affordability have contributed to softer housing conditions nationally since mid last year. “However, an undersupply of housing relative to demand continues to keep upwards pressure on home values despite these headwinds,” he said. The median value of properties in the region now sits at $615,620. Greater Bunbury experienced the highest annual jump in median house prices, up 19.5 per cent since March 2023. Manjimup prices have increased by 13.8 per cent over the same time period, while those in the Busselton-Margaret River area increased by 11.7 per cent. Mr Lawless noted interstate and overseas migration rates were “well above average” in WA, increasing purchasing demand. The national average increase in prices was 0.6 per cent over the past month and 1.6 per cent in the last quarter. The Home Value index is calculated using recent sales data alongside individual property information including house size and geographical context.