Mid West-Gascoyne house values continue to rise according to CoreLogic data, Shark Bay up almost 30 per cent

Mid West and Gascoyne property owners are winning in times of uncertainty, with all local councils in the region recording an increase in property value in the past year, according to new data.

The latest CoreLogic data concluded the average rise across the Mid West was 5.6 per cent, with Shark Bay recording the biggest spike in property values across regional WA.

Despite some regional WA locations losing value on houses — including East Pilbara (-8.9 per cent), Broome (-2.9 per cent), Katanning (-2.9 per cent) and Kalgoorlie-Boulder (-0.7 per cent) — Mid West shires were all on the up.

Shark Bay saw the largest home value increase of 28.7 per cent compared to the 12 months prior. The Gascoyne town also saw the largest increase in house sales, bumping up 40 per cent.

The Shire of Northampton’s median house value increased 16.8 per cent compared to the 12 months previous, while the local market saw a 14.3 per cent increase in sales volume.

Home values in the Shire of Dandaragan grew 14.7 per cent while the number of sales dropped 13.2 per cent. Exmouth had an 8 per cent increase in value and 30.5 per cent drop in the number of sales.

Property prices in the Shire of Irwin grew 4.4 per cent compared with the 12 months prior, while sales dropped 20.8 per cent.

Dwellings in Carnarvon remained much the same in value, with just a 0.3 per cent increase, but volume of sales fell by 37.6 per cent from the previous 12 months.

CoreLogic research director Tim Lawless said dwelling values across the Mid West-Gascoyne region had increased an average of 5.6 per cent over 12 months in comparison to the broader regional average of 4.9 per cent.

“Through the growth cycle so far, dwelling values are up 40.5 per cent across the Mid West, adding roughly $94,450 to the median value,” he said.

“In 2022, the volume of Mid West dwelling sales was 56 per cent above the previous five-year average, demonstrating the surge in housing demand recorded across the region.”

Mid West-Gascoyne median house values (12 months to January 2023)

Exmouth: $641,769 (up 8 per cent)

Dandaragan: $444,673 (up 14.7 per cent)

Irwin: $388,171 (up 4.4 per cent)

Shark Bay: $355,767 (up 28.7 per cent)

Northampton: $327,378 (up 16.8 per cent)

Carnarvon: $253,578 (up 0.3 per cent)