Mid West records highest 12-month growth in house prices across regional Australia according to CoreLogic

The growth spurt in the Mid West property market is one of the biggest in regional WA and Australia, according to fresh research, as the region’s rental median soars to $500 a week. Echoing data from late last year, latest figures from CoreLogic’s Home Value Index revealed the Mid West region had the highest 12-month growth in house prices across regional Australia. The Mid West had the biggest rise in median house price in the year to December 2024, at 29.9 per cent. According to the data, the median house price in the Mid West was $442,042. The increase was greater than those in Queensland cities Townsville (27.2 per cent) and Gladstone (27.1 per cent) which were second and third respectively across regional Australia. In WA, Bunbury recorded a 19.1 per cent increase, while the combined Augusta/Margaret River/Busselton region recorded a 17.4 per cent rise. Meanwhile, the Gascoyne was sixth in WA, recording a 13.6 per cent increase with a median house price of $399,658. CoreLogic research director Tim Lawless said the majority of the regions saw increases. “Regional housing markets finished the year on a stronger note, with values up six per cent over the year, compared with a 4.5 per cent rise across the combined capital index,” he said. “Like the capital cities, regional value growth was dominated by the regional areas of WA (16.1 per cent), South Australia (12.5 per cent) and Queensland (10.5 per cent).” The data follows Geraldton being recognised with the highest median house price increase in the 12 months as part of November’s regional market update. Geraldton Property Team director David Potiuch recently told the Geraldton Guardian despite the rise in prices, investors felt there was value in the Mid West. “The median house price is still relatively cheap compared to the rest of Australia,” he said. “There’s a lot of investors still buying here in Geraldton because they see good opportunity here. “I’m still thinking prices are going upwards in the foreseeable future.” Meanwhile, data from REA Group shows rental prices have also boomed over the past year, with the Mid West recording a yearly growth of 19 per cent, making it the highest growth area in regional WA. The median rental price in the Mid West is $500 a week, according to the data.