Capes house prices stack on 50 per cent growth since pandemic: PropTrack

The latest real estate figures have confirmed a pandemic boom for homeowners in the Capes region, with values up 50 per cent since early 2020.

The phenomenal four-year growth was unprecedented and showed no immediate signs of slowing amid an historic dive in new listings for sales.

The growth figures were reported in PropTrack’s latest market report which came out at the same time the Real Estate Institute of WA confirmed affordability for loans as well as rentals had tightened in regional WA.

The PropTrack report found regional WA’s house prices grew by 20.8 per cent in the two years to May 2024.

This comes on the heels of even stronger growth for regional WA in the two years prior, estimated Statewide at about 31.9 per cent.

REIWA president and Dunsborough realtor Joe White said what happened around the State - particularly in mining towns — impacted the Capes.

“The Capes region is the mining camp for the mining industry because of the huge FIFO population here,” he said.

“So, what happens in the Pilbara and Goldfields directly affects us.”

REIWA chief executive Cath Hart said WA fared well compared to the rest of the nation despite the tightening for costs.

“A year ago, constant increases in interest rates saw mortgage repayments jump by about 40 per cent a month which impacted affordability at the time,” Ms Hart said.

“Rates have been stable since November, but house sale price growth has accelerated over the past two quarters, rising 4.2 per cent over the December 2023 quarter and 5.5 per cent over the March quarter. The decline in affordability reflects this.”

Ms Hart said sales activity remained strong despite the drop in affordability, but there were now fewer homes in the lower-priced housing bracket.