Albany was the fastest growing local government area in the state by annual growth in net internal migration, according to the Regional Movers Index for the December 2024 quarter.
It recorded a 200 per cent increase in net internal migration, with the majority of growth from city dwellers seeking a sea change.
REIWA members report housing affordability, job opportunities and a relaxed lifestyle are some of the key factors bringing people to the Albany regional centre.
Population growth in recent years, combined with limited new housing supply, has placed strong upward pressure on house and rental prices.
House prices in Albany have risen strongly over the past few years. The median house sale price increased 16.8 per cent over the last 12 months to reach $590,000 at the end of February 2025. It is 49.4 per cent higher than the previous peak of $395,000 recorded in 2015 and 60.0 per cent higher than the previous low of $368,750 recorded in 2020.
The demand for homes is reflected in the median time to sell.
House sold in a median of 12 days in 2024. That's 81 days faster than a decade ago.
Houses have been selling in a median of around two weeks since 2021, reflecting sustained strong demand in the region.
While the frenzied conditions of the past few years are easing, REIWA's Albany members are reporting demand for well-located and well-presented homes remains strong. Properties requiring minimal work are reported to be selling the fastest and competition remains high for properties priced under $600,000.
Prices have also risen strongly in the rental market, fueled by population growth, a decline in rental supply and limited new investment.
The median weekly rent for houses in the Albany regional centre increased 10 per cent over the past year, to $550 at the end of February. Rent prices are nearly 60 per cent higher than the $350 per week recorded in 2019.
The constrained conditions in the rental market are reflected in the vacancy rate. The Albany regional centre has experienced an extended period of very low vacancy rates
Pre-COVID, the five-year average was 1.9 per cent, post-COVID the five-year average is 0.5 per cent. Currently the vacancy rate is 0.3 per cent.The challenges in the rental market have had widespread effects.
Members in the Albany regional centre have reported the lack of rentals has impacted businesses as employees have been unable to find homes. For example, restaurants have had to limit their opening times, or close, as they don't have enough staff to open seven days a week. It has also contributed to staffing shortages for doctors and nurses.
At times, demand for homes and the constraints in the market have seen people look to caravan parks for accommodation.
View the latest market information for the Albany regional centre and individual suburbs via the insights page at www.reiwa.com. For on-the-ground insights into what is happening in the property market, you can contact a local agent via REIWA agent finder.
