Locals priced out of home ownership in Western Australia’s regional holiday hotspots

ABC NEWS (Australia)

Locals in Western Australia’s regional holiday spots are being priced out of the housing market. A property research report shows one in three Australian markets including an increasing number of regional towns now has a median house price of at least 1-million dollars.

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00:00For Amelia Glass, Margaret River is the best place in the world.

00:06When I was a kid, my parents would just let me run free around the farm for as long as I wanted.

00:12The 20-year-old dreams of owning her own property in the town, 270 kilometres south of Perth.

00:18But the median house price has now hit a million dollars.

00:21We're so far from the city and we've got all these new housing developments going in,

00:26but hearing that the price has now gone up even more has kind of made the idea of living in Margaret River in the future a lot more daunting.

00:33Just down the road, Dunsborough has also joined the so-called Million Dollar Club.

00:37It's 900 plus, I would expect, and some houses are selling for much more than what we would envisage.

00:46Five years ago, these kinds of prices were only really found in capital city markets or regional hotspots like Byron Bay.

00:53Now, cartality research shows house prices are also a million dollars here in Leshenault,

00:58north of Bunbury, in Calgan and Chittering in WA's Wheatbelt, and parts of Toowoomba, east of Brisbane.

01:04The industry recognises building more homes is the fastest way to cool down property prices, but progress is slow.

01:11I see a lot of projects get caught up in process, and it might be at the federal level,

01:17it might be at the state level, it might be at the local government level, it might be process on the developer's side.

01:22A process turning regional home ownership into a near impossible dream.

01:27The city could need parking.

01:29The city would probably free that and run now, in many places we're building upsheams to be able to learn too.

01:32To persist, there'll be a lot of projects, some people let it come from

01:34fromans and Borat.

01:36alleys and Commandments and bajinklevels may springing

01:39crisis, but things like this that travel andAD河 forFE.

01:42What do you want to do, will you plan to invest in water because then people should be a little bit Keith?

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