Pilbara region showing signs of recovery: REIWA
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Aug 22, 2017
Pilbara region showing signs of recovery: REIWA
Sales in Port Hedland rose 18 per cent in the June quarter, while Karratha's median house price increased 7.1 per cent to $300,000, according to new data from Landgate.
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REIWA president Hayden Groves.
There were signs of recovery in the Pilbara region in the June 2017 quarter, with preliminary data for the three months showing Port Hedland and Karratha experienced positive results across a number of key market indicators.
Landgate data shows sales transactions in Port Hedland increased by 18 per cent in the June quarter, while the median house price in the Karratha Urban Area rose 7.1 per cent to $300,000.
REIWA President Hayden Groves said Port Hedland and Karratha had faced their share of challenges as a result of the slowdown in the resources sector, but these early signs of strength are encouraging.
“In Port Hedland, transactional activity improved across most price ranges, with the biggest spikes occurring within the $150,000 to $500,000 range," said Groves.
"Despite the increase in activity, Port Hedland’s preliminary median house price did soften in the June quarter to $220,000," said Groves, who attributed the decline to the lower number of sales in the $600,000-plus price range.
“In the Karratha Urban Area, the lift in median house price was due to an increase in sales occurring in the $360,000 to $725,000 range," he said. The rise pushed the regional area’s median higher, said Groves.
Days on market are down
Both regional towns also experienced fewer days on market in the June quarter. The area’s average selling days fell by 21 days over the quarter.
“The improvement in sales transactions in Port Hedland had a positive effect on the average amount of time it took to sell a home," said Groves.
The improvement in median house prices in Karratha translated into its average selling days, which fell by almost 30 days,” said Groves.
Investment in the Pilbara region is forecast to grow
“The Pilbara region will be one to keep a close eye on, especially considering planned investments in the iron rich province is strong," said Groves.
"The proposed developments in port and rail infrastructure is estimated to create approximately 3,300 jobs, which would bode well for the region’s economic growth and ultimately produce positive flow on effects to the property market.”
Read more about real estate in the Pilbara region:
Spotlight on mining town Karratha
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