Port Hedland asking prices fall further

Port Hedland asking prices fall further
Port Hedland asking prices fall further

It was almost six months ago that a WA mining town home auction shocked the nation.

The ABC reported on a Port Hedland February auction where the fibro cottage was passed in at auction for $360,000 unsold.

Its highest offer reflecting 2006 price levels.

Immediately after the auction came its declared $600,000 asking price, then $590,000 in March.

It had last traded four years ago for $1.3 million, and before that at $870,000 in 2009 and at $350,000 nine years ago in 2006. 

This month it had yet another asking price reduction - down from $470,000 to $435,000

The three bedroom, one bathroom 1960s house sits in the heart of the Western Australian mining town. It is within the business and commercial district, opposite developments and not far from the boat ramp, Marapikarrinya Park, and fishing wharf.

Port Hedland asking prices fall further

Real estate agent Barry Walsh at Jan Ford Real Estate told the ABC the top February bid was a sign the mining boom's construction phase had tapered off.

Negotiations continue for the sale of the cottage with 145 square space on its 600 square metre block.

It was initially listed for private treaty sale in June 2013 at $1.42 million.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

Tags: 
Bubble Port Hedland

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