WA's Pilbara region shows early signs of housing recovery: REIWA

WA's Pilbara region shows early signs of housing recovery: REIWA
WA's Pilbara region shows early signs of housing recovery: REIWA

The property market in the Pilbara region showed signs of recovery in the June quarter, with preliminary data showing Port Hedland and Karratha Urban Area experienced positive results across a number of key market indicators. 

Sales transactions in Port Hedland were up by 18 per cent in the three months to June, Landgate data showed. 

Meanwhile, 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 due to the slowdown in the resources sector, but the recovery signs were encouraging. 

In Port Hedland, deal activity rose across most price ranges, with the biggest spikes in the $150,000 to $500,000 range. 

However, Port Hedland’s preliminary median house price fell in the June quarter to $220,000, which can be attributed to a reduction in sales in the over $600,000 price range, said Groves. 

“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, which pushed the regional area’s median up,” Groves added. 

The average time to sell a house also fell significantly in 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, with the area’s average selling day figure reducing by 21 days over the quarter. Similarly, the improvement in median house price in Karratha Urban Area translated into its average selling days figure, reducing by almost 30 days, which is very substantial,” Groves said. 

He said the Pilbara region would be one to keep a close eye on, considering planned investments in the iron rich province. 

The proposed developments in port and rail infrastructure is estimated to create approximately 3,300 jobs, which would help the region’s economic growth and would have a positive flow on effect to the property market, he concluded. 

Tags: 
Western Australia Housing Market

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