Rising sales in Karratha suggest market may be on the rebound

Home buyers in Karratha are taking advantage of improved affordability in the WA real estate market, with sales activity in the area spiking in October, according to reiwa.com data.

Sales volumes in the Karratha urban area have been on the rise since early 2016, with sales transactions lifting from nine in March to 37 in October – an increase of more than 300%.

Rachel Ross, REIWA agent at First National Real Estate Karratha, said she has noticed a decline in the supply of listings for sale in the Karratha area recently, with reiwa.com analysis confirming that listing levels had dropped from 161 in August to 123 in October.

"I think local buyers recognise that it’s a great time to buy and are taking advantage of improved affordability in the area which is drying up supply," Ross said.

"I think a lot of people are worried they’ve missed the bottom of the market and want to take advantage of the lower prices before they start to climb back up.

"Additionally, with the hospital going up, there will be more jobs available in the area. Karratha offers a great lifestyle, but people need job security and the hospital will assist with that."

Picture courtesy of Wikimedia Commons.