House sales pump up in the Pilbara area over June 2018 quarter
Western Australia’s Pilbara region is proving itself to be a popular hotspot, with one particular suburb seeing sales activity reaching over 40 per cent for the last year.
Over the quarter, Real Estate Institute of Western Australia (REIWA) data indicated sales activity rose by 24.7 per cent in Karratha and 16.1 per cent in Port Hedland for the quarter.
On an annual basis, Karratha is performing significantly better, as activity rose by 41.2 per cent over the year to June 2018, while Port Hedland only saw a rise of 5.2 per cent in a similar time frame.
Due to this popularity, listings in these areas were on the decline, with declines of 27.4 per cent and 32.3 per cent fewer listings for Karratha and Port Hedland respectively.
“With sales activity increasing significantly this quarter, listing stock in the Pilbara region is now being absorbed at such a rate that there’s genuine competition amongst buyers for quality properties,” said REIWA president Hayden Groves.
“Karratha’s median house price should settle at $315,000 for the June 2018 quarter, while Port Hedland’s median house price should come in at $205,000. Both median house prices have held up well over the last year, with little change recorded in either price.”
Mr Groves added that while all of the Pilbara region’s market was impacted by the WA market downturn, the results of the June 2018 quarter show that the region is beginning to recover again.
“The Pilbara region is one to watch over the next 12 months. The announcement of three new mining projects in the region by BHP, Rio Tinto and FMG has gone a long way to restoring confidence in the area,” Mr Groves said.
“These new projects are expected to create 20,000 local jobs in the 2018–19 financial year, which will support population growth in the region and improve demand for housing in the area.”
More from this writer:
-
Where to find winners in the WA market
-
How rents have performed for investors so far this year
-
How to save money with a new repayment strategy
-
Popular capital cities on the rise as market softens over June
-
Cash rate call for July 2019 revealed
-
New property sales rebound over May
-
How far can a $500,000 budget get you in Sydney?