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Port Hedland was Western Australia’s top-performing region in 2021, with its median house sale price increasing 44.7 per cent to $430,500 during the year.
It was also the top-performing regional centre during the December 2021 quarter, with its median house sale price increasing 6.3 per cent during the three months.
REIWA Deputy President Joe White said the strong resurgence of WA’s mining industry in the Pilbara was the driving force behind Port Hedland’s house price growth.
"The desire of mining companies to have a more localised workforce has had a big impact on the number of people looking to buy houses in Port Hedland, which has created more competition and driven up prices.
“Another contributing factor is the implementation of the WA Government's Voluntary Buy-Back Scheme in the West End, which gave residents the option to sell their property for a government-guaranteed market price," Mr White said.
Despite the strong 12-month price growth in Port Hedland, its median house sale price remains 54 per cent below its 2013 peak of $926,000.
“Whilst we have seen significant price growth in Port Hedland over the last year, there is a way to go to reach the heights of 2013 and a lot of price growth still to be had."
All nine regional centres recorded median house sale price growth during 2021, while six regional centres recorded price growth during the December 2021 quarter and three recorded no change.
Geraldton and Broome were the second and third top-performing regions for the year, with Geraldton’s median house sale price increasing 22.8 per cent to $356,000 and Broome’s increasing 17.6 per cent to $600,000.
“As we adjust to living with COVID-19 in the community, we expect to see an increasing number of people attracted to the regions for the lifestyle opportunities and the extra safety they provide, particularly now that working remotely is so common.”
For more information about how your regional centre performed, visit reiwa.com
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