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Preliminary data for the three months to June show Albany, Port Hedland and Karratha have experienced positive results.
REIWA President Damian Collins said Port Hedland and Karratha had faced their share of challenges as a result of the slowdown in the resources sector, but signs of strength were emerging which was encouraging.
“reiwa.com data analysis reveals that sales transactions in Port Hedland increased by 10 per cent in the June quarter with the median sales price increasing 3.4 per cent to $225,000, while the median sales price in the Albany lifted 2.7 per cent and Karratha increased by 1.6 per cent.
“The slight improvement in house prices is likely to be attributed to the increase of jobs in WA’s northern regions. We will hopefully see some more growth in Port Hedland and Karratha due to the ramp up of projects for Fortescue Metals Group, BHP, Rio Tinto and Woodside,” Mr
It is not uncommon for sales to drop off during the winter months, which is shown by the subdued market over the quarter, however despite the seasonal influences the rental market has seen some improvement over the last quarter.
“reiwa.com data showed that seven regional centres decreased the number of listings for rent in the June quarter, with Karratha, Esperance and Port Hedland seeing a reduction of listings by 56 per cent, 33 per cent and 32 per cent respectively.
“Four of those regional centres also saw an increase in median weekly rent with Broome showing the biggest growth of $35 per week, closely followed by Bunbury with a growth of $20 per week and a $10 per week increase for both Port Hedland and Kalgoorlie-Boulder.
“Demand for rental properties has increased this last quarter with regional areas finally seeing an improvement in overall market sentiment. We know that this is a tough time for regional WA at the moment and REIWA welcomes the large scale projects recently announced which will create more jobs, and hopefully draw
people into WA to give our economy the boost that it needs,” Mr Collins said.
For more information view the latest reiwa.com
Market Update for the June 2019 quarter.
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