Market in recovery mode
Pilbara property prices are showing signs of stabilisation, according to the Pilbara Development Commission’s Residential Housing and Land Snapshot released on September 5.
Although the Pilbara experienced a decrease in median dwelling prices, quarterly prices are performing relatively well compared with 2016, when significant drops were experienced.
Overall in the Pilbara, median dwelling prices dropped by 9.3 per cent to $220,000 in the last quarter and there was an 18 per cent decrease in dwelling sales.
The Shire of East Pilbara, Town of Port Hedland and Shire of Ashburton all experienced drops in median dwelling prices. However, the City of Karratha showed a 7 per cent increase.
The number of sales in the City of Karratha decreased by 19 per cent but a rise in sales of dwellings in the $360,000-$725,000 range in the June quarter saw the median dwelling price increase to $300,000.
Pilbara Real Estate director and licensee Rob Sleator said sales were up this year compared with 2016.
“It means there is confidence in the market,” he said.
“People have still got the money and they can get finance.
“Twelve months ago, properties were dropping by one per cent a month as there was a mass of people trying to get out of the market.”
Mr Sleator predicted more market rises in the next quarter.
“By the end of the year, a lot of the really good deals would have gone,” he said.
“There will be less stock on the market and less buyers, but it will push the market up.”
This quarter, the Shire of East Pilbara experienced a 22 per cent dip in dwelling and a 32 per cent decrease in median price to $128,000.
The Shire of Ashburton saw a 17 per cent decrease in median dwelling price to $225,000 and recorded five sales throughout the quarter.
In the Town of Port Hedland, houses made up 90 per cent of the residential market for the June quarter.
The median dwelling price dropped to $198,000, a quarterly decline of 6 per cent. Thanks to a partnership with the Real Estate Institute of WA, the PDC’s half-yearly housing and land snapshot has a more comprehensive overview of Pilbara property data.
PDC chief executive Terry Hill said the partnership would extend the snapshot’s reach significantly, provide accurate information about what’s happening in the region and reduce data collection time.
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