Kal­go­or­lie-Boul­der prop­erty mar­ket ‘out of the gloom’

Kalgoorlie Miner - - NEWS - Jar­rod Lu­cas

John Matthew and Sons part­ner Al­lan Pen­dal says the worst of the prop­erty down­turn has passed, la­belling Kal­go­or­lie-Boul­der’s mar­ket as “sta­ble”.

The real es­tate agent told the What’s Down The Track? fo­rum this week that house sale turnover has de­clined 35 per cent in Kal­go­or­lie-Boul­der in the past five years.

Be­tween the 2010 and 2015 financial years, Mr Pen­dal said the me­dian house price had in­creased 3.7 per cent to $347,000.

He said close to 600 houses were on the mar­ket in Kal­go­or­lie-Boul­der, which he claimed is “hold­ing its own” when com­pared with re­gional cen­tres like Ger­ald­ton, Port Hed­land and Al­bany.

“We’re not in the boom, but we’re out of the gloom,” Mr Pen­dal, who is also Kal­go­or­lie-Boul­der’s deputy mayor, said.

Fluc­tu­a­tions in the gold price in mid-2013 had a ma­jor ef­fect as work­ers sold up or broke leases af­ter a raft of re­dun­dan­cies, Mr Pen­dal said.

“We have a high per­cent­age of our prop­er­ties owned by in­vestors and a high per­cent­age owned by ab­sen­tee own­ers,” he said.

“It’s an im­por­tant part of our real es­tate econ­omy and our over­all econ­omy.”

In May 2013, the av­er­age rental price for prop­er­ties listed by John Matthew and Sons was $407 per week.

The price had fallen 13 per cent to $353 a week by May.

The va­cancy rate was 1.2 per cent in May 2013, hit 4.6 per cent in May last year and was 2.8 per cent in May this year.

“Maybe that shows we’re close to hit­ting the bot­tom,” he said.

Com­mer­cial prop­erty sales have been “tough” while in­dus­trial ac­tiv­ity has been pro­gress­ing “rea­son­ably well and pro­vides some prom­ise for the city”.

Roche Klop­per, 17.

An­drew Yates, 18, and Lily Perry, 17.

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