Kalgoorlie-Boulder property market ‘out of the gloom’
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.