Hous­ing prices drop to their low­est lev­els since 2006

Pilbara News - - Property - Ben Leahy

Port Hed­land hous­ing prices have dropped to their low­est lev­els since 2006, while Kar­ratha prices have also set a new low, ac­cord­ing to the Pil­bara De­vel­op­ment Com­mis­sion.

Re­leas­ing its res­i­den­tial hous­ing and land snap­shot for the March quar­ter, the PDC said the av­er­age ad­ver­tised sale price of Port Hed­land homes had fallen to $613,563, the low­est since De­cem­ber 2006.

“Kar­ratha’s av­er­age ad­ver­tised for sale price (also con­tin­ues) on a down­ward turn, from an all-time high of $897,380 dur­ing the March 2012 quar­ter, to a low of $393,990 in this quar­ter,” the PDC re­port’s au­thors also said.

South Hed­land homes dropped to their low­est price lev­els since June 2007, av­er­ag­ing $464,748.

While tum­bling prop­erty prices might have helped new home own­ers af­ford to en­ter the Pil­bara mar­ket, the re­port showed they had ap­peared to leave devel­op­ers wary of start­ing new de­vel­op­ments in the re­gion.

“At the time of re­quest, Landgate fig­ures have shown no va­cant res­i­den­tial lots sold and set­tled in the Pil­bara for the March 2016 quar­ter,” the PDC re­port said.

The trend in hous­ing prices was also re­flected in the re­gion’s rental mar­ket, ac­cord­ing to the PDC.

“Port Hed­land’s av­er­age … rental price of $591 per week is at its low­est since June 2006, with the high­est recorded num­ber of ad­ver­tised rentals at 155 since data col­lec­tion started in 2011,” the re­port’s au­thors said.

“Kar­ratha’s av­er­age ad­ver­tised weekly rental price has dropped for the 18th con­sec­u­tive quar­ter, down from $1784 in the Septem­ber 2011 quar­ter to $494 in this quar­ter.”

While New­man’s av­er­age sale price of $436,287 was the low­est since the PDC be­gan keep­ing records in 2008, its rental price of $373 a week ac­tu­ally rose by $2 in the last quar­ter.

Pic­ture: Louise Alling­ham

Kar­ratha's av­er­age ad­ver­tised rent prices have dropped for the 18th con­sec­u­tive quar­ter.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.