Housing prices drop to their lowest levels since 2006
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.
Karratha's average advertised rent prices have dropped for the 18th consecutive quarter.