House prices take a big hit as rents follow suit
Almost $70,000 has been wiped off the average sale price of Newman homes in the past three months and almost $30,000 from Karratha homes, the Pilbara Development Commission has found.
Releasing its residential housing and land snapshot for the June quarter, the PDC also said the average advertised sale price of South Hedland homes had dropped by just over $60,000.
“Newman’s average advertised for sale price of $367,531 has dropped by $68,756 from the previous quarter,” the PDC report’s authors said.
“Karratha’s average advertised for sale price of $366,343 has dropped by $27,647, South Hedland’s price of $403,390 has dropped by $61,356, (and) Port Hedland’s price of $603,153 has dropped by $10,410.”
The latest glum outlook follows on from the PDC’s March quarter report, which said Karratha and South Hedland’s housing sale prices had dropped to their lowest levels since 2006 and 2007, respectively. Average weekly rental prices in the June quarter continued the trend, dropping in Newman and Port and South Hedland.
“Newman’s average advertised weekly rental price of $314 per week is $71 less than the Perth average advertised weekly rental price of $385,” the report said.
House prices in Karratha have fallen, but not by as much as in Newman.