House prices take a big hit as rents fol­low suit

Pilbara News - - News - Ben Leahy

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.

Pic­ture: Tom Zaun­mayr

House prices in Kar­ratha have fallen, but not by as much as in New­man.

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