Pilbara property sale period shows signs of improvement
The Pilbara property market showed some promising statistics in the September quarter, according to the Real Estate Institute of Western Australia.
REIWA president Hayden Groves said Port Hedland experienced a significant improvement in the number of days it took to sell a property.
“It was 10 days quicker to sell in Port Hedland in the September quarter, eight days quicker in Albany, six days quicker in Karratha and two days quicker in Broome,” he said.
In Broome and Albany, it was noted that more sellers had to drop their listing prices, however in Port Hedland and Karratha the opposite was true.
“Both centres (experienced) a significant reduction in the number of sellers who had to reduce their asking price over the quarter,” Mr Groves said.
“This tells us that in Albany and Broome, more sellers needed to drop their asking price to sell, while in Karratha and Port Hedland the results indicate that sellers are heeding their real estate agent’s advice and pricing their property accurately from the start.”
REIWA Karratha chairman Richard Naulls said if sellers did reduce their price, it was to meet current market prices.
“Due to a increase in buyer inquiry, multiple offers and more sales, the market has clearly stabilised and there are more sales evidence therefore properties are priced correctly and sellers are not expected to reduce to meet the market,” he said. “Though it is still a buyers’ market, there are less properties advertised for sale than 12 months ago, which means the gap between supply and demand is less which continues to assist in keeping the market stable.”
Mr Naulls said although those who bought a property in highprice times were still feeling the financial pain of the cycle, the Karratha market had stabilised.
“The number of properties selling has increased significantly — there are lots of buyers confident that if they buy now, prices should increase over the time of the normal real estate cycle and sellers are also confident prices are going to continue to reduce,” he said.
“Excitingly, we are seeing lots of locals buying properties to live in, a lot of them are moving out of rental properties or company housing and taking the opportunity to buy.”