Naval work to boost property market
Rockingham’s housing market could be boosted by the Commonwealth’s Naval Shipbuilding Plan according to Real Estate Institute of WA president Hayden Groves.
Despite the State Government claiming WA had been “dudded” over the deal, which would see sustainment work on frigates and submarines undertaken at Henderson, Mr Groves said it was enough to spark an increase in housing activity.
“I think Rockingham has reached the bottom and we’ll probably start to see some improvements in that market, mainly on the back of a fair bit of discussion around the defence industry plans,” he said.
“That will bring a lot more industry to the Rockingham region and I think the March quarter median house price ($395,000) is really good buying.
“I think Rockingham will be a region within the metropolitan area to watch in the next five years.”
Rockingham’s median house price dropped between December and March by $5000 and was still well below the $418,625 figure of March 2016.
More than 440 Rockingham properties changed hands through the March 2017 quarter, while 526 properties were sold in the same period last year.
Kwinana house prices continued to fall between December and March from $369,000.