THE property market in the Pilbara region is showing signs of improvement, with Port Hedland and the Karratha Urban Area recording positive results across a number of key market indicators in the preliminary data for the three months to June.
Landgate data showed sales transactions in Port Hedland increased by 18 per cent in the June quarter, while the median house price in the Karratha Urban Area lifted 7.1 per cent to $300,000.
REIWA president Hayden Groves said Port Hedland and Karratha had faced their share of challenges following the slowdown in the resources sector, but signs of strength were emerging, which was encouraging.
“In Port Hedland, transactional activity improved across most price ranges, with the biggest spikes occurring within the $150,000 to $500,000 range,” he said.
“Despite the increase in activity, Port Hedland’s preliminary median house price did soften in the June quarter to $220,000, which can be attributed to a reduction in sales in the over $600,000 price range.
“In the Karratha Urban Area, the lift in median house price was due to an increase in sales occurring in the $360,000 to $725,000 range, which pushed the regional area’s median up.”
Both regional towns also experienced significant reductions in the average time it took to sell a house in the June quarter.
“The improvement in sales transactions in Port Hedland had a positive effect on the average amount of time it took to sell a home, with the area’s average selling day figure reducing by 21 days over the quarter,” Mr Groves said.
“Similarly, the improvement in median house price in the Karratha Urban Area translated into its average selling days figure, reducing by almost 30 days, which is very substantial.”
Mr Groves said it was worth keeping a close eye on the Pilbara region, particularly as planned investments in the iron-rich province were strong.
“The proposed developments in port and rail infrastructure is estimated to create approximately 3300 jobs, which would bode well for the region’s economic growth and ultimately produce positive flow on effects to the property market,” he said.