THERE was some good news for the regional property market in the June quarter 2019 with three areas recording price growth over the three months and the year, according to Reiwa data.
Port Hedland saw the biggest quarterly increase, with its median house price up 3.4 per cent to $225,000, while Karratha was the best performer over the 12 months, with its median price up 10.2 per cent.
Albany also had quarterly and annual price growth, while Bunbury recorded 0.8 per cent growth over the quarter.
Reiwa president Damian Collins said Port Hedland and Karratha had faced their share of challenges as a result of the slowdown in the resources sector, but signs of strength were emerging which was encouraging.
“Reiwa.com data analysis reveals that sales transactions in Port Hedland increased by 10 per cent in the June quarter with the median sales price increasing, while the median sales price in the Albany lifted 2.7 per cent and Karratha increased by 1.6 per cent,” he said.
“The slight improvement in house prices is likely to be attributed to the increase of jobs in WA’s northern regions.
“We will hopefully see some more growth in Port Hedland and Karratha due to the ramp up of projects for Fortescue Metals Group, BHP, Rio Tinto and Woodside.”
Mr Collins said it was not uncommon for sales to drop off during the winter months, which was shown by the subdued market over the quarter, however despite the seasonal influences the regional rental market saw some improvement over the reporting period.
“Reiwa.com data showed that seven regional centres decreased the number of listings for rent in the June quarter, with Karratha, Esperance and Port Hedland seeing a reduction of listings by 56 per cent, 33 per cent and 32 per cent respectively,” he said.
“Four of those regional centres also saw an increase in median weekly rent with Broome showing the biggest growth of $35 per week, closely followed by Bunbury with growth of $20 per week and a $10 per week increase for both Port Hedland and Kalgoorlie-Boulder.
“Demand for rental properties has increased this last quarter with regional areas finally seeing an improvement in overall market sentiment.
“We know that this is a tough time for regional WA and Reiwa welcomes the large-scale projects recently announced which will create more jobs, and hopefully draw people into WA to give our economy the boost that it needs.”