There was a significant increase in house sales in the Pilbara region during the June 2018 quarter.
REIWA President Hayden Groves said reiwa.com data showed sales activity had increased a significant 24.7 per cent in Karratha and 16.1 per cent in Port Hedland.
“Sales were also up on an annual basis, with activity in Karratha increasing 41.2 per cent between the June 2017 and 2018 quarters and 5.2 per cent in Port Hedland,” Mr Groves said.
This increase in sales has put downward pressure on listing levels, with reiwa.com data showing there were 27.4 per cent fewer properties for sale in Karratha compared to the June 2017 quarter and 32.3 per cent fewer in Port Hedland.
“With sales activity increasing significantly this quarter, listing stock in the Pilbara region is now being absorbed at such a rate that there’s genuine competition amongst buyers for quality properties,” Mr Groves said.
reiwa.com data also shows house prices in Karratha and Port Hedland have stabilised.
“Karratha’s median house price should settle at $315,000 for the June 2018 quarter, while Port Hedland’s median house price should come in at $205,000. Both median house prices have held up well over the last year, with little change recorded in either price,” Mr Groves said.
“It’s no secret the Pilbara region’s housing market was greatly affected by the WA market downturn. However, the June 2018 quarter results are very encouraging and indicate the Pilbara region is finding its feet again.
“The Pilbara region is one to watch over the next 12 months. The announcement of three new mining projects in the region by BHP, Rio Tinto and FMG has gone a long way to restoring confidence in the area. These new projects are expected to create 20,000 local jobs in the 2018-19 financial year, which will support population growth in the region and improve demand for housing in the area