Pilbara land prices soar 38 per cent in one-year: Pilbara Development Commission

Property values in the Pilbara have skyrocketed in the past year, according to a new report from the Pilbara Development Commission, with the median vacant land price jumping up almost 38 per cent to $193,000. The Pilbara Development Commission released its Half Yearly Housing and Land Summary, which showed an increased demand in both the rental and sale markets throughout the region. The report summarises activity in the sales and rental markets across the Pilbara every six months and reveals house sale prices have risen in the region with the a median house sale price increase of 18.18 per cent from June 2021 to $487,500. Meanwhile, unit sale prices also increased to a median of $302,684 for the period, compared to with $243,000 for the same period in 2021. The total number of sales remained steady with 373 houses sold across the Pilbara in the first half of 2022 compared with 369 homes in June 2021. The number of dwellings listed for lease has continued to decrease, with 299 listed in the first half of 2022, down from the 342 listed in the first half of 2021. This reduction in stock has seen the median weekly rent rise to $650, up 15.56 per cent. In Karratha, 161 houses were sold for the opening six months of the year at a median $534,375, while the median price for vacant land skyrocketed 37.54 per cent to $193,188. Meanwhile, Port Hedland recorded a more than 50 per cent increase in the number of listings compared with the opening half of last year and median house prices increased 34.50 per cent to $462,500. The increases were felt further inland with the Shire of Ashburton region reporting a 41.46 per cent increase in house prices to $435,000. The East Pilbara saw a jump of 18.92 per cent and a median sale price of $330,000. PDC acting chief executive Trish Barron said data for the report was collected, analysed, and reported on for the period January 1 to June 31, 2022. “The consistent rise in median sale prices, across all markets in the Pilbara, should give confidence to the housing construction and real estate industries that there is significant opportunity in the region,” she said. “Approximately $150 billion worth of projects have either been committed to or are under construction in the Pilbara, which will create more than 12,000 permanent operational jobs. “Many of these roles have been identified as being for residential operational workers. Our focus is on ensuring that there will be enough housing, including affordable, suitable rentals, for these expected residential workers as they come on board.”