Data shows house, rent prices stable
House and rental prices are stabilising in parts of the Pilbara, according to the Pilbara Development Commission’s latest snapshot of the local real estate market, and entering a “new era of normalisation”.
The December quarter Pilbara Housing and Land Snapshot revealed Port Hedland experienced its last rise in rental cost in 2012, with the housing market in both Port and South Hedland now showing an average advertised rental increase.
Newman’s average weekly rental price came in $58 less than the average cost of rental properties in Perth.
Commission chief executive Terry Hill said the Pilbara was characterised by high quality regional living, with modern services that supported and strengthened the development of strong local communities.
He said the continuing normalisation of the property market had eased the pressure for first homebuyers as well as renters, making it an attractive place to invest, work, and live. “The region has the same offerings and opportunities that the metropolitan areas in Western Australia have,” he said.
Mr Hill said the reversion to normal conditions delivered confidence to the region, making room for growth of new industries and businesses in areas such as tourism and agriculture.
Hedland First National senior sales manager Rick Hockey said the area had definitely shown signs of stabilisation and the real estate company had seen an increase in active buyer activity.
He said it was promising to see the vacancy rate in the Pilbara fall.
Mr Hockey said it was a good time to get into the market because it had shown signs of being at the bottom of the price range.
The Hedland First National rental synopsis, released last week, revealed there are currently 257 properties listed for lease across all agents in Port and South Hedland compared to 327 at the same time last year.
The Pilbara Development Commission report is available at www.pdc.wa.gov.au/our-focus/knowledge-hub.
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