Karratha outpaces Perth

Karratha outperformed Perth and regional WA for median house price growth in the December, 2017 quarter, the latest Real Estate Institute of WA data has revealed.

The median house price in Karratha in the December quarter was $295,000, a 13.5 per cent improvement.

Regional WA’s overall median house price increased by 2.9 per cent during the December quarter, with eight regional centres experiencing positive growth.

REIWA president Hayden Groves said house prices had improved across the board.

“Consumer sentiment in WA improved considerably in the December quarter, up 13.5 per cent, which has had a positive flow-on effect to the property market,” he said.

“West Australians are feeling more optimistic and buyer enthusiasm is returning.”

However, despite optimism returning to the Karratha property market, Port Hedland experienced a decline, with the median house price recorded as $240,000.

Mr Groves said after recording a 19.5 per cent increase in median house price in the September quarter, Port Hedland’s median house price had a minor adjustment in the December quarter.

REIWA data also showed sales activity in Karratha, Northam, and Esperance had increased.

It was 10 days quicker to sell a property in regional WA during the December quarter than in the September quarter.

Mr Groves said after a challenging couple of years, Karratha was showing strong signs of recovery. “Regional WA is wide and varied, so it’s important to look at the individual markets,” he said.

“Our analysis found a mixed bag of results in the December quarter, with sales activity in a number of regional centres increasing or stabilising.

“Overall, despite subdued sales volumes across regional WA in the December, 2017 quarter, the market is moving in the right direction. The signs are there that, like Perth, regional WA has entered the next phase of this property cycle and a number of centres already appear to have started their recovery.”