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Pilbara rents stabilising as market normalises

Sep 5, 2017

Property prices are showing signs of stabilising in the Pilbara, with the median house price in the City of Karratha lifting slightly for the second consecutive quarter, and median house rents remaining largely unchanged across the region.

The Pilbara’s Development Commission’s half-yearly Residential Housing and Land Snapshot was released today with a new-look and an enhanced data set, thanks to a partnership with the Real Estate Institute of Western Australia (REIWA).

Pilbara Development Commission Chief Executive Officer Terry Hill said the Commission had been producing the report for some 15 years to provide businesses, residents and investors with regular updates on the property market.

“The cost of living can be a barrier to doing business in the Pilbara; the Commission is committed to providing valuable, relevant data and information to assist businesses making investment decisions,” Mr Hill said.

“This new partnership with REIWA significantly reduces our data collection time, while bringing a new level of information provided in the report, such as average selling days and discounting measures.”

The latest report shows in the June quarter, the City of Karratha recorded a median rent of $390 per week, which is a $40 decrease compared to the same time last year. Median rent in the Town of Port Hedland has also fallen, currently sitting at $350 per week, which is $50 less than this time last year.

Median house prices in the City of Karratha increased to $302,500 in the June quarter, while median house prices dropped slightly in the Town of Port Hedland to $220,000, and in the Shire of East Pilbara to $128,000. Median house prices dropped to $300,000 in Onslow to $225,000 in Tom Price in the quarter.

The half-yearly report will also be circulated to REIWA’s membership list, creating a large audience base

“Our role is to promote the Pilbara, this partnership will extend our reach significantly and allow us to provide accurate information about what’s happening in the region,” Mr Hill said

REIWA President Hayden Groves said the Institute was pleased to be partnering with the Commission in providing relevant and timely property market information to the Pilbara community.

“This partnership provides a great opportunity for REIWA’s Pilbara members to get access to more in-depth information about their local real estate markets. Having a better understanding of how the local property markets are performing will assist our members with providing a superior service to their clients and community,” Mr Groves said.

The June Half Yearly Residential Housing and Land Snapshot is available to download from the Pilbara Development Commission website; www.pdc.wa.gov.au. To join the report mailing list please contact the Commission on via email on pdc@pdc.wa.gov.au or telephone 1800 THE PILBARA.

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