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Retail, office, industrial and residential properties are showing declines in advertised lease and sale prices across the Pilbara as the property market continues to normalise.
The quarterly Commercial Property and Land Snapshot and Housing and Land Snapshot, released today by the Pilbara Development Commission, highlight the continued reduction in price and increase in supply across both the commercial and residential property sectors.
The average advertised purchase price of residential properties decreased across the Pilbara for the third consecutive quarter, while Karratha’s average advertised rental price declined for the eleventh consecutive quarter to $905 per month.
Pilbara Development Commission Chief Executive Officer Dr Ken King said this is a good sign for current and future businesses in the Pilbara.
“Higher costs of living in the Pilbara have been putting an enormous amount of pressure on businesses and residents for many years,” Dr King said.
“As the pressure eases we will see more businesses enter the market andmore residents choosing to call the Pilbara home permanently.”
Similar trends are emerging in the commercial property sector with the average lease prices for retail space reducing from $646 to $518 per square metre, while industrial space has declined from $248 to $189 per square
While residential and commercial property sale and lease prices reduce, the availability of land is on the rise.
“Itwasn’t long ago that aspiring home owners were required to apply in a ballot for access to land in residential estates, now we have 92 blocks for sale across the Pilbara with more in the pipeline for release,” Dr
“The Commission, in cooperation with LandCorp and the private sector, is committed to continuing to facilitate theavailability of development-ready land that will provide affordable housing and commercial property options for the Pilbara.”
The Commercial Property and Land Snapshot and Housing and Land Snapshot are available to download from the Pilbara Development Commission website.