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The changing Pilbara property market has opened up new opportunities for first home buyers with the average sale price of properties normalising across the region.
The Pilbara Development Commission’s 2015 December Quarterly Snapshot saw housing sale prices in Port Hedland and Karratha at their lowest since 2006.
Pilbara Development Commission Acting Chief Executive Officer Terry Hill said the normalising of the property market had eased the pressure for first home buyers as well as renters in the region.
“Improved housing affordability was a key objective of the Pilbara Cities initiative and will continue to be a key focus for the Commission in delivering the Pilbara Regional Investment Blueprint,” Mr Hill said.
“We have an affordable supply of housing available for people living and working in the region which dramatically reduces the need for permanent transient worker accommodation.
“More people in towns means more demand for services and products from local businesses.”
The Pilbara Regional Investment Blueprint identifies diversification as a fundamental approach to developing a more prosperous future for the Pilbara.
“As the market settles and we see the emergence of new industries and businesses in areas like tourism and agriculture we will see the region’s population continue to grow,” Mr Hill said.
In 2012, the average settlement price of properties in Port Hedland exceeded $1.17 million while prices averaged $858,900 in Karratha in the same year.
“The rapidly changing market has come at a consequence for those who bought at the peak of the housing shortage, which is unfortunate, however prices were over inflated and ultimately unsustainable at that level,” Mr Hill said.
“Affordable homes and world-class infrastructure and community facilities makes the Pilbara a very attractive place that families choose to live. There’s still work to be done to ensure this is a long-term change.”
Port Hedland average rental price is the lowest it’s been since 2006 however is still about the Perth average rental price.
The Pilbara Development Commission produces quarterly housing and land snapshots and are available to download from www.pdc.wa.gov.au/our-focus/knowledge-hub