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The trend of substantial quarter on quarter decrease in the property market appears to be coming to an end in certain areas of the Pilbara, signalling a new era of normalisation for the region.
The Pilbara Development Commission’s 2016 December Quarterly Pilbara Housing and Land Snapshot (HALS) saw house and rental price stabilisation and increase in parts of the Pilbara.
Port and South Hedland experienced an average advertised rental increase, with the last rise in rental cost being in 2012 for Port Hedland.
Pilbara Development Commission Chief Executive Officer Terry Hill said the continuing normalisation of the property market had eased the pressure for first home buyers as well as renters in the region.
“The Pilbara is now characterised by high quality regional living, with modern services and facilities that support the development of strong local communities. Coupled with a stabilising property market in some parts, the region is an attractive place to invest, work and live,” Mr Hill said.
Newman’s average advertised weekly rental price is $58 less than the Perth average advertised weekly rental price
“The region has the same offerings and opportunities that the metropolitan areas in Western Australia have,” Mr Hill said.
The Pilbara Regional Investment Blueprint identifies diversification as a fundamental approach to developing a more prosperous future for the Pilbara.
“Normalisation brings stimulus and confidence, and we will see the emergence and growth of new industries and businesses in areas like tourism and agriculture,” Mr Hill said.
The HALS Report saw that Karratha’s average advertised for sale price declined approximately 10% between Q3 and Q4 2016.
“It’s not unusual for a soft market in December as it tends to be quieter over the festive period. More significantly though, Karratha settlements have increased year on year since 2015 which is a good indication there are green shoots emerging,” Mr Hill said.
The Pilbara Development Commission quarterly HALS Reports are available to download from www.pdc.wa.gov.au/our-focus/knowledge-hub.