Karratha, Western Australia, posted a significant increase in median rent and house prices during the December quarter, according to the latest industry figures from the Real Estate Institute of Western Australia (REIWA) .
During the quarter, the median weekly rent in Karratha increased 26% to $ 620, while the median home price jumped 6.8% to $ 390,000.
"After a few turbulent years after the downturn in the mining sector, Karratha is starting to reap the rewards of renewed investment in mining and gas projects in the Pilbara, which has a positive impact on the real estate market", said Damian. Collins, president of REIWA.
Read also: What can make WA attractive to investors again?
Karratha is only one of seven regional centers in Western Australia which reported an increase in median weekly rent during the quarter.
"The data shows that other regional mining regions also performed well. Port Hedland saw an increase of $ 50 per week and Kalgoorlie experienced growth of $ 8 per week," said Collins.
Of the nine regional centers, only Albany and Geraldton did not find an increase in median weekly rents.
The table below shows the changes in median weekly rents in the regional centers of Western Australia:
WA Regional Center
Median weekly rent
Quarterly price variation
Annual price variation
Albany
$ 350
– $ 0
? $ 8
Broome
$ 565
? $ 15
? $ 30
Bunbury
$ 350
? $ 10
? $ 20
Busselton
$ 400
? $ 10
– $ 0
Hope
$ 320
? $ 10
– $ 0
Geraldton
$ 290
? $ 5
– $ 0
Kalgoorlie-Boulder
$ 368
? $ 8
? $ 18
Karratha
$ 620
? $ 128
? 170 $
Port Hedland
$ 450
? $ 50
? $ 30
Regional WA
$ 350
– $ 0
– $ 0
In terms of median prices, only five regional centers have managed to maintain or grow. Excluding Karratha, Geraldton and Broome experienced increases of 5% and 1.4% respectively. Bunbury and Albany also recorded growth, albeit at a marginal level.
In terms of sales activity, only three saw an increase: Busselton (13%), Kalgoorlie (6%) and Geraldton (2%).
"Despite this, most of the regional areas also experienced a drop in sales lists during the quarter, which is the same trend we see on the rental market and demonstrates that the current stock is absorbed at faster than new supplies entering the market, "said Collins.
Top suburbs:
balga
,
rooted hill
,
north epping
,
st kilda west
,
Torrensville
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