Karratha the only WA regional centre to record an annual decline in median house sale price

Karratha was the only regional centre to record an annual decline in median house sale price, according to latest data from REIWA. Currently, the median house sale price in Karratha is $550,000, a decline of 2.7 per cent over the past year. REIWA regional spokesperson Joe White said a number of factors contributed to the decline. “The delivery of housing in the North West has been more more effective than what it has in the South West, even though it takes more time, resources and money to build houses in the Pilbara,” he said. “Eastern states investors are also buying cheap property, that’s what’s made the median house price look cheaper than it actually is.” The latest data from REIWA also revealed that Karratha has the highest median weekly rent of $1000, followed by Port Hedland at $973 per week. “Now with the rents being so high, that is what’s attracting investors and I’d say that’s also probably older stock,” Mr White said. “Rents are always going to be high in the Pilbara because the two things that always drive the property market are population growth and wages growth. In the Pilbara, where the wages are basically the highest in the country, the market is going to be driven by that; it’s a robust economy.” Mr White said buyers in Karratha were on the lookout for a range of property types. “Karratha has a mix of owner occupiers and East Coast investors that remain active, particularly from New South Wales, on average receiving 11 to 12 per cent gross returns on their investment,” he said. “Mining and government leases are typically looking for larger four-by-two properties to house workers.”