Published on Tuesday, 13 September 2022 at 11:10:00 AM
The Pilbara Development Commission (The Commission) has released its much-anticipated Half Yearly Housing and Land Summary, showing increased demand in both the rental and sale markets throughout the region.
The Pilbara Half Yearly Housing and Land Summary is the Commission's principal publication in this space, summarising activity in the sales and rental markets across the region every six months.
Whilst the number of sales remained steady, 373 houses were sold across the Pilbara in the first half of 2022 compared to 369 homes sold in the first half of 2021, the median house sale price was $487,500, a rise of 18.18% compared to June 2021.
The trend of quarter-on-quarter price growth also continued in unit sales, with the median sale price for the region rising to $302,684 for the period, compared to $243,000 for the same period in 2021.
Meanwhile, the number of dwellings listed for lease has continued to decrease, with 299 listed in the first half of 2022, down from the 342 listed in the first half of 2021. This reduction in stock has seen the median weekly rent rise to $650, up 15.56%.
"Data for this report was collected, analysed, and reported on for the period 1 January to 31 June 2022", said the Commission's Acting CEO, Trish Barron.
"The consistent rise in median sale prices, across all markets in the Pilbara, should give confidence to the housing construction and real estate industries that there is significant opportunity in the region.
"Approximately $150 billion worth of projects have either been committed to or are under construction in the Pilbara, which will create more than 12,000 permanent operational jobs.
"Many of these roles have been identified as being for residential operational workers. Our focus is on ensuring that there will be enough housing, including affordable, suitable rentals, for these expected residential workers as they come on board".
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