Published on Wednesday, 17 May 2023 at 1:38:23 PM
The Pilbara Development Commission (The Commission) has released its much-anticipated Half Yearly Housing and Land Summary, showing demand for housing in both the rental and sales markets remains high, despite increasing prices.
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.
During the reporting period, the rental market within Karratha and the Town of Port Hedland tightened further as available rental stock levels fell substantially and moved quickly, whilst weekly rents continued to increase. Market sentiment declined slightly over the period, with more vendors offering a larger discount on the listing price.
402 houses were sold across the Pilbara in the second half of 2022 compared to 492 homes sold in the second half of 2021. The median house sale price for the whole Pilbara for July - December 2022 was $495,745, a rise of 8.48% compared to the 6 months to December 2021.
Meanwhile, the number of dwellings listed for lease has decreased, with 173 listed in the second half of 2022, down 45.6% from the second half of 2021.
"Data for this report was collected, analysed, and reported on for the period 1 July to 31 December 2022", said the Commission's CEO, Terry Hill.
"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.
"A pipeline of projects over $170 billion are committed to or currently under consideration in the Pilbara, which will create more up to 10,000 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".
The Pilbara Half Yearly Housing and Land Summary is available at Snapshots » Pilbara Development Commission (pdc.wa.gov.au)
MEDIA CONTACT
Sharni Kittow
Senior Communications Advisor
Pilbara Development Commission
E Sharni.kittow@pdc.wa.gov.au | M 0427 623 277
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