Western Australia is in an unusual real estate bubble right now. Economic conditions, low interest rates and consumer confidence are laying an ideal pathway for buyers to be making their move into the market. Though right now, all nine of WA’s regional centers have experienced significant drops in stock levels. Across the nine regions, there has been a 17% reduction in listing over the last three months, and a 22% reduction over the last 12 months.

REIWA.com reported that Karratha had a reduction of 36% with on 34 properties listed for sale. Broome saw a 60% decrease in listing annually. Where there was also a lift in sales activity across Karratha, Port Hedland and Geraldton when compared to the March quarter.


When speaking with Realmark Karratha Director, Jordan James, he expressed that Karratha in particular, is poised to recover quickly following the recent announcement of the $4.5BN Perdaman Urea Project.

“The project is set to create up to 2000 construction jobs over a 2-3-year period, with 200 permanent jobs in Karratha upon completion. Additionally, the risk of FIFO workers affecting construction and production for major and minor companies' long term is creating a huge push for their work force to live locally.

“WA as a whole has managed the COVID outbreak well compared to other parts of the world, though we understand there is still a long way to go and we are dedicated and determined to help this community achieve the real estate aspirations.

Jordan also went on to explain that the Karratha rental market has also fared well through recent times. “Rental prices held quite firm throughout COVID and we do suspect that once restrictions are lifted on the 29th of September 2020 that rent’s will continue to rise and that’ll naturally increase the amount of local buyers hoping to secure property before the end of 2020”.

REIWA.com reported that five of West Australia’s regional centers experienced a lift in their median house price, or held, over the last three months. Through possibly the most uncertain few months in recent times, it was very positive for WA to still be experience growth through our real estate market. Albany held their median sale price at $370,000, as did Bunbury at $350,000, Geraldton experienced a 0.4% increase to $261,000, Karratha’s median house price increased by 430,000, and Port Hedland’s median price sits at $232,500 following a 1.1% rise.


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Sources:
https://perdaman.com.au/2020/07/01/4-5bn-karratha-urea-project-agrees-epc-terms/
https://www.therealestateconversation.com.au/news/2020/08/17/signficant-reduction-real-estate-listings-wa/1597629356