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State of Markets - WA July 2012

By Staff Reporter

Essential information, plus expert insight on what is shaping the national property market...

WESTERN AUSTRALIA

Possible expansion ahead for the Pilbara

A mining company in the Pilbara region is investigating the practicality of an independent railway line to help transport iron ore to Port Hedland.

Atlas Iron has entered a memorandum of understanding with QR National covering plans to build the railway for themselves and other companies in the east and southeast Pilbara.

Under the agreement, Atlas and QR National will share the costs of the study and both will contribute resources as required. Any development proposal would be subject to the approval of both companies.

QR National’s Ken Lewsey said Atlas and QR National have been working informally on the proposal since 2011.

“QR National is delighted to take this work forward to the next step with the signing of this agreement with Atlas Iron,” Mr Lewsey said.

Buying surges in WA

Sales volumes rose sharply in some parts of WA in the March quarter, according to preliminary data from the Real Estate Institute of Western Australia (REIWA).

“Turnover in metropolitan Perth is at its highest point in two years and most regional centers are showing strong upswings as well,” REIWA president David Airey said.

The Institute’s data show turnover in Mandurah was up by about 40 per cent, while Bunbury and Geraldton are up by around 15 per cent.

“Interestingly in Perth, the strong area of buying has been with multi-residential dwellings such as apartments and villas,” Mr Airey said. “Turnover for these is up by 20 per cent on December which is quite exceptional given that just six months ago in the September quarter of 2011, turnover for multi-residential stock was at its lowest point since 1998.”

Mr Airey attributed the upturn in sales for flats, units, villas and townhouses to an increase in investor activity and pre-sales from new developments.

REIWA data show the Perth median house price to be stable at around $467,000.

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Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%