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Record growth for investment hotspot
By Reporter
20 July 2012
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1 minute read
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Property values in an investment hotspot have shot up by $50,000 over one quarter, a leading real estate group claims.
The June 2012 quarter recorded a record result for the Pilbara region, which saw prices shoot up to an average of $850,000, according to Crawford Realty.
Over the quarter, 75 properties were sold throughout the region, including in South Hedland, Port Hedland, Karratha and Newman.
As the ‘hottest property market in Australia,’ according to managing director Ryan Crawford, investors are seeing rents in South Hedland of up to $2,000 on a $700,000 property.
Pointing to surging rents, due to a zero vacancy rate and a constant influx of workers, Mr Crawford said that the area is a ‘pressure cooker’.
“For astute property buyers wanting to lock into a future growth area in the Pilbara, then Karratha is the standout location.
“Weekly rents and property values have eased over the last six months in Karratha due to a temporary lull in construction activity in the area. It is now a buyers market in Karratha,” he said.
“However, the Karratha market is expected to bounce back strongly during the coming year due to the expansion of Cape Lambert and other new resource projects coming so buyers have a short window of opportunity to secure a well priced property.”
Properties in South Hedland, the ‘epicentre’ of home sales in the Pilbara, are taking just five days to sell on average, he said.
RELATED TERMS
Investment
An investment is an asset or item purchased with the expectation that it will generate income or appreciate in value in the future.
Median price
Median price refers to the middle point for real estate prices that exactly determines half of the houses priced for less or more.
Property
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.
Rent
Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.
Rent
Rent refers to the payment made by a tenant periodically to a landlord for the use and occupancy of a property.
Yield
Yield is defined as the earnings that were generated and realized on investment for a specified period.
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