House prices in Western Australia’s booming Pilbara region are continuing to outpace major capital cities, with recent sales fetching $300,000 more than the Sydney median.
Sixty properties in the iron ore hubs of Port Hedland and Newman sold for an average of $800,000 per property in the March quarter, Crawford Realty agents said.
The company said the average time for selling a property in the two mining towns was 14 days compared to almost 80 days in Perth.
“The decision by BHP to commence work on the $1 billion outer harbour in Port Hedland combined with construction contracts now being awarded for the $7 billion Roy Hill mine in Newman are driving demand for properties in these areas,” the company said in a statement.
With potential rental returns of between 11 to 15 per cent, buyers from the eastern seaboard were leading the charge, Crawford said.
The latest RP Data-Rismark Home Value Index showed Sydney remained the most expensive capital with a median house price of $485,000, while Hobart was the cheapest with a median price of $328,000.
