Port Hedland was Western Australias top-performing region in 2021, with its median house sale price increasing 44.7 per cent to $430,500 during the year.
It was also the top-performing regional centre during the December 2021 quarter, with its median house sale price increasing 6.3 per cent during the three months.
REIWA Deputy President Joe White said the strong resurgence of WAs mining industry in the Pilbara was the driving force behind Port Hedlands house price growth.
“The desire of mining companies to have a more localised workforce has had a big impact on the number of people looking to buy houses in Port Hedland, which has created more competition and driven up prices.
Another contributing factor is the implementation of the WA Government’s Voluntary Buy-Back Scheme in the West End, which gave residents the option to sell their property for a government-guaranteed market price,” Mr White said.
Despite the strong 12-month price growth in Port Hedland, its median house sale price remains 54 per cent below its 2013 peak of $926,000.
The Pilbara was one of the hardest-hit places in the state for house prices during the downturn. House values plummeted and a lot of people experienced financial hardship as a result,” Mr White said.
Whilst we have seen significant price growth in Port Hedland over the last year, there is a way to go to reach the heights of 2013 and a lot of price growth still to be had.”
How the other regions performed
All nine regional centres recorded median house sale price growth during 2021, while six regional centres recorded price growth during the December 2021 quarter and three recorded no change.
Geraldton and Broome were the second and third top-performing regions for the year, with Geraldtons median house sale price increasing 22.8 per cent to $356,000 and Broomes increasing 17.6 per cent to $600,000.
Lifestyle is a driving force behind the strong price growth recorded in Geraldton and Broome. Local agents on the ground in Geraldton and Broome have said a combination of the tourist boom and strong demand for rentals has seen an increasing number of people purchase property in these areas leading to a surge in prices, Mr White said.
As we adjust to living with COVID-19 in the community, we expect to see an increasing number of people attracted to the regions for the lifestyle opportunities and the extra safety they provide, particularly now that working remotely is so common.
Regional breakdown
| Regional centre | Median house sale price December 2021 | Three-month growth rate | 12-month growth rate |
|---|---|---|---|
| Albany | $410,000 | 1.2% | 7.2% |
| Broome | $600,000 | 2.4% | 17.6% |
| Bunbury | $385,000 | 1.3% | 8.5% |
| Busselton | $540,000 | 1.9% | 5.9% |
| Esperance | $385,000 | 0.0% | 10.0% |
| Geraldton | $356,000 | 3.2% | 22.8% |
| Kalgoorlie-Boulder | $325,000 | 0.0% | 8.7% |
| Karratha | $500,000 | 0.0% | 6.1% |
| Port Hedland | $430,500 | 6.3% | 44.7% |
*Data is based on Landgate settled sales as at 19 January 2022.
