Page 27 - REIWA.com Market Update / June Quarter 2017

REGIONAL WAOVERVIEWAccording to the latest ABS data as at June 2016, the estimated resident population of regional WA is 648,474. The population trend in the overall regional areas is one of marginal growth with only 1,451 people added since June 2015.Regional WA has again experienced mixed results across all sub-markets during the June quarter. Preliminary house sales are 33.4 per cent lower and prices are 8.9 per cent lower at $328,000 compared to the December quarter.TOTAL SALES*1,726MEDIAN HOUSE PRICE$328kQRTLY CHANGE IN ANNUAL MEDIAN-8.9%TOTAL LISTINGS FOR SALE*10,087TOTAL SALES*EXPLORE THE KIMBERLEYPlanned investments in the Kimberley region of WA is signi cant with projects across agricultural and water developments, including the Ord-East Kimberley Expansion Project. Other investments include environmental projects with the Great Kimberley Marine Park and social initiatives such as the West Kimberley Revitalisation.According to the latest ABS data as at June 2016, the estimated resident population of the Kimberley region is 28,957. The population trend in the region is one of decline with only 390 people lost since June 2015.42Preliminary house sales for the Kimberley region are 32.1 per cent lower than the 53 recorded in the March quarter 2017. However, REIWA expects house sales to li to approximately 39, once most settlements are nalised. In comparison to the ten year average, sales activity remains weak in this region.Prices in the Kimberley have retracted. The preliminary June quarter median house price is $409,000. This is 8.1 per cent lower than the March quarter and remains 4.4 per cent lower than the same time last year.The rental market in the Kimberley remained stable over the June quarter with median house rents steady at $495 per week, although rental stock levels have seen a 39 per cent increase over the quarter.EXPLORE THE PILBARANoteworthy investment including the $5.6 billion Balla Balla project is expectedto create up to 3,300 jobs during the construction phase in the Pilbara. Signi cant investment from the public sector is also in the pipeline with the Pilbara Hinterland Agricultural Development Initiative, and Pilbara town and city centre revitalisations amongst others.According to the latest ABS data as at June 2016, the estimated resident population of the Pilbara region is 72,784. The population trend in the region is one of decline with 1,380 fewer people since June 2015.MEDIAN HOUSE PRICE$409kLISTINGS FOR SALE*251AVE SELLING DAYS+98TOTAL SALES*153Preliminary house sales for the Pilbara region are nine per cent lower than the 156 recorded in the March quarter 2017. However, REIWA expects house sales to li to approximately 151, once most settlements are nalised. In comparison to the ten year average, sales activity is on par with historical gures.Prices in the Pilbara have decreased over the quarter. The preliminary June quarter median house price is $231,500. This is 11 per cent lower than the March quarter and remains 24 per cent lower than the same time last year.The rental market in the Pilbara has shown steady trends. Median house rents have remained unchanged during the March quarter whilst rental stock levels have grown a marginal one per cent.MEDIAN HOUSE PRICE$231.5kLISTINGS FOR SALE*347AVE SELLING DAYS+88* Houses,unitsandland. + Houses only.REIWA.COMMARKETUPDATE | JuneQuarter2017 | 27