Anyone buy in Newman the last few years? Could of got a house for 50-100k up until 6 months ago It now appears the starting prices will be 250k
Are you sure you are comparing apples with apples. I don't see this market in recovery mode, You will probably find lenders have the same sentiment and it will be much more difficult to source loan in this postcode due to risk I know someone who purchased at peak for $1M... ouch. its taken a massive hit
All depends on risk profile but I see Karratha as the more long term diversified economy to invest in https://thewest.com.au/news/pilbara-news/karratha-gets-nod-as-ripe-for-regional-cash-ng-b881038857z https://thewest.com.au/news/regiona...ation-problem-facing-country-wa-ng-b88946450z
Wouldn't say it is exactly booming, but like most of the mining towns seems to have bottomed out at least. ..
Just looking at the top ten growth suburbs on reiwa , Karratha and Kalgoorlie make up 50% of the list ,assuming its over 12 months,although I've always been a bit cautious about the REIWA website. Kalgoorlie is all about gold and nickel, with gold performing quite well and lots of residential only jobs currently on offer. Karratha has done pretty well in a few areas including Iron Ore ,Gas etc, and is less reliant on one industry. Areas like Hedland and Newman are mainly just Iron Ore .
I would be going into Karratha if anywhere in the Pilbara. Larger market, slightly more diverse economy, attractions (beaches, boating) and more services and amenities to enhance liveability. Newman is hypersensitive to the fortunes of the iron ore sector. There are also oodles of vacant blocks that will soak up any demand for many years to come. A recent episode of Perth Property Show give some good incites into current state of WA regional markets. EP07 - Regional WA Property Market Update & Hilton Suburb Spotlight Note the comments about block size for mining towns - people living up that way want to live in a house with some land, and it make sense. Most people own a camper trailer, boat, etc plus have a dog and kids, and need a yard to house all this stuff. Buy an old house on a 700m2 block and give it a minor reno (no small task up there) and you'd be on to a winner I think in terms of yield and potential for capital gains. I have always been dumbfounded that, in remote locations like this with practically unlimited supply of land, there are mostly 300 - 400 m2 blocks being developed. Crazy.
When last in Karratha I noted the Airport is not as busy, Gap Ridge accommodation village is completely gone and the new LIA is still struggling to attract anyone, royalties for regions has done well for the town though with some new infrastructure (Hospital/Health Campus, Roads, Red Earth Art Precinct, St Johns upgrade) regarding housing First new houses in two years approved for Karratha
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