Port Hedland was the top-performing region in Western Australia in 2021, with house prices increasing 44.7 per cent.
Real Estate Institute of Western Australia data shows the town, in the state’s north, was was also the best-performed market in the December quarter, with the median house price rising 6.3 per cent to $430,500.
REIWA Deputy President Joe White said the comeback of WA’s mining industry in the Pilbara was the driving force behind Port Hedland’s 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,” Mr White said.
“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.”
Despite the strong annual 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,” Mr White said.
“House values plummeted and a lot of people experienced financial hardship as a result. While we have seen significant price growth in Port Hedland over the past year, there is a way to go to reach the heights of 2013 and a lot of price growth still to be had.”
Elsewhere, Geraldton also had a strong 12 months of house price growth, increasing by 22.8 per cent, Broome jumped by 17.6 per cent, while Esperance saw growth of 10 per cent.
Mr White said there has been a big push towards the regional areas over the past year.
“Lifestyle is a driving force behind the strong price growth recorded in Geraldton and Broome,” he said.
“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.”
