Real Estate

Where Rent Prices in WA are Dropping Like it’s Hot

Written by The ReReport
As seen in the Source link, written by on 2019-07-10 09:00:38

West Australian renters could snare a rental bargain if they are prepared to head north, with rental prices in several Pilbara towns plummeting significantly in the past year, new research shows.

Rental prices in Port Hedland have dropped by 12% in the last year. Picture: Auscape/Universal Images Group via Getty Images

Data compiled by shows WA’s lowest rental growth was recorded in the small coastal town of Onslow, where the median weekly rental price dropped by 13% to $525.

Five Pilbara towns were represented in the state’s top 10 suburbs that had the biggest decrease in weekly rental prices, according to statistics for the 12 months to May 31, 2019.

In Port Hedland, rental prices dropped by 12% to $575, while Dampier and Baynton each dropped by 8% to $550 and $600 respectively. South Hedland rents decreased by 7% to $350.

Darren Cossill, from Ray White Exmouth, says Onslow’s rental market has been impacted by significant projects, including Chevron’s Wheatstone facility – Australia’s first natural gas hub – and construction of the new local hospital, which was completed in late 2018.

“The community is in a bit of a lull period before some new projects hopefully come through,” Cossill says.

“We are seeing a bit of a normalisation in the rental market like Karratha experienced a couple of years ago. We have come off the boom and the residential property market has followed.”

Cossill says several new projects in the pipeline, including the dredging of Beadon Creek, will encourage more workers to the town and help drive the local property market.

In addition, four suburbs in Perth’s south were hit by rental declines. The riverfront suburb of Shelley dropped by 11% to $400 a week, while rent in other southern suburbs – Jandakot, East Fremantle and Salter Point each decreased by 6%.

Rental prices in the charming wheatbelt town of York also dropped by 6%.