Bad News For Property Investors Around Esperance... But Things Could Turn Around Soon
there's light at the end of the tunnel
The latest figures from REIWA indicate that Esperance property prices are dwindling while other mining communities across the state are flourish under the current economic conditions.
During the September quarter Esperance had a median property sale price of $305,000, which was a drop of about 5% since the last quarter. Sames volumes were also down in that same period by 25%.
REIWA Deputy President Lisa Joyce conceded Esperance was experiencing a 'challenging time' but also maintained the prospects for property investors were bright looking to the near future.
Lisa Joyce: 'The rental market is improving...The availability of rental homes has dropped from 41 properties from this time last year to 10'
This is good news for investors with less rental properties making for more competitive prices.
Sean spoke about the issue on the Breaky Show at 11 minutes into the following audio
Mrs. Joyce says because of the population size of Esperance, property prices can vary quickly and dramatically, depending on available employment and housing developments. Any variation to those factors can have a huge effect on house prices around town.
The reopening of the Ravensthorpe Nickel mine will hopefully lead to a pickup in the market as more families relocate to the coastal Esperance setting and and traverse west from there, either in a drive in drive out set up or just as a general employment arrangement.
In comparison regional centres to the states north are seeing impressive growth in property, with five of W.A's nine regional towns recording an increase of more than 19 per cent.