Karratha Market Update 1 st H a l f 2 0 2 5
FUTURE DEVELOPMENTS
OVERVIEW
In Q4 2024, Karratha* recorded a median house price of $635,000 and a median unit price of $390,000. This represents annual (Q4 2023 - Q4 2024) growth of 13.6% for houses and a -3.7% price softening for units. Comparing Q4 2023 and Q4 2024, total sales surged by 47.2% (to 131 sales) for houses and 45.0% (to 29 sales) for units. This confirms a highly demanded housing market, which created a buffer against higher interest rates (hence price growth). This suggests that now is an ideal time for owners to capitalise on their investments in the housing market. On the other hand, the unit market have become slightly more affordable. Now is the time to enter the unit market, before further price growth due to a low amount of new stock planned.
CHANGE FROM LAST
YEAR
Karratha£ plans to see approx. $174.4M of new projects commence in 2025. Residential $9.3M
Industrial $25.0M Infrastructure $20.2M
HALF YEAR
HOUSE SALE S
Mixed-Use Projects $120.0M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE
Residential projects planned for 2025 include:
UNIT SALE S UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q4 2024
$635K
$390K
MEDIAN PRICE Q4 2024
$1.2K
SALES
AVERAGE DAYS ON MARKET Q4 2024
41
46
HOUSE
U N I T
RENTALS
$685
AVERAGE DAYS ON MARKET Q4 2024
27
31
HOUSE
U N I T
•
Jadura Crescent Apartments & Grouped Dwellings (20 Apartments & 17 Dwellings)
•
City of Karratha Residential Buildings Slab on Ground Lowset Dwellings (6 Dwellings).
There is a significant amount of mixed-use and infrastructure projects planned in the area for 2025. This will improve liveability and services for current residents, as well as create new local jobs. A multiplier effect of this is a potential increase in the number of people calling Karratha home, thus higher housing demand. Residential projects set to commence in 2025 does provide ready-to-sell houses and units. However this is not enough, considering the current high demand. This will push up house prices further and potentially stimulate a recovery in the unit market.
20 Units/ Apartments
23 Dwellings