Spring 2020 News
Yes our Market has changed, we have enjoyed 15 months of Rental Increases providing confidence to Investors and increased activity in the market, along with our locals who are still very active we now see that the Supply and Demand Ratio is firmly in favour of property owners. With only 50 rentals available over Port and South Hedland and 150 properties available for Sale the market now enjoys strong demand resulting in Property Price growth.
What about the medium term?
The Indicators are positive that we can expect a continuing Market recovery for the next year or two, developers and Landcorp are in the process of opening up more land with some developers already laying concrete pads on vacant blocks, however this will take time to satisfy the demand for both rentals and Sales. We believe the market will continue to strengthen and then come to a stage of plateauing as new stock comes to market.
I get asked will the prices go back to a Decade ago?
The Town and Mining Companies are working hard to ensure that our Town stays sustainable and affordable which means more stock coming to market so we Stop becoming a Boom and Bust Town, the Town is striving for a constant and consistent market that would see Property Prices circa replacement costs.
What Impact has Covid 19 had on the Market?
Covid 19 has been Positive for our Hedland Market! The mining companies and Government have enforced a localised workforce meaning that fly in fly out is ok as long as it is within WA, we now find that while some workers are happy to FIFO from Perth others prefer to live with their families in Hedland. This creates a positive outcome of a growing population for both Hedland and Perth with a lot of relocation back to our state.
What are the risks moving forward?
China is an interesting scenario, it’s business as usual at the moment but should China not continue to grow Iron Ore exports or have a slight decline in exports it certainly would significantly and negatively affect our Town and market.
We know that new stock is coming to the market with new land releases and active developers, this is not a Negative rather an Equaliser to keep Supply in line with Demand meaning the market may plateau around replacement costs.
REIWA BALL & AWARDS NIGHT 2020
What an Amazing night!
It’s a very humbling experience to be up on stage and be recognised as a High Achiever in such a competitive and elite field of WA Sales Agents, my two super stars Brooke and Alana have been unerringly loyal, hardworking and the ultimate professionals in every way, THANK YOU.
We were very honoured to receive these awards.
# 2 Top Sales Rep Western Australia (Assisted) + Grand Master Salesperson
There are currently 66 advertised properties across all agencies in Port and South Hedland.
The team at HFN currently have 18 for lease with most listings leasing (with multiple offers) prior to being advertised.
This is the lowest amount of properties advertised since 2012-13.
Most rental properties are leasing for between $100 - $200 more than their previous rental rate on the open market.
Well maintained, family homes in Port and South Hedland are gaining multiple offers for the corporate sector as quality properties become scarce.
While Covid-19 is a huge factor to the low vacancy rate (houses being leased for FIFO workers remaining in the Pilbara) the recent demand is for future projects & growth within the mining industry.
Tenants are looking to buy but given the high activity in the sales sector (multiple offers and competition from investors); many are taking company housing or applying for jobs with company housing/attractive subsidies to avoid paying rising market rent.
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Rick Hockey | 0438 934 093