The tide turns for resources markets:
The signs have been slow, but the likes of mining town’s like Karratha are turning the corner. Hotspotting news highlighted on SQM Researches stats, with the following comments:
“Property prices in Karratha have fallen 59.7% in the last three years according to SQM Research., but lower prices and a more buoyant economy are generating solid sales and injecting life back into the mining town.
Data shows property prices in mining town Karratha remain in decline, but the word on the street is that the town is beginning to thrive again.
Karratha was one of the first towns to feel the effects of the mining downturn in 2012-13.
Just as the mining boom had caused property prices to surge higher, the downturn was just as powerful in sending prices lower, and the effects are still being felt today.
The average asking price for a Karratha house at the peak of the mining boom in late 2011 was nearly $900,000, according to the SQM Weekly Asking Price Index. The figure today is a third of that, at $300,000.”
Additional reading supporting this outlook:Realestateconversation.com.au