While the value of Perth's property markets drifted down during April, regional areas in Western Australia are still managing to pull double-digit growth according to the latest data from Residex.
Newman, located in the heart of the Pilbara region, racked up 11.66% growth in house values to $494,000 in the three months to April, and a massive 23.35% over the last 12 months. House values in the area jumped by 4.07% in April while rents are sitting at $260 per week.
Newman and the surrounding Pilbara region is rich in resources and according to the Department of Planning and Infrastructure (DPI), Government of Western Australia website, "the town is booming and currently experiencing a period of extraordinary growth in the iron ore industry". This growth is expected to continue over the next five to 10 years.
DPI said the town is ideally placed to attract further economic investments. "With mining so dominant in the region, population levels have fluctuated to reflect changes in the employment needs of mining near Newman. Over the decade prior to 2001, the East Pilbara experienced a marked decline in population, greater than that of all local government areas in the Pilbara region. However, it is expected this population decline will soon reverse, with the iron ore industry surrounding Newman currently in a growth phase."
Newman also acts as a gateway to the rugged Pilbara landscape, and is located near the Karijini National Park, the Rudall River National Park and the Canning stock route.
Another top performer in WA is the world-famous Cable beach in Broome. House prices in the coastal hot spot climbed 10.01% to $732,000 in the three months to April and a hefty 29.17% year-on-year.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now