The recent Demographia survey has named Western Australia’s Karratha as the country’s most affordable town, where the median property price sits at $440,000 on low sales volumes.
This median housing value is 2.6 times higher than Karratha’s median annual household income of $171,600, the survey stated.
Two years ago, the study rated Karratha as "severely unaffordable" with a median price of $775,000, 4.9 times the then median salary of $156,700.
But despite this year’s positive figures, employment opportunities are still declining due to the movements in Pilbara’s mining industry. This means that while the property prices drop, so too does the income of homebuyers in the area.
A separate SQM Research also shows that the vacancy rate in Northern Western Australia has been increasing in the past two years.