WESTERN Australia property identities Dale Alcock and Garry Brown-Neaves have put a 2.75 hectare parcel of land in Karratha to the market as house prices surge in the state’s mining towns.
Lot 9000, Tambrey Estate is an undeveloped parcel zoned R20/R30, providing scope to be developed into 41 or more residential lots for individual sale. It is adjacent to Tambrey Primary school, close to the recently renovated Tambrey Tavern, and just over one kilometre to the recently developed Tambrey Village retail precinct.
CBRE’s Ben Younger and Axia Corporate Property’s John Garland have been appointed to market the property via an offers to purchase Invited campaign.
Younger said the opportunity to purchase such a significant development site in a strengthening regional market would attract strong investor interest.
“Over the past 18 months, Karratha’s economy and property market have gained significant pace as a result of the Pilbara’s mining sector resurgence.”
Development WA has identified Karratha as a central to demand for dwellings in mining regions. Sales in the town surged by over 70% in the June quarter, leaving just 40 houses available. The demand prompted the state government to launch the $116 million Regional Land Booster package in June, with DevelopmentWA releasing 15 residential land lots in Karratha alone and upticks in enquiry reported since.
Prices to nearly 1,100 lots across regional WA were to be cut as part of the initiative. Real Estate Institute of Western Australia data shows Karratha suburbs dominate the top 10 suburbs in WA for median house price growth in the year to the previous quarter, topped by Bulgarra with more than 33%.
Exploration Programme of Work applications have hit a five-year high following a 63% surge across July and August, according to the state’s Department of Mines, Industry Regulation and Safety. WA has seen about 5,000 workers head to the state for work since border restrictions came into force due to the pandemic, and modelling by the Chamber of Minerals and Energy estimated more than 8,000 new workers would be required for the resources sector over the next 12 to 18 months.
Alcock said WA’s strengthening economy and mining sector were underpinning greater demand for residential demand in mining towns.
“With an increased move to WA-based workforces and tightening rental market, we recognise there is a need for sites like this to be better utilised. Now is a good time for someone to unlock the capacity of this site.
“We’ve been a long-time supporters of the City of Karratha’s ‘In Community’ accommodation drive – while we continue to hold 40 homes that are adding to this, we understand the City’s desire to see a development-ready site like this to bring new families into the community.
“This is one of the few large development sites in the whole of the Pilbara that is serviced, deconstrained and shovel ready.”