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Karratha market set for growth

Karratha market set for growth

Properties in Karratha offer yields of around ten per cent.

Karratha in Western Australia has been named as one of the areas where property values are likely to rise in the next 12 months.

Ryan Crawford, group director of Crawford Property Group, explained mining areas will be making a comeback in 2014, with yields in Karratha already around the ten per cent mark for long-term property investors.

Speaking to Your Investment Property, he stated that the market is likely to "spring back into action" in the coming year.

"For long term investors, a stable Karratha market with a more sustainable level of growth ahead of it is good news," said Mr Crawford.

He added that one of the reasons for this is that the area's population is expected to increase from its current figure of 18,000 to 50,000 by 2035 as a result of the WA government's Pilbara Cities initiative.

Lots of new property is already been built in Western Australia, figures from Master Builders Australia showed recently. Its data indicated that population growth within Australia will encourage more building in the future.

Posted by Craig Francis

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