Blog – Mining Town Karratha

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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.

In the last three years, Karratha house prices have fallen 59.7%, according to SQM Research.

 

(source: http://www.therealestateconversation.com.au/2016/09/28/mining-town-karratha-has-turned-the-corner/1475065667 )

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