Pilbara town where $2000 rent is the norm

Rental prices in an inland Pilbara town have skyrocketed to as high as $2500 in the past year, placing basic brick homes at the same price point as luxury Swan River mansions.

Tom Price, often referred to as a Rio Tinto town due to the miner’s extensive operations in the area, has long had an average rental price sitting around $1000 a week.

But since the start of 2022 listings have risen to between $1250 and $2500 a week, and lease prices have jumped to as high as $2500 a week.

For that price rent-seekers could bid for a riverside mansion in Applecross, or a new four-bed mansion on the Rossmoyne foreshore with $700 a week to spare.

As of June 2023 the average rent in Tom Price now sits at $1938 a week based on eight dwellings listed, up 15 per cent from the same time last year.

Home sale prices have also climbed from about $325,000 in 2021 to $650,000 in June 2023.

The numbers were compiled in the Pilbara Development Commission’s latest housing and land summary.

The report painted a picture of declining house sales and rental stock, and rising prices across the region.

Listed rental stock fell 29 per cent to 211 dwellings in June 2023, while prices rose 17 per cent to $760 a week.

House listings rose about 20 per cent since last year, but sales fell by about one third. Sale prices continued an upward trend, rising 6 per cent for the year to $517,500.

Regionwide sales were discounted on average 7 per cent from their listing price.

House listings in the City of Karratha were up 70 per cent from June 2022 to June 2023, but sales slumped 21 per cent.

And after selling about $1.5 million worth of vacant land in 2020, just three blocks worth under $100,000 have sold this year.

Rental prices in Karratha ($850), Port Hedland ($675) and Onslow ($678) were all up substantially on last year.

At $558 per week, Newman’s average rental price has remained relatively consistent since 2018.

Rising costs and tightening rental and sale stock has pushed the Town of Port Hedland and City of Karratha to consider funding major housing projects.

The Town of Port Hedland is progressing a 75-dwelling key workers village and Karratha is eyeing a 100-apartment development in the town centre.