The three-bedroom, one-bathroom fibro and iron house was built in the 1960s ::::
Real estate agent Barry Walsh said it was a sign the mining boom’s construction phase, which drove property prices to unrealistic levels, had tapered off.
He said prices were also very high during that phase because there was a high demand for accommodation and a lack of available land to build property on.
Mr Walsh said the real estate market, which had been attracting phenomenal rents of thousands of dollars a week, was unsustainable.
A spectator at the auction said “it was an extraordinary event”.
Mr Walsh said the auction showed that people could now afford to buy homes in Port Hedland again, and the town might be able to rely on a local workforce and fewer fly-in, fly-out workers.
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An Australian businessman’s investment fund has divided locals after amassing hundreds of properties and becoming the largest single investor in family homes in the New York region.
Over the past three years, Alan Dixon’s fund has spent $610 million on residential property, buying nearly 600 houses and making his company the biggest investor in single family homes in New York.
Mr Dixon’s fund buys historic houses, many of them abandoned or rundown. They buy them cheap, renovate them, and turn them into luxury homes which command top dollar on the rental market.
The purchases are made entirely in cash, and real estate broker Victoria Hagman said Mr Dixon’s all-cash deals are driving up prices :: Read the full article »»»»