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$1 million price shave – Published 10 February 2015

$1 million price shave

WA house passed in for almost $1 million less than owners paid for it just four years ago.

Here’s proof Australia’s mining boom is over—a fibro house in Port Hedland, Western Australia, has been passed in at auction for $360,000 after it was bought only four years ago for $1.3 million. The three-bedroom, one-bathroom property was built in the 1960s.

Real estate agent Barry Walsh told ABC News it was a sign the mining boom’s construction phase, which drove property prices to unrealistic levels, had tapered off and that Port Hedland’s rental market where people were paying thousands of dollars a week, was unsustainable.

Source: The Real Estate Conversation Feb 10, 2015

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