Geraldton real estate director says rent prices could continue to grow despite reaching record highs

A Geraldton real estate director has warned rent prices could continue to soar, after new data revealed the highest rent prices for the area on record.

The latest rental research from Domain showed Geraldton having a 20 per cent increase in the past year, with the median rent price rising from $400 in June 2023 to $480 last month.

It surpassed the previous high of $470 from last quarter.

The rise is a 60 per cent increase across the past five years, with the median rental asking price sitting at $300 back in 2019.

Geraldton Property Team director David Potiuch said the rental surge followed trends from other markets.

“We’re always a bit of a slow regional city in terms of when things take off,” he said.

“Geraldton’s always behind the Eastern States and Perth with the movement, but eventually catches up.

“In my 20 years, I’ve never seen prices this high, and it feels like prices will still be increasing.”

Mr Potiuch continued, saying house purchasing prices in capital cities was also attracting people to buy in the regions, providing less capacity for rentals.

He also said lifestyle changes were causing people to consider areas like Geraldton as places to live.

“The economy is going quite well here, and there’s more opportunities which are opening up,” Mr Potiuch said.

“There are people wanting the seaside, regional lifestyle that Geraldton brings.

“It’s been a little bit quiet for many years, but a lot of people are more aware of Geraldton and are coming over to enjoy the lifestyle we have.”

Some relief for renters could come in the form of increased investment in the area.

Mr Potiuch said investors were considering Geraldton as an attractive prospect.

“Geraldton is still quite affordable with a lower median house price compared to where they’re living,” he said.

“The rental yields are still good, so we’re seeing a lot of investors from over east buying sites unseen, just off videos and photos.

“On one side, it’s good to have more investors coming to help the rental market, but on the other hand it’s harder for the local market, the owner-occupiers, to get in and buy.”

Mr Potiuch said based on other markets around the country, he did not see a drop off coming anytime soon.

However, he encouraged those seeking rentals not to be deterred from applying.