Geraldton still a ‘seller’s market’ despite PropTrack data showing regional WA house prices dropping

Despite property values across regional WA showing signs of decline through September, Geraldton’s housing market is still going strong according to local agents.

Newly published PropTrack Home Price Index data has revealed property prices across regional WA have dropped slightly in September, declining by 0.04 per cent.

WA’s rental prices were unchanged however, according to the PropTrack Market Insight Report, with rents still the second most expensive regional market in the country at an average $600 a week.

The decline in property prices has not yet dethroned WA from leading the nation in annual regional growth, with WA’s regional house prices still surpassing the other States with growth of 15.47 per cent over the last year.

According to Geraldton Property Teams director David Potiuch, Geraldton is still very much a “seller’s market” as prices within the city continue to rise.

A REIWA spokesperson said its June quarterly analysis on Geraldton property showed Geraldton prices rose 3.8 per cent. Its September quarterly analysis would be released in the coming weeks.

Mr Potiuch said prices were still going up in Geraldton, securing three homes in the past week which all sold at or above their appraisal price.

“I feel the investors are still really chugging the market along,” he said.

Rental prices in regional WA have remained unchanged in the last quarter according to PropTrack’s MIR, sitting at a high of 9.1 per cent across the regions.

Mr Potiuch said there was growing demand for rental properties.

In a statement, REA Group senior economist Eleanor Creagh said housing demand has remained resilient across much of the country through September, “defying affordability constraints”.

“Ahead, prices are expected to lift through the typically busier spring selling season, albeit at a slower pace,” she said.

PropTrack director of economic research Cameron Kusher said whilst the cost of renting remained high, the pace of growth in the market had slowed.

“With more stock available for rent, and the cost of renting rising at a pace above inflation over recent years, the capacity to pay rent is now impacting demand,” he said.

“Although the pace of rental growth is slowing and more stock is available for rent, supply remains low. However, we anticipate more balanced conditions in the coming months.”

PropTrack data shows Perth still leads the nation in property price growth showing growth of 0.24 per cent through September and growth of 22.34 per cent over the last 12 months.