REIWA December quarter data puts Geraldton at top of regional price growth list, with 5.8 per cent jump

Geraldton is leading the charge in the property market, recording the highest price growth in regional WA in the past three months. The December quarter data from the Real Estate Institute of WA shows the median house price in Geraldton jumped by 5.8 per cent to $455,000, up from $430,000 in the September quarter. Over the year, Geraldton prices soared by 18.2 per cent — the third biggest jump in the regions behind Bunbury and Busselton. REIWA vice president and regional spokesperson Joe White said competition was strongest in the mid-range price bracket, with those properties attracting multiple offers and selling quickly. “While the FOMO (fear of missing out) may have eased in Perth, our members say it’s still strong in Geraldton,” he said. “While the data shows there isn’t a shortage of established homes coming to market, they are selling quickly. This gives the appearance of limited stock and fuels that fear of missing out. “Family homes are particularly popular and are selling as soon as they come to market.” Mr White said several factors were fuelling the demand for established homes in Geraldton. “There is strong interest from investors, who are looking for houses that are ready to rent out, as well as companies wanting accommodation for staff,” he said. “We’re also hearing that people are choosing to buy an established home, rather than build, as the cost of building is too high, particularly since increased building standards are being applied to new builds following cyclone Seroja. “Unless we see an increase in affordable new supply or innovative solutions, such as using transportable homes in the short term, we can expect the challenges in the established homes market to continue.” Eight of the nine regional centres recorded price growth over the quarter, with Port Hedland the only one where prices dropped. In the rental market, Geraldton had a 6.3 per cent rise over the quarter to a median of $510 a week. Over the year, rents were up 13.3 per cent. Broome, Karratha and Esperance all recorded higher rental growth over the quarter. Mr White said the rental growth reflected more leasing activity in the higher end of the market. “Affordability is a concern for many people and those in lower-priced rentals are choosing not to move as they know they will have to pay more for another property,” he said. CoreLogic’s regional market update released this month showed Geraldton was one of the strongest performers across Australia with a median house price increase of 6.3 per cent in the three months to January, despite signs emerging the market was easing.