Developing suburbs on the rise in Geraldton in property price breakdown

Developing Geraldton suburbs have seen home prices surge over the past year while inner-city homes are still selling cheap, analysis of real estate data has revealed. Waggrakine saw the biggest annual boost, with the median sale price jumping from $208,000 in 2019 to $300,000 last year, a jump of 44.2 per cent. Other big movers in a suburb breakdown of Real Estate Institute of WA data included Spalding (21.1 per cent), Utakarra (16.2 per cent) and Tarcoola Beach (12.4 per cent). The suburbs that recorded the steepest price drops were Beresford (-36.1 per cent), Rangeway (-23.5 per cent) and Bluff Point (-20 per cent). Nathan Svenson bought in Waggrakine about a year and a half ago, seeing the suburb as a cheap place to buy a fixer-upper to eventually sell. He said he was not convinced the area was on the rise, noting that there was a clear division between the “good side” and “bad side”. However, he said he liked living there because it was “peaceful” and because nothing had been stolen from his front lawn. According to REIWA Mid West branch chair Peta McKenzie there was more going on in developing suburbs than fresh air and untampered bike locks. She said recent land releases were behind price bumps in Wandina, Waggrakine, and similar areas rife with new homes. “Potentially, you would pay a similar (price) for an old three-bedroom home in Beresford as you would a four-by-two in Wandina,” she said. Ms McKenzie said buyers showed a preference for modern style homes, which the data reflected. House prices fell in areas like Beresford, Bluff Point and Geraldton — full of fibro homes built decades ago. The average Beresford home — the worst performing suburb — sold for a whopping 56 per cent less in 2020 than in the previous year, with the median figure falling from $450,000 to $287,500. However, it’s not all doom and gloom for inner-city property owners. Ms McKenzie said well-priced houses were barely reaching the market before being snatched up by keen buyers. “I would expect the volume and value of sales (in these suburbs) to increase during this year,” she said. In all, she said Geraldton’s economy held strong through the pandemic, and she was expecting a continued rise in sales activity in 2021. Although challenging for renters, she said rental values rising played a positive role in whipping the sales market into shape. Ms McKenzie recommended buyers get pre-approved for loans before making an offer on a property and urged people to “act quickly” if they find their perfect pad is up for grabs. To make the most of favourable market conditions, she said sellers needed to focus on presentation. “Take a look around your home from a buyer’s perspective and attend to any maintenance (or) repairs that need doing,” Ms McKenzie said.