Domain June quarter data shows housing market in Geraldton has recovered with declines not expected in future

Housing prices in Geraldton have grown over the past year but despite experts saying it has been a modest rise, the downturn period appears to be in the past. Domain released its House Price Report for the June quarter, showing Geraldton had growth in the past year, albeit slow. In June 2022, Greater Geraldton’s median house value was at sitting at $370,000 and now a year later, prices have grown to $380,000. Domain’s chief of research and economics Dr Nicola Powell said Geraldton was on the up, with decreasing prices in the past. “I will probably say it will either have very modest growth or it will plateau,” she said, “I think declines are in the past, we saw declines over 2022; I think that period of downturn is gone for Geraldton.” The prices grew by 2.7 per cent in the past year, which while small, is still growth that not everywhere in regional WA was fortunate enough to have. “It’s a bit of a mixed outcome,” Ms Powell said. “Geraldton was up 2.7 per cent over the year but there was some regional (local government areas) that actually declined,” Ms Powell said. “Broome declined by 4.6 per cent, Fremantle by 5.3 per cent.” The price report also showed Geraldton had a 22.6 per cent growth in median home values in the past five years. While Geraldton has seen stronger performances than the declining areas, the growth has been much slower than other places across the State. “I would say Geraldton, it’s seen growth but it’s actually been a much slower pace of growth compared to some other areas,” Ms Powell said. “We’ve seen stronger rates of growth coming out of Collie, Denmark, Bridgetown, Bunbury; they’ve seen roughly 10 per cent or above increase in price. “Geraldton is much more modest in its rate of growth compared to the other areas.”