Geraldton tops WA regional median house price growth for second-consecutive quarter: REIWA

Geraldton property values continue to go from strength to strength, after fresh data revealed the city topped regional house price growth for the second consecutive quarter.

Geraldton’s median house sale price rose 6.5 per cent in the three months to March, which was a higher growth than Karratha (6.1 per cent) and Albany (4.3 per cent).

The median house price in Geraldton was $490,000, according to the data.

The figures come after a strong December quarter, where the regional centre recorded the highest price growth across regional WA with a 5.8 per cent increase.

REIWA regional spokesperson and Professionals Geraldton managing director Peta McKenzie said investors had bought into the area after seeing the value.

“There was significant interest from Eastern States investors, particularly for dwellings in the $400,000 to $600,000 range,” she said.

“They were looking for well-presented homes offering reasonable yields.

“These properties generally attracted multiple offers and in some cases sold well above the asking price.”

Over the past 12 months, Geraldton recorded a 25.6 per cent growth in house prices, second only to Bunbury (25.9 per cent) over the same period.

Ms McKenzie said the investors had put pressure on the market, causing local buyers to have trouble securing properties.

“REIWA members report investors often secured properties ahead of local owner-occupiers by offering slightly more,” she said.

“However since the March quarter, the level of investor activity has softened slightly, and we’re hearing reports of a more even mix of buyers again.”

The data comes after Domain chief of research and economics Nicola Powell confirmed house prices in Geraldton were at their highest level on record.

She said the $525,000 median house price was the highest on record for the region, following six-straight quarterly increases.

In the rental market, Geraldton’s median weekly rent prices stalled, recording no increase over the March quarter with prices staying at $520.

Over the past 12 months, the figure had increased by 15.6 per cent, according to REIWA.