Hot time for market as home sales soar
Geraldton’s property market is heating up to such an extent that homes are selling before they even hit the internet.
According to the latest Real Estate Institute of WA data, the number of property sales in Geraldton has soared by 68 per cent in the past year — from 34 transactions in December 2019 to 57 in December 2020.
But while houses are selling like hot-cakes, prices are so far stable.
Prices have remained steady despite the buzzing market, with REIWA figures showing the median sale price inching higher by 3.8 per cent — from $265,000 to $275,000 — in the last 12 months.
According to Geraldton Property Team sales executive Jim Quinn, pictured, these figures reflect what is happening on the ground.
“Houses are being sold before they even hit the net,” he said. Given the high level of activity in the market and the attractive prices, Mr Quinn said prospective buyers should get serious, and offer as much as they’re willing to pay when trying to buy their dream home.
“People are not beating around the bush,” he said.
Meanwhile, it’s the same old woes of renters as they compete for the few homes listed in the City.
The December REIWA figures proved that the rental squeeze is not going anywhere fast.
Geraldton Property Team licensee Mairi Quinn, pictured, said the agency’s vacancy rate sat at 1.3 per cent in December, with about 15 people showing up to most viewings.
She said it was normal to see a lot of extra movement in the rental market at the start of the year as people moved to town for work.
Although some people are moving and leaving newer properties available, Mrs Quinn said people looking to get into a larger home in a popular suburb were having to wait or go without some of the requirements on their initial home wish-lists.
“We have a few good ones (listed) but mostly it’s smaller units,” she said.
Mrs Quinn said it was a tough time for renters and a tough time for property managers, who were having to reject perfect applications.
“We are getting so many good applications but it’s the owner’s decision,” she said.
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