Northampton home values record fastest growth in WA after doubling in just two years, according to PropTrack

The Mid West town of Northampton has recorded the speediest property growth in the State, with house prices doubling in just two years as regional WA continues to reap the benefits of the COVID effect. PropTrack revealed the hotspots where prices have doubled the fastest, and Northampton, which is still recovering from the devastation of cyclone Seroja in 2021, emerged as a surprise No. 1. The pandemic has shifted focus for many house hunters, with land and lifestyle now the priority. In only 25 months, Northampton, with a population of less than 1000, saw its median house value jump from $163,750 to $333,000. The next quickest growth area was Esperance’s Nulsen, which doubled in value over a 31-month period. The Geraldton suburb of Utakarra made the top 10 list for fastest growing regional suburbs, having seen values double over six years. PropTrack economic research director Cameron Kusher said the COVID pandemic was a large factor in regional suburbs and towns recording such rapid growth. “Prices in Northampton were incredibly cheap and we saw a big push to people buying outside of the capital cities during the pandemic,” he said. “That’s lead to prices jumping significantly and especially in a small market like that, it doesn’t take a lot more buyers moving into a market to push prices higher at a quick pace.” Activewest Real Estate’s Phil Sorgiovanni said Northampton’s low starting point could allow for quicker growth compared to other suburbs. “They come off a bit lower base, and when you’ve got smaller volumes you can have more dramatic changes,” he said. “Regional areas tend to move a bit slower than metropolitan areas and your larger centres, they’ll go first and then it stats to spread out regional. Jayde Fox, of Geraldton Property Team, said minimal supply and increasing demand had placed upward pressure on values in Northampton and surrounding suburbs. “Recently, I have noticed that the majority of buyers have been families that have chosen to move from Gascoyne and the Pilbara to be closer to the many amenities and incredible lifestyle that Geraldton has to offer however, not wanting to give up the lifestyle of living in a smaller town,” she said. “Northampton and the north side of Geraldton is only expected to grow further over the next couple of years due to such projects as the Mid-West Hydrogen Hub which is looking at operating from Oakajee along with other possible businesses.” Northampton Shire president Liz Sudlow said the 25-month period of speedy growth was more of a result of the ongoing aftermath of cyclone Seroja, which had created a housing shortage. “That’s a direct result of buildings that were lost in the cyclone or damaged in the cyclone,” she said. “There’s been buildings that have been damaged that people have not wanted to renovate and if sold walked away. . . and obviously (there’s) a demand for housing because there’s a shortage of it.” The fastest-growing suburb in the metropolitan area to double their property value, Coolbinia, took 10 years to reach that level. Utakarra came in at No. 10 on the regional list, taking 73 months for its median house price to double from $142,000 to $288,000. Mr Kusher said the regions leading the growth in the property market was not typically the case. “It was more of a pandemic thing that people were looking to get away from the cities . . . people for the first time had the ability to work remotely,” he said. “It’s very unusual to see prices double in two years, and once you get past the first 12 or 13 suburbs, every other suburb has taken more than 10 years to double in price. . . it’s just an anomaly that’s happened.”