Realestate.com.au hot 100 suburbs: Geraldton makes WA top 11 list of suburbs to watch in 2024

Geraldton features in WA’s top 11 localities in realestate.com.au’s list of the hottest 100 suburbs in Australia to watch, with the Mid West city ranked for affordability, infrastructure and investment opportunities. While Geraldton recorded a price drop of 3 per cent in 2023, according to the Hot 100 report it is right up there for potential for growth in 2024. The other “suburbs” in the WA list tipped to outperform in 2024 and beyond are Armadale, Bayswater, Busselton, Fremantle, Mandurah, Noranda, Quinns Rocks, Rockingham, Tuart Hill and Victoria Park. Geraldton was nominated for the list by market analyst from Propertyology Simon Pressley, who said: “This major regional city has so much potential. “The lifestyle and infrastructure are there and, at a time when the entire nation is up in arms about affordable housing, a $320,000 median house price should be salivating.” The report states although the suburb of Geraldton has a population of just 3246, the Greater Geraldton region is home to almost 40,000 people, and the beachside location and laid-back lifestyle were attractive incentives for sea change hunters in 2024. Mr Pressley said with houses typically selling for less than $400,000 and plenty of units available for under $200,000, affordability was the key drawcard for Geraldton, especially for investors enticed by solid rental yields. Commercial manager for Activewest Real Estate Matt Poynton said there had been an increase in people moving to Geraldton, with affordability one of the main incentives. “$500,000 goes a lot further in Geraldton than it does in the metro area, so you can afford to have the lifestyle along with the house,” he said. For the same reason, investors see the central suburb of Geraldton as an excellent way to enter the market due to the low price tags compared to capital cities. The median house price in the suburb of Geraldton is $320,000, with supply down 20.2 per cent compared to last year and demand up 22.5 per cent. Entering the property marked in Geraldton begins at a much lower price for units, with the median price listed at $182,000. Geraldton’s growing population is partially attributed to proposed development of major infrastructure, with projects such as Oakajee and the swelling renewables sector establishing commercial offices in the region. “Bigger companies are looking to Geraldton for the beginnings of those infrastructure projects, and those projects have to be built so they’re hiring locally,” Mr Poynton said. PropTrack economist Anne Flaherty said many of the suburbs on the list were relatively affordable, offering good prospects in below-median priced areas. “Family friendly suburbs dominate, especially those with excellent access to schools, parks and shopping precincts,” she said. PropTrack’s latest Property Market Outlook report predicts home prices across the nation will increase between 1 per cent and 4 per cent over the next 12 months, slightly slower than the 5.5 per cent growth recorded so far in 2023.