Suburb breakdown: Buyers seek affordable houses, driving price growth in Utakarra, with 24.8% annual boost

Utakarra has claimed top spot as Geraldton’s fastest growth suburb for property price growth in the past 12 months, in the latest real estate snapshot. The suburb of Utakarra also recorded the biggest increase in median rent over the year, jumping 26.9 per cent to $335 a week. Suburb breakdown data from the Real Estate Institute of WA reveals in the 12 months to September, the median house price spiked by 24.8 per cent to $287,000. Spalding recorded the second biggest yearly growth in median sale price, a 14.6 per cent increase pushing the price to $235,000 followed by Rangeway (up 12.6 per cent to $190,000). The only five suburbs to record positive price growth in the quarter were Wonthella (2.7 per cent), Mount Tarcoola (2.1 per cent), Utakarra (2 per cent) and Rangeway (1.3 per cent). The biggest price drops over the quarter and the year occurred in Beresford (down 6.6 per cent in the quarter and 7.8 per cent annually to $355,000) and Bluff Point (down 1.7 per cent over the quarter and 6.6 per cent over the year to $425,000). Principal licensee for Activewest Real Estate Phil Sorgiovanni said drops like this could be attributed to a rush on bigger houses, namely front row on Chapman Road in the last few years, slowing down. “It’s not reflective of the suburb going backwards, but more reflective that there are less properties being sold in the tightly held front line,” he said. Overall in Geraldton during the September quarter, the median selling price for a dwelling reached $379,500 — a $4550 increase from the end of the June quarter, or a rise of 1.2 per cent. Mr Sorgiovanni said the current market was attracting buyers seeking affordability. Suburbs such as Utakarra, Rangeway and Spalding are seeing more buying activity as they are the three cheapest suburbs to buy in, which naturally drives up prices. “Right now, with the cost of living — owner occupiers are looking for affordability,” Mr Sorgiovanni said. The annual change in median rent saw no suburbs record a drop in rent price, although Spalding was the only suburb to not record an increase, remaining at $300 per week. Besides Utakarra, other suburbs which recorded significant growth in weekly rents over the year were Sunset Beach (up 16.9 per cent to $450), Beresford (up 14.3 per cent to $320), Rangeway (up 11.3 per cent to $295) and Geraldton (up 11.3 per cent to $345). SUBURB BY SUBURB MEDIAN HOUSE PRICE GROWTH Sept quarter median price/quarterly/annual price change Wonthella: $303,000 / +2.7 per cent / -1.5 per cent Mount Tarcoola: $398,000 / +2.1 per cent / +4.7 per cent Utakarra: $287,000 / +2 per cent / +24.8 per cent Beachlands: $366,500 / +1.8 per cent / +6.2 per cent Rangeway: $190,000 / +1.3 per cent / +12.6 per cent Geraldton: $325,000 / 0 per cent / -1.5 per cent Sunset Beach: $397,500 / -0.6 per cent / +1.9 per cent Spalding: $235,000 / -2.1 per cent / +14.6 per cent Beresford: $355,000 / -6.6 per cent / -7.8 per cent Bluff Point: $425,000 / -6.6 per cent / -1.7 per cent MEDIAN WEEKLY RENT ANNUAL CHANGE Utakarra: $335 / +26.9 per cent Sunset Beach: $450 / +16.9 per cent Beresford: $320 / +14.3 per cent Rangeway: $295 / +11.3 per cent Geraldton: $345 / +11.3 per cent Bluff Point: $370 / +10.4 per cent Wonthella: $320 / +6.7 per cent Mount Tarcoola: $420 / +5 per cent Spalding: $300 / 0 per cent Source: REIWA