Geraldton property prices up 6.2 per cent in the past three months, outperforming every other regional centre
Geraldton property values are continuing to climb at rates not seen since the early 2000s, with the latest data revealing house prices were up 6.2 per cent over the September quarter.
According to Real Estate Institute of WA figures, Geraldton had the strongest price growth of any regional centre in the past three months, with the average home now setting buyers back $345,000.
But real estate agents see it as more of a recovery than a boom, noting how far values had fallen in regional WA towards the end of the last decade.
Professionals Geraldton managing director Peta McKenzie said she wasn’t surprised by the REIWA figures given the low base point.
“If you bought a property 10 years ago it’s still probably worth less today,” she said.
“It’s a conservative increase considering the volume of sales has increased significantly over the past 12-18 months.
“There was so much property being held by people who bought five-10 years ago that are now finally able to release it.”
Geraldton Property Team director David Potiuch said the longer wait times on building a home was leading to more people buying established properties. “I’ve been selling for 17 years in Geraldton and the last 18 months have been the busiest of my career,” he said.
“Every month we keep breaking records for sales numbers.
“A lot of owners are selling houses in the first week or the first fortnight. If it’s priced well it’s usually under offer in four weeks.”
The average Geraldton home lasted 30 days on the market over the September quarter, down from 51 days the same time last year.
Sales listings have remained steady in the last 12 months but were up 15 per cent from the June quarter.
Ms McKenzie said buyers were predominantly local, with a handful of interested parties from over east. She said areas like Cape Burney and Drummond Cove, which weren’t getting a look-in two years ago, were now attracting significant interest.
“People out of town are seeing the value in those areas — it’s a more peaceful lifestyle,” she said.
“Geraldtonians have often preferred to be closer to the city suburbs.
“It is a lifestyle decision — if a property has a big shed it will sell straight away.”
Mr Potiuch and Ms McKenzie saw no reason for growth to flatten out any time soon, regardless of what happens with the pandemic and borders reopening in 2022.
“There’s massive demand and Geraldton is still very reasonably priced for a coastal city,” Mr Potiuch said.
“There is still quite a lot of room for growth.”
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