Geraldton tops regional house price growth in the March quarter

[Pelican Press 0]

This is the hidden content, please

• Sign In
• or
• Sign Up

Geraldton tops regional house price growth in the March quarter

Geraldton was the top-performing regional centre for the March quarter, according to the latest REIWA data.

Its median house ***** price rose 6.5 per cent to $490,000 – up from $460,000 in the previous quarter. It was the second consecutive quarter the regional centre recorded the strongest price growth.

Strong eastern states investor activity has driven continued growth in Geraldton, with demand strong for dwellings in the $400,000-600,000 range. Investors were looking for well-presented homes offering reasonable yields. These properties generally attracted multiple offers and, in some cases, sold well above the asking price.

This placed pressure on local buyers, who were often priced out by investors offering slightly more. However, since the March quarter, the level of investor activity has softened slightly and REIWA members are reporting a more even mix of buyers again.

Karratha (up 6.1 per cent to $610,000), Albany (up 4.3 per cent to $600,000), Bunbury (up 3.7 per cent to $616,995), Broome (up 1.9 per cent to $743,000), Esperance (up 1.6 per cent to $495,000) Busselton (up 1.1 per cent to $880,000) and Kalgoorlie-Boulder (up one per cent to $399,000) also recorded an increase in their median house ***** price. Port Hedland (down 2.2 per cent to $525,000) was the only regional centre to record a decline.

Port Hedland saw the most growth in the rental market, with its median weekly rent increasing 11.8 per cent to $950.

Rent price growth has fluctuated in Port Hedland in recent quarters – this increase followed a 12.6 per cent decline in the previous quarter and 2.4 per cent growth in the September 2024 quarter.

A contributing factor to the growth this quarter was the type of properties being leased. REIWA data shows a higher proportion of leases in the upper end of the market, which contributed to the rise in the overall median.

Despite the growth, underlying trends suggest the market is easing. Our members reported a slower start to the year, with fewer applications per property and some landlords needing to adjust their asking rents to secure tenants.

It’s also taking longer to lease a property, with the median time on market rising more than 50 per cent over the quarter.

Broome (up five per cent to $1050), Esperance (up 3.4 per cent to $600) and Busselton (up 1.3 per cent to $790) recorded an increase in their median weekly rent prices. Karratha ($1100), Kalgoorlie-Boulder ($650), Geraldton ($520), Bunbury ($600) and Albany ($550) remained stable over the quarter.

Read the full report on reiwa.com.

This is the hidden content, please

• Sign In
• or
• Sign Up

#Geraldton #tops #regional #house #price #growth #March #quarter

This is the hidden content, please

• Sign In
• or
• Sign Up

This is the hidden content, please

• Sign In
• or
• Sign Up