Companies buying up properties to accommodate staff as well as investor interest is fuelling demand for houses in Geraldton which has experienced the strongest growth in price in the December 2024 quarter, according to fresh data from REIWA.
Geraldton’s median house sale price rose 5.8 per cent to $455,000, up from $430,000 in the September 2024 quarter.
WA regional median house prices.
REIWA regional spokesperson Joe White said while the FOMO may have eased in Perth, members say it’s still strong in Geraldton.
“While the data shows there isn’t a shortage of established homes coming to market, they are selling quickly. This gives the appearance of limited stock and fuels that fear of missing out,” he said.
“Competition is strongest in the mid-range price brackets, with properties priced around the median continuing to attract multiple offers and selling quickly.
“Family homes are particularly popular and are selling as soon as they come to market.”
White said several factors were fuelling the demand for established homes in Geraldton.
“There is strong interest from investors, who are looking for houses that are ready to rent out, as well as companies wanting accommodation for staff,” he said.
“We’re also hearing that people are choosing to buy an established home, rather than build, as the cost of building is too high, particularly since increased building standards are being applied to new builds following Cyclone Seroja.
“Unless we see an increase in affordable new supply or innovative solutions, such as using transportable homes in the short term, we can expect the challenges in the established homes market to continue.”
Eight of the regional centres recorded price growth over the quarter. Port Hedland was the only regional centre where the median house sale price declined.
Annually, Bunbury saw the highest growth, with the median house sale price rising 28.5 per cent to $591,250. Busselton was the state’s second-best performer, recording 20.1 per cent growth over the year to $865,000.
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