Soaring Home Prices in WA Town Signal Challenge for Buyers
Recent data reveals a significant surge in house prices across Western Australia, particularly in the town of Geraldton. The area’s property values have soared 20.4% in the past year, reaching a median price of $590,000.
Geraldton’s Rising Property Market
According to Domain’s report for the December quarter, Greater Geraldton’s median house price climbed by $100,000 from $490,000 just a year ago. This remarkable increase shows a staggering growth of 78.8% compared to five years prior when prices averaged $330,000.
Affordability in Context
Despite this growth, Geraldton remains the fifth most affordable local government area in the region. The only areas with lower median prices include:
- Coolgardie: $215,000
- Kalgoorlie-Boulder: $425,000
- Collie: $499,500
- Northam: $531,500
This affordability allows increased competition among buyers, despite the higher costs. Notably, Geraldton achieved the fifth-highest annual growth rate, trailing behind regions such as:
- Collie: +29.7%
- Northam: +23.6%
- Coolgardie: +22.9%
- Albany: +21%
Regional Trends in WA Housing
Regional WA has seen average house prices rise by 10.5% in the December quarter. This brings the median to a record high of $685,000, marking the 14th consecutive quarter of price increases. This ongoing trend reflects the longest stretch of consistent growth since 2003-2007.
Perth’s Record Prices
In Perth, the median house price has now comfortably surpassed the $1 million mark, reaching $1.09 million after a 9.9% increase. Experts highlight that the housing market is experiencing substantial upswing, although the rate of growth varies significantly across regions.
Rental Market Insights
The rental sector also reflects rising prices. Median weekly rents for houses increased by 8.7% over the past year, averaging $500. For units in Geraldton, rents surged by 37.9% annually to $400 weekly. Over five years, unit rents have soared by 110.5%.
As affordability issues grow, potential buyers may find themselves increasingly constrained in their options. The evolving dynamics of the housing market in Geraldton and wider WA present both opportunities and challenges for those looking to invest in property.
