Domain real estate analyst says Geraldton median house price highest on record at $525,000

A real estate analyst says Geraldton house prices are in rare territory with median house values the highest on record, following fresh housing data being released.

Domain’s House Price Report for the March quarter was released on Thursday, with the Greater Geraldton region recording a 32.6 per cent increase in house prices in the 12 months to March.

The growth was the second-highest across regional Australia, behind only Northam (34.3 per cent) in WA’s Wheatbelt region.

Meanwhile the median house price in Geraldton was $525,000, up from $396,000 this time last year.

Domain chief of research and economics Nicola Powell says Geraldton’s house price has had six-straight quarterly increases.

“When you look at that 32.6 per cent increase, that is the strongest annual increase Geraldton has seen since 2007,” she said.

“That puts it into context that this is a period of growth that the city hasn’t seen in a long time.

“That $525,000 is a record house price for the local government area of Geraldton.”

In terms of why people were looking to invest in the region, Ms Powell put it down to population growth and lifestyle appeal.

However, she said economic investment also led to increased demand.

“There are some core regional economic drivers . . . mining resourcing, infrastructure and construction, the port expansion, road upgrades,” she said.

“All of these things increase local employment and attract new residents in the area.”

Given the relative affordability in the region, Ms Powell said increased growth was not out of the question.

Geraldton saw consistent quarterly growth, which she predicted would continue.

“We continue to see really strong rates of quarterly growth, consistently around that seven per cent in three months,” she said.

“I suspect we’re going to continue to see this rise.

“There’ll be a point in time where we do see that stretched affordability ceiling being reached because there is a widening gap between where home prices are and the capacity of buyers to pay for that home.”

Ms Powell said she expected cash rate reductions would improve borrowing capacity for buyers later in the year, which would help see prices increase.

Meanwhile, the Real Estate Institute of WA has doubled down on claims the tariff wars will not undermine WA property prices, claiming Greater Perth will have moderate property price growth this year, while regional WA is set to remain strong. Growth of 10 to 20 per cent is tipped for Geraldton, Bunbury, Karratha, Albany and Busselton.