Geraldton House Prices Experience Dramatic 20% Annual Surge
While Perth's property market has officially entered the million-dollar club, the regional centre of Geraldton is witnessing its own remarkable price escalation, with fresh data revealing a substantial annual increase that presents significant challenges for prospective homebuyers.
Substantial Annual Growth in Greater Geraldton
According to the comprehensive December quarter house price report from Domain, Greater Geraldton's median house price has experienced a notable climb of $100,000 over the past twelve months, reaching $590,000. This represents a substantial year-on-year increase of 20.4 per cent from the previous median of $490,000 recorded in December 2024.
When examining the longer-term trajectory, the figures become even more striking. Compared to five years ago when Geraldton's median house price stood at $330,000, property values have skyrocketed by an impressive 78.8 per cent, highlighting the sustained upward pressure on the regional housing market.
Regional Context and Affordability Rankings
Despite this significant growth, Greater Geraldton maintains its position as the fifth most affordable local government area within Domain's research parameters. The region trails behind only Coolgardie with a median of $215,000, Kalgoorlie-Boulder at $425,000, Collie with $499,500, and Northam at $531,500 in terms of affordability.
In terms of annual growth performance, Geraldton has recorded the fifth highest increase across regional Western Australia. This places it behind Collie which experienced a 29.7 per cent surge, Northam with 23.6 per cent growth, Coolgardie at 22.9 per cent, and Albany recording a 21 per cent increase.
Broader Regional Western Australia Property Trends
The property boom extends well beyond Geraldton, with regional Western Australia as a whole experiencing consistent upward momentum. House prices across regional WA increased by an average of 10.5 per cent, equivalent to approximately $65,000, during the December quarter alone, reaching a record median of $685,000.
This development marks the 14th consecutive quarter of growth for regional WA property markets, representing the longest sustained period of quarterly gains since the 2003-2007 property cycle.
Perth Market Reaches Historic Milestone
Meanwhile, Perth's property market has achieved a significant landmark, with prices surging 9.9 per cent to establish a new record median of $1.09 million. This milestone represents the first occasion that Perth's median house price has exceeded the million-dollar threshold, reflecting the intense demand and limited supply dynamics affecting the metropolitan market.
Expert Analysis on Market Dynamics
Domain's Chief of Research and Economics, Dr Nicola Powell, provided insightful commentary on the current market conditions. "The housing market is clearly in an upswing, but the pace of growth is no longer one-speed," Dr Powell observed.
She further elaborated that "while prices are still pushing higher and new milestones are being reached, affordability pressures are increasingly dictating where buyers can compete and which markets are moving fastest." This analysis suggests that varying affordability constraints across different regions are creating divergent growth patterns within the broader property landscape.
Rental Market Demonstrates Parallel Strength
The rental sector in Geraldton has mirrored the robust growth observed in the sales market. December quarter data reveals an 8.7 per cent annual increase in house rents, with a more dramatic 78.6 per cent surge over the past five years, resulting in a current median weekly rent of $500 for houses.
For units in Geraldton, the median weekly rent stands at $400, representing a substantial 37.9 per cent annual increase and an extraordinary 110.5 per cent growth over the five-year period. These figures underscore the comprehensive nature of the property market escalation affecting both ownership and rental sectors in the regional centre.
