Geraldton was the top performing regional centre for the December 2024 quarter, according to the latest data from REIWA.

Its median house sale price rose 5.8 per cent to $455,000, up from $430,000 in the September 2024 quarter.

REIWA Regional Spokesperson Joe White said strong demand was putting upward pressure on prices.

“While the FOMO may have eased in Perth, our members say it’s still strong in Geraldton,” he said.

“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.”

“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.”

Mr 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.

All regional centres recorded an increase in median house sale price over the 12 months to December.

Regional rental market

In the rental market, seven regional centres recorded an increase in their median weekly rent over the quarter. One remained unchanged and one saw a decline.

Broome recorded the most growth, with its median rent increasing 11.1 per cent to $1,000 per week.

Mr White said growth over the quarter was a reflection of more leases in higher price brackets, rather than a broad increase in rent prices.

“At the moment our members are seeing less movement at the lower end of the market,” he said.

“Affordability is a concern for many people and those in lower-priced rentals are choosing not to move as they know they will have to pay more for another property.

“So what we are seeing is more leasing activity at the higher end of the market."

Mr White said there were indications the Broome rental market could be reaching an affordability ceiling.

“Properties are taking slightly longer to rent and our members are seeing an increase in offers below the asking price,” he said.

“Some owners are reducing their prices to meet the market and secure a tenant.

“Property is about demand and supply and this is the market in action.”

Six regions recorded an increase in median rent over the year. One remained stable and two recorded declines.

More REIWA readings

REIWA Housing Issues Survey finds stamp duty a major barrier to home ownership | The Real Estate Conversation

Time to sell in Perth increases as listings rise - REIWA

Perth median house sale price could reach $750,000 by end of 2024 - REIWA

Listings rise as Perth heads into Spring selling season - REIWA 

Perth median house sale price rose 20 per cent over past 12 months - REIWA