The coastal suburb of Drummond Cove isn’t a close suburb of Geraldton, but it’s within an easily commutable 15km of the thriving port.
Drummond Cove did see a dip in median prices during the first half of 2009 in line with the GFC. However, it’s the only one out of the three that has already gone on to exceed its pre-GFC medians.
Drummond Cove’s timeline follows Geraldton’s fortune’s to peak in the last quarter of 2008 with a median price of $492,215, according to Residex figures, which then slumps drastically to $476,112 the following quarter.
Medians hovered at around the $480,000 mark for three quarters, but by the end of 2009 normal service was resumed with a final quarter median of $499,028 representing a new high. Growth has continued steadily, with Drummond Cove recording a median of $524,706 in September 2010.
First National Geraldton principal Andrew Short points out that Drummond Cove’s proximity to the site of a proposed new port may have kept investors keen.
“There’s a lot of land that’s been brought on to the market, and it’s attracting a fair amount of interest because there are plans to build a new port and rail facility at Oakajee, just north of Geraldton. Drummond Cove is half way between the city centre and the new port, and quite a few investors have purchased in that area and built investment properties for leasing,” he says.