At number 3067th in the list of Australian suburbs ordered by increase in median house value over the last year, Geraldton, 6530 is in the BOTTOM 30% with a property value increase of -7.69% recorded in median house prices.
Over the longer term, Geraldton has seen property prices show investors a -17.24% return over the last 3 years. This is an improvement over the last 12 months
Geraldton6530 is located in WA which offers an average discount of -8.58% to property investors. Geraldton itself is showing figures that indicate -13.62% is the average achievable by property buyers investing in the suburb.
At number 3211 in a list of fastest selling suburbs, Geraldton is in the bottom 20% of suburbs in Australia with an average of days on market 114.36 for properties listed there.
Using the current median advertised rental of $275 and the average annual increase in value of a median property of -3.53%, investors should hope to achieve an overall return of 5.96%
Our latest figures would indicate that property sellers in Geraldton are currently offering property investors an average price cut of -13.55% below the asking price at the moment.
In the last year 38 properties changed hands in Geraldton, which puts it as the 41th most active market in WA when comparing the number of sales per suburb.
Renters in Suburb are facing rents around $10660 per annum or $205 every week.
Information supplied by:
Geraldton, Western Australia’s fourth-largest city, is Hotspotting.com founder Terry Ryder’s "number one tip" for growth in the region over the next few years.
The city is set for a wealth of infrastructure spending – not least the $4bn construction of Oakejee Port: an integrated deep water port, rail and industrial estate intended to support the development of the resources sector in the mid-west.
The port is projected to be operational by 2014. The Western Australian government estimates that the project will generate approximately 2,000 jobs during the construction and development phase, and around 400 jobs when completed – as well as underpinning the growth of the iron ore industry and unlocking the mineral resource wealth of the region.
It’s Geraldton’s otherwise "well-rounded and diverse" economy that Ryder also likes, too. Traditionally, the city has relied on farming, wheat and sheep and fishing, with Australia’s largest lobster fleet operating out of the city.
The foreshore has recently undergone a $26m redevelopment, and the CBD is being revitalised. Several major commercial projects are also underway, including a new $30m marina hotel, and the city is one of the areas named in the second release of National Broadband Network sites. Geraldton is also in the running to host the world’s largest radio telescope – a $1.3bn project which, if successful, would commence construction in 2012 and complete in 2020.
With the advent of Oakajee Port looking likely to make the area a hub for the mid-west’s growing mining industry, it’s a fair bet that this is a property market that will be on the up.