Property value increases in Geraldton have tracked higher than the WA average of -1.83% over the last 12 months.
If we look at median property appreciation over just the last three months, Geraldton has given property investors a paper return of 2.91%. This puts Suburb as 74 on a list of fastest fasting appreciating suburbs in WA
Property buyers and investors in Geraldton 6530 should be seeing an average reduction in asking price of around -13.64% . This means that Geraldton is holding prices well when compared to other suburbs in WA.
Using the current median advertised rental of $280 and the average annual increase in value of a median property of -3.48%, investors should hope to achieve an overall return of 5.49%
Giving property investors a a poor capital gain of -48.11% for the last year, Geraldton, 6530 is the 1505th highest performer in Australia in this respect.
The five-year average increase in median property values for Geraldton,6530 has given property investors a potential capital gain of -24.66% across each of those five years.
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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.