Investment property in Geraldton has done pretty poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -5.77%
Over the longer term, Geraldton has seen property prices show investors a -19.54% return over the last 3 years. This is an improvement over the last 12 months
Vendor discounting in Geraldton is giving property investors an average Vendor Discount of around -13.71%. This puts suburb at number 21th in WA when ranking the most discounted suburbs.
Situated 372.80km from the CBD, Geraldton is one of Greater Geraldton (C) localities in the postcode 6530.
Property investors who have had real estate in Geraldton, 6530 should be ok with this WA suburb’s performance compared to the rest of the country. Over the last year it has seen median house prices decrease in value by -1.18%
Geraldton,6530 was ranked 1056 in Australia by increase in median property value over the quarter.
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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.