Regional Housing Values Rising Faster than Capital Cities

A recent Corelogic report has found that Australia’s property market has seen significant changes over the past five years. Home values nationally have risen approximately 38.4% during this period, with regional housing emerging as the big winner—outperforming their capital city counterparts.

Combined regional areas in Australia have seen home values rise by about 56.3 per cent since March 2020. The Mid-West of WA, which includes Geraldton, tops the list for annual growth with a gain of 25.4%, followed by Queensland’s Townsville (23.5%), Gladstone (22.2%), Central Highlands (21.8%), and Mackay (20.2%).

The report noted this was due to strong internal migration rates, supported by continued demand, as buyers were able to take advantage of more affordable housing prices.

Western Australian Regional Centres Lead the Way

Some of Western Australia’s biggest regional centres are delivering stellar property price growth, well in excess of Perth’s strong real estate market. Across the country, regional property markets are outperforming capital city counterparts, with major coastal centres in Western Australia following this trend.

From Geraldton in the Midwest and Broome in the northern Kimberley region, to Bunbury in the state’s southwest, all have exceeded 5 per cent quarterly growth—which, if sustained, would generate more than 20 per cent annual capital growth.

Geraldton Becoming a Property Gem

Geraldton is a coastal city in the Mid West region of Western Australia, 424 kilometres north of Perth. Geraldton’s stunning seascapes are complemented by its blooming countryside, cultural attractions, and buzzing food and drink scene.

According to figures from REIWA, Geraldton stands out as the strongest market in Western Australia’s mid-range price brackets, with properties around the median attracting multiple offers and selling quickly. The REIWA report also highlights that family homes are particularly popular, selling as soon as they come to market.

There is strong interest from investors looking for houses that are rent-ready, as well as companies seeking long-term leases for employees working in the area.

Have a property in Geraldton or looking to buy in the area? Your local Geraldton Elders Expert can help.