'Property back to pre-slump levels'

Geraldton’s property market is expected to maintain steady growth in 2013, building on stronger than normal growth of around 40 per cent for most real estate offices in 2012, which brought the market back to normal levels.

Though the market is allegedly awash with listings the median price remains at around $400,000 and rentals at around $380-$400 per week.

Real Estate Institute of WA Geraldton branch president and Active West principal Phil Sorgiovanni said sellers and buyers are being more realistic about market conditions.

“Pricing is remaining fairly steady and buyers are seeing some reasonable value, rents continue to tighten and increase which is giving better yields and returns for investors,” Mr Sorgiovanni said.

“As investors come back into the market, especially with interest rates at fairly low levels, we tend to pick up in volume and then other people will jump on the trend."

Full story in today's print edition.