Olive Street Housing Project

More doctors, nurses, teachers and police officers will have the opportunity to work in Geraldton following Council's decision to release a tender for the construction of seven new homes.

The City initially owned 15 parcels of land around the Olive Street Reserve and successfully sold eight, leaving seven unsold. With financial support from the State Government ($ 1.6million), the project has become viable, leading the Council to move forward with the proposed construction.

Housing is widely regarded as a stable, long-term investment that offers reliable annual returns. Over the past 12 months, Geraldton has experienced approximately 20% median price growth, with projections indicating continued strong growth over the next decade. As a result, this proposed investment presents a low-risk opportunity with promising returns.

Recognising the national housing crisis, the City has taken a proactive approach by developing underutilised land. While the construction of seven homes will not solve the entire issue, it is a meaningful step toward attracting and retaining essential services that benefit the entire community.

 

Key information

  • Funding of this project is from our reserves in combination with the State Government’s $1.6 million funding contribution. If Council decide to proceed with this project, it will create another income stream for the City helping to reduce pressure to raise rates. Our Long-Term Financial Plan is available on our website here
  • The City has run a Request for Tender process which will determine the build price. Tender process is confidential and will be presented to Council – once the process is concluded, the build cost will be made public.
  • The 7 lots are owned in freehold by the City and have been sitting vacant – there is currently a national housing crisis and whilst it is not the City’s responsibility to provide housing, it represents a leadership action of the City to generate additional housing locally to be made available to accommodate local workers.
  • There is an intention to lease for Government Regional Officer Housing (GROH) on a 10-year timeframe. GROH manages the tenants, the City owns the land and buildings.
  • Projects proposed timeframe is to finish construction by 2026.