Broome Property Market Update 1st Half of 2021

In H2 2020, Broome recorded a median house price of $520,000, and a median unit price of $288,500. This represents annual (H2 2019 – H2 2020) median price growth of 14.5% for houses and a price softening of -16.4% for units. Between H2 2019 – H2 2020 total house sales increased, by 8.5% (to 102 sales), while unit sales slowed, by -23.3% (to 23 sales). With median house prices showing positive price growth alongside increased market activity, now is the time to sell your home in Broome. The unit market has become more affordable, an opportune time for first home buyers.

Average vendor discounts between Q4 2019 and Q4 2020 have tightened for both property types, to -4.8% for houses and -2.9% for units. Market conditions in Broome offer unique opportunities, as sellers can now achieve final sale prices closer to their first list price, yet buyers can still benefit from a discount.

In December 2020, house rental yields in Broome were recorded at 5.1%. In the 12 months to Q4 2020, the median house rental price has marginally softened by -2.5% to sit at $580 per week. However average days on the market declined sharply by -37.1% (to 24 days). Overall, this suggest Broome has remained a resilient rental market throughout COVID-19.

2 bedroom houses have provided investors with +20.3% rental growth annually, with a median rent of $445 per week.

Also, in December 2020, Broome recorded a very low vacancy rate of 0.6%, on-par with Broome LGA (0.6%) and below Perth Metro (0.9%). Vacancy rates in Broome is currently at record low levels and is also well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, even amidst COVID-19 conditions. This confirms there is a strong level of rental demand, meaning investors can be confident of a conducive investment environment in Broome.