Broome Property Market Report 2nd Half of 2019

In Q2 2019 Broome recorded a median house price of $450,000, and a median unit price of $178,500. This represents annual (Q2 2018 – Q2 2019) median price softening of -3.4% for houses and -14.8% for units. At the same time (Q2 2018 – Q2 2019), house sales remained steady, whilst unit sales increased from 4 to 12 sales. A decline in average days on market to 74 days for houses suggests demand is improving for houses in Broome.

Average vendor discount widened between Q2 2018 and Q2 2019, to -9.4% for both houses and units. Market conditions in Broome continue to favour buyers, where sellers are willing to negotiate below their initial listing price. Buyers are encouraged to act now while such discounting is available.

Over the past 12 months, house rental yields in Broome increased to reach 5.8% in June 2019. In combination with positive median rental price growth, the house rental market is in a healthy state. Less rental stock on the market has subsequently increased returns, indicating now is the time for investors to enter the market. 

2 bedroom houses have provided investors with +2.3% rental growth annually, achieving a median rent of $450 per week.

Broome recorded a vacancy rate of 0.8% in June 2019, the lowest recorded over the past 3 years and well below Perth Metro’s 3.2% average. This confirms there is a healthier rental demand in Broome, which is good news for investors.