Broome Market Update 1 st H a l f 2 0 2 5
OVERVIEW In Q4 2024, Broome* recorded a median house price of $800,000, and a median unit price of $430,000. This represents an annual (Q4 2023 – Q4 2024) price growth of 18.5% for houses and 8.9% for units. During this time, sales declined, by -38.0% for houses (to 57 sales in Q4 2024) and by -40.6% for units (to 19 sales in Q4 2024). Price growth alongside less sales suggests an undersupply in the market, for both houses and units. This has created a buffer against higher interest rates; hence the price growth. With prices continuing to rise, now is an ideal time for owners to capitalise on their investments.
CHANGE FROM LAST
YEAR
HALF YEAR
HOUSE SALE S HOUSE ME DIAN PRICE
UNIT SALE S
UNIT RE NTAL PRICE
MARKET CONDITIONS
MEDIAN PRICE Q4 2024
$1,050
SALES
AVERAGE DAYS ON MARKET Q4 2024
33
69
HOUSE
U N I T
RENTALS
$675
Mixed-Use Projects $6.1M
The 154 Frederick Street Health & Wellness & Childcare Centre ($6.1M) mixed use development is set to commence in early 2025. This is the most significant development over 2025 in the Broome* area.
$
$430K
Residential $300.0K
A focus on mixed-use and infrastructure projects will stimulate economic growth and create new job opportunities in Broome. This can attract more people to live in the area, which has the potential of increasing demand for housing stock.
UNIT ME DIAN PRICE
$800K
Broome is set to see approximately $17.7M of new projects commencing construction in 2025.
Infrastructure $11.3M
HOUSE RE NTAL PRICE
MEDIAN PRICE Q4 2024
FUTURE DEVELOPMENTS
AVERAGE DAYS ON MARKET Q4 2024
35
32
HOUSE
U N I T
There are several key infrastructure projects planned, including Broome Boating Facility (a State Government initiative) and Frederick Street Broome Recreation and Aquatic Centre Roundabout (by Local Government) There is almost no residential projects commencing in 2025, which suggests a reliance on previous project builds and current available stock. With a market undersupply already in place, the absence of new stock to be constructed in 2025 suggests this will remain. The potential for higher house prices is very likely, having a multiplier effect on other property prices as buyers divert their attention to other property types (i.e units and others).