Broome Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
In Q2 2024, Broome* recorded a median house price of $715,000, and a median unit price of $480,000. This represents an annual (Q2 2023 – Q2 2024) median price growth of 9.8% for houses and 6.9% for units. During this time total sales decreased, by -41.7% (to 42 sales) for houses and by -28.6% (to 15 sales) for units. Price growth alongside less sales suggests a market undersupply, which was also evident in the past 6 months to Q2 2024. Now is an ideal time for homeowners to capitalise on their investments. With no new ready-to-sell stock planned to commence construction buyers need to act fast, before prices grow even higher.
CHANGE FROM LAST
YEAR
FUTURE DEVELOPMENTS Broome is set to see approximately $217.7M worth of new projects commencing in the 2nd half of 2024. Infrastructure
$16.9M
HALF YEAR
HOUSE SALE S HOUS E ME D IAN PRICE
Commercial
HOUS E RE NTAL PRICE
$200.8M
UNIT S AL E S A focus on commercial projects will stimulate economic growth and create local employment opportunities. This will have a spill-over impact on the real estate market, in the form of higher demand for housing stock.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$715K
$480K
MEDIAN PRICE Q2 2024
$1000
SALES
AVERAGE DAYS ON MARKET Q2 2024
74
26
HOUSE
U N I T
R E N T A L S AVERAGE DAYS ON MARKET Q2 2024
$620
26
18
HOUSE
U N I T
A main commercial project in the 2nd half of 2024 is Kimberley Marine Offloading Facility ($200.0M), and the largest infrastructure in the 2nd half of 2024 is Community Step-Up Step-Down Facility Broome ($9.4M). There are no new residential projects in the pipeline for the 2nd half of 2024, which indicates the new ready-tosell stock market will continue to be undersupplied. This suggests there is a reliance on older and/or current stock to satisfy demand. With a market undersupply already in place, more undersupply for the rest of 2024 suggests pressure on prices will continue. Median house and unit prices are already trending up in Q2 2024, thus now is an ideal time for buyers to enter the market.