The question on a lot of people’s minds at this time of year is “what is 2018 going to look like for property?”
WA is tipped to be a good investment choice overall with some suggesting sooner rather than later. If you have been considering purchasing a first home or investment or trading up while the prices are affordable, it is a good time to do it BEFORE the recovery of the economy and the market gains further momentum.
In our opinion, 2017 saw the bottom of the property market in Broome. While we don’t anticipate the first half of 2018 to soar, we do believe we’ll see slow and steady market activity.
Evidence of this is August’s median house price increased by 1% compared with the previous years of -13%. Interestingly the median unit price in Broome increased by a massive 27.69% for the August quarter this year.
Cable Beach homes showed a -1.7% change but again compared with the previous years’ quarter of -16% that is very positive news for the year ahead.
Principal, Allan Griffiths of First National Real Estate Broome said, “there is no doubt 2018 will be a year of increased activity. We expect to see good, steady growth not only for property but for Broome and local businesses.”
The team at First National Real Estate Broome aren’t expecting change to happen overnight but as the momentum of the economy increases along with favourable project news to the region they are anticipating increased activity for Broome in 2018.
Mr Griffiths said, “as we witness increased activity from Browse Basin and continue to be considered for future projects including Sheffield Resources' mineral sands we can’t help but think the worst has come and gone.”
Broome’s rental market also shows signs of recovery with improvements in their leasing activity. Manager of Property Management, Charmaine Snow said “well-presented properties were in high demand with some having multiple applications. Compared to the same time last year the vacancy rate has now halved with the days on market also significantly reduced. In the last quarter of 2017 our team leased 75 properties. We say these are all strong indicators that 2018 is going to be very positive for the rental market.”
Buying, renting or investing in property is a big decision and knowing when the right time is for you is just as important as the property itself. Supply and demand, median property prices, and demographic information can all help make a more informed decision when navigating your next property move. To stay in touch with the market we offer a no obligation quarterly property report for sales and property management which you can register for by clicking here.
Alternatively if you would like to discuss your particular requirements in confidence please contact our friendly team on (08) 9192 2000 or to arrange an appraisal for selling or property management click here
We would like to take this opportunity to wish you a happy new year and are looking forward to the new challenges and opportunities it brings.