- Posted By Jasmine Adams
Broome’s rental market has certainly presented its challenges in recent years so it is pleasing as we start the 2018 new year to see our leasing activity remains strong. This is despite two cyclones within the first two weeks of Christmas.
Our Property Management Team have been very busy trying to lease vacant properties while contending with an increased amount of maintenance caused as a result of Cyclone Hilda and Cyclone Joyce. Majority of the cyclone damage was restricted to trees, palms and fences all being blown over/down and water damage from significant amounts of rain. Though our staff numbers were reduced over the festive break our skeleton team worked tirelessly. We are very proud of our team and their efforts in such a chaotic time.
Looking back over the 2017 leasing numbers and comparing them to the previous year we can see evidence of the market stabilising. In 2016 our agency leased in excess of 370 properties. In 2017 we leased 315 and while the number leased was not as high as the year before it does not mean the market weakened and in fact shows the rental market has continued to stabilise. It also indicates that a lot of owners have met the market to retain their tenant ie tenants not moving as much from one property to another and happier to remain in the property longer.
Our agency’s share of the whole Broome rental market represented in excess of 45% of the Broome market. Currently there are approx 130 rental properties advertised for lease across all agencies in the Broome greater region. In 2017 there were 182 properties being advertised for lease for the same period). The number of days on market is hovering around 48 days and the median rent is $495 per week.
It is still a competitive market and a note to Investors is to ensure their rental properties have appeal. If you would like to discuss the rental potential of your property speak with our Manager of Property Management Services, Charmaine Snow on (08) 9192 2000.
Landlords and prospective investors should not be discouraged as there is very good opportunity in Broome’s current rental market. Investors thinking of buying would be smart to take advantage of this favourable buying and if you own a rental property, you have a very good chance of securing one of the many tenants currently out there looking for a home (provided you list competitively).
• How Many properties leased in the past 3 months - 116
• How many properties on the market at present - 130
• What is the highest leased price in the past 3 months - $950 per week
• What is the lowest leased price in the past 3 months $240 per week
• What’s the median rental price in the past 3 months? $495 per week
• What is Broome’s current vacancy rate – 5%
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