Rental Market Update

Rental Market Update

Rental Market Update

The Broome rental market has shown some consistency in the past quarter which is a positive sign giving owners some relief. The amount of rental stock in the Broome region has reduced by approx. 50% and the median rent price is remaining steady.

There has been relief for older properties which have been sitting vacant for some time on all agents books though Tenants can still afford to be selective with plenty of choice available so the market still remains competitive.

Our Agency has signed up 78 new leases in the April to June quarter and our analytics show the median rent is $461 and the average days on market is 51 days. Realestate.com.au shows that that our market share of leased properties for our Agency is approx. 44% for the past quarter.

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 these 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.
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If you would like to discuss the rental potential of your property speak with our Manager of Property Management Services, Charmaine Snow or our BDM Kara Smith.

To read the Broome Activity Report in full click here.

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