- Posted By Sales Office
It has been a very successful first quarter for the Sales Team at First National Broome. Principal, Allan Griffiths has provided an objective view of what is happening in Broome from research comparing the March 2016 quarter to the same 3 months this year.
Their team have been leading the pack in the number of sales they have achieved compared with the same time last year. The numbers for Broome are very similar, other than for land sales:
Houses 25 31
Units 12 12
Land 27 1
The highest house price in 2017 was $1,100,000 for a 1 hectare property in the north Cable Beach area and the adjusted average price after removing that sale for the calculation was approx, $625,150 as against an average of approx.$442,560 in 2016.
The highest Unit price in 2017 was $770,000 for a duplex half and the average price was approx. $300,750 as against an average of approx. $315,270 in 2016.
The one evidenced land sale for the Mar Qtr 2017 was at $310,000 against an average of approx. $405,000 in 2016.
By attempting to interpret these figures the following conclusions would not seem unreasonable:
- The housing market has bottomed out and there is increased competition from Owner/occupiers taking the opportunity to secure an asset in preference to paying rent.
- Established house are still generally less than home and land packages plus the additional cost of establishing the extras.
- There is still an imbalance in the supply vs demand in the Unit market and opportunities abound for those wanting to get started to purchase property and service their mortgage from what they would normally be paying in rent or for the first time investor. This will change as with the limited sale of land and the very steep reduction in the number of Building Licences issued the balance between supply and demand will change and conditions will increasingly shift to favour sellers.
First National Broome's job as agents is to provide the best advise available and to create marketing initiatives that will sell properties at the best possible price and the shortest possible time that competitive market conditions dictate.
Remember if your property has been on the market for some time and you are not receiving Offers then it is probably because you are the only one who believes it is valued at that level as there are buyers looking and these days can research market values as easily as agents can.
With probably the best tourism season developing and other projects that have been widely published in the media coming on stream, the team at First National are very optimistic that conditions are changing and turnover will increase as we move into our traditional season of higher activity.
First National would welcome the opportunity to present to you if you are considering selling.