- Posted By Rebecca Bell
Rents in WA are expected to jump by as much as 20% when the McGowan Government’s ban on price hikes ends in March. Our current vacancy rate is sitting at 1% with only 14 properties available to rent. We are certainly seeing signs of short supply in Broome for our rental and sales departments with 12 sales properties going under offer in just November alone (16 in the last 30 days).
According to REIWA, Western Australia is almost back to normal population growth rates, sitting at 1.5% for the year to March 2020. The housing market is struggling to keep up with the demand putting additional pressure on housing markets and in turn rental prices (when the ban is lifted). While it is clear that the West Australian property market is in recovery mode with the worst behind us, we will now have to deal with low levels of supply for some period of time with less properties available to rent or buy.
We have also seen investors return to our Broome market which has been a very positive sign. While our future looks unpredictable with the inability to travel far this has meant many visitors are realising just what Broome has to offer as a holiday destination. Our investor market hasn't only been limited to WA owners with other states also seeing the value in our properties.
If you are considering an investment property in Broome we would love to help you find what you're looking for. All our properties for sale can be viewed here or you can contact our team with exactly what you're looking for and we can keep you updated as new properties coming to market.
If you are new to buying and are concerned about rents rising now may be the perfect time to consider buying your own particularly with such affordable interest rates that you have the option to lock in. Here are some of our reasonably priced properties that won't break the bank: