- Posted By Rebecca Bell
Currently our vacancy rate is sitting at a very low 0.16% which is fantastic if you are an investor and reassuring if you're considering an investment in Broome at the moment.
The vacancy rate is a measure of how many rental properties are available in a market. Two important figures are needed to determine the vacancy rate - the number of rental properties in the location and how many are vacant. For example if there are 100 rental properties in a suburb and 10 of them are vacant the vacancy rate would be 10/100 x 100 = 10%.
In July 2021 REIWA recorded Perth's vacancy rate at 1.1% (year before it was 1.6%). Broome was recorded at 0% and the previous July at 2.6% (according to REIWA).
A low vacancy rate means more confidence in a market and more security for the investor as the cash flow avoids lengthy periods without a tenant. The Australian National Average is 2.5%.
At First National Broome our average days on market for rental properties is currently sitting at 11 days. This is from listing the property online to an application being approved and often properties are being leased prior to even going to market. If you are finding it frustrating to find a property please register your interest with our team online here.
If you are considering purchasing an investment or have a property becoming available soon we would love to help you secure a quality tenant and reap the benefits of your investment. To arrange a confidential chat please click here and we will be in touch.