Broome

We undertake instructions for valuations in this region by quote only.

Broome will see approximately $17.7M of new projects commencing construction in 2025. 154 Frederick Street Health & Wellness & Child Care Centre (Mixed-Use) and the Broome Boating Facility (Infrastructure) are two main projects in 2025. At present there is very limited residential project planned, thus very few new housing stock. This will cause a further undersupply in the housing market and push prices higher. people in Launceston work in a professional occupation. In 2011, 47% of the homes in Launceston were owner-occupied compared with 48.2% in 2016.

In Q4 2024, Broome recorded a median house price of $800,000, and a median unit price of $430,000. This represents an annual (Q4 2023 – Q4 2024) price growth of 18.5% for houses and 8.9% for units. During this time, sales declined, by -38.0% for houses (to 57 sales in Q4 2024) and by -40.6% for units (to 19 sales in Q4 2024). Price growth and less sales suggests an undersupply in the market, for both houses and units. This has created a buffer against higher interest rates; hence the price growth. With prices continuing to rise, now is an ideal time for owners to capitalise on their investments.