At a first glance, it might look like the Kimberley region is located in a remote part of Australia. The reality is that the region is ideally located within the most heavily populated and dynamic economic zones on the planet.
The Shire of Broome accommodates 47 per cent of the Kimberley’s population. With a permanent population of approximately 17,000, the town swells with tourists during the dry season, pushing the population to over 25,000.
As a regional centre, the town is economically diverse. At $1.269 billion, the Shire of Broome accounts for approximately 52 per cent of the Kimberley’s economy. The largest sector of the economy (in terms of GRP) is construction, followed by transport, tourism and retail activity.
In 2017-18, 163,336 tonnes of goods were imported through the Port of Broome; and 169,701 tonnes exported and a total of 928 vessels visited the Port, 34 per cent of these were related to oil, gas and large commercial trade.
A heliport opened at the Broome Airport in 2008, with hangars and a state-of-the-art Passenger Processing Facility to service the offshore oil and gas industry. By 2036, the Broome workforce is expected to grow to between 15,000 and 25,000 workers.
In recent years, median house prices in Broome have become more affordable with the introduction of new residential developments like Broome North’s Waranyjarri Estate.
Broome has been very busy now that the Kimberley is open for WA tourists to visit. CoreLogic, who provides property intelligence, have stated that a shift has occurred towards people moving to the regions and away from the densely populated cities and COVID-19 hotspots. In addition, domestic tourism favourites like Broome are benefitting from the lack of access to international travel destinations such as Bali, Vietnam and Thailand.
As of September 2020 there has been a tightening of both rental listings and properties for sale. The vacancy factor in the Broome rental market dropped below 3% with continuing upward pressure on the Broome rental prices.
The number of established residential properties available for sale has been reducing due to the current shortening of days on market, as well as a slowing of new properties coming to market. The incidence of multiple offers on a property has now become commonplace.
Land sales across Western Australia have jumped due to the rebates and subsidies being provided by the Government, together with other stimuli such as reduced pricing in DevelopmentWA estates across the regions.
About Broome North
Broome North, WA's only Enviro-Developer accredited regional development is the town’s largest land development comprising a future district shopping centre, four schools, Blue Haze light industrial precinct and three residential estates which, once fully developed, is planned to double the size of the population of Broome.
Waranyjarri Estate is the first residential estate in Broome North, a vibrant, sustainably designed estate providing a mix of affordable housing and home to the Broome North primary school, parks, community garden, bookshare and active social and community groups.
There are a range of single residential lots from $205,000 and multi-residential lots up to 850sqm and priced from $225,000 with up to $22,000 in developer incentives.