Kimberley REIWA chair: Broome real estate market to remain ‘strong’ in 2023

As we enter into 2023 the Advertiser checked in with Broome’s own real estate guru, Tony Hutchinson, to get a perspective on what the property market has in store for the rest of the year. Despite the recent drop in regional house prices in WA over January, Mr Hutchinson, who is the Real Estate Institute of WA Kimberley chair, predicted regional house markets would continue on the same trajectory as they did in 2022. “The sea change continues with Broome and other regional markets staying strong as people continue to work remotely,” he said. This is backed by REIWA chief executive Cath Hart who said with regional WA having some of the most affordable housing in the country, market conditions were expected to remain strong over the coming year. “All regional centres saw median price growth in 2022,” she said. “It has been a consistently strong performer over the past few years, both quarterly and annually, which is driven by population growth. “Regional areas have also benefited from an increase in the work-from-home and micro business trend.” But with the recent unprecedented flooding event in the Kimberley, Broome will continue to see increased demand for accommodation from emergency services and recovery workers tasked with rebuilding after the flood, according to Mr Hutchinson. “Locally we can expect another busy season,” Mr Hutchinson said. “We will have a lot of State Emergency Service volunteers and Defence Force personnel keeping the resorts busy.” Although a strong market showing for 2023 is expected, Mr Hutchinson said things could change if the Reserve Bank continues interest rate rises. Ahead of the expected interest rate hike, mortgage comparison site Finder’s chief executive Chris Ellis said at a parliamentary inquiry into the cost of living on February 1 increased loan costs from an interest rate hike would have a knock-on impact on rental markets.