Some towns in regional WA are really struggling at present. Broome is taking a really big hit. Property went crazy 5 years ago up until 12 months ago. Since Woodside are no longer going ahead with the onshore LNG processing plant at James Price Point the market has really slowed down.
A quick drive around town in all areas, Old Broome, Roebuck Estate, Cable Beach (six seasons) and Cable Beach (sunset) there is so much property for sale and none seems to be moving. It is still (in my opinion) way over priced.
May be a good time to buy in 18 months time but things will definitely drop in 2014 in Broome, mark my words.
I feel sorry for people who purchased an investment property in the last 18 months. They will be receiving fine rent at the moment but when rent reviews are due (especially with government housing) I think a few are going to be in for a shock.
I also heard a rumour that they are holding of releasing any more land in the new Broome North estate. The blocks there were $185K on release. There are quite a few for sale advertised for about $200K (and there not selling).
I can't see 2014 being a good year for Broome real estate.
