Real Estate in Broome, Australia
Last updated on Oct 05, 2024
Summary: People living in Broome, Australia offer advice about real estate. How do you find a home in Broome? Should you buy or rent? What is the cost of housing?
How do I find a place to live in Broome?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Broome involves several steps. Firstly, you need to determine your budget. This will help you narrow down your options and make your search more efficient. Next, you should decide on the type of accommodation you want. Broome offers a variety of options, including apartments, houses, and shared accommodations. Once you have a clear idea of what you're looking for, you can start your search. There are several online platforms that list properties for rent or sale in Broome, such as realestate.com.au, domain.com.au, and rent.com.au. These websites allow you to filter your search based on your preferences, such as location, price, and type of property. In addition to online platforms, you can also contact local real estate agents in Broome. They can provide you with valuable insights about the local market and help you find a place that suits your needs. Visiting the properties is an important step. This will give you a better idea of the property's condition, its proximity to amenities, and the neighborhood. Once you've found a place you like, you'll need to apply for it. This usually involves filling out an application form and providing references. If your application is approved, you'll then need to sign a lease agreement. Make sure to read it carefully and understand all the terms before signing. Finally, before moving in, you'll likely need to pay a bond (usually equivalent to four weeks' rent) and the first month's rent in advance. Remember, finding the right place can take time, so it's important to start your search well in advance of when you plan to move," said one person in Broome.
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William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
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What is a typical expat home or apartment like in Broome?
"A typical expat home or apartment in Broome, is often a modern, spacious dwelling with a blend of contemporary and traditional Australian design elements. These homes usually have open floor plans to allow for natural light and air circulation, reflecting the warm and sunny climate of the region. They often feature large windows and outdoor living spaces, such as patios or balconies, to take advantage of the stunning views of the surrounding landscapes. The interiors are typically furnished with comfortable, high-quality furniture and equipped with modern appliances. The living areas are often designed for relaxation and socializing, with a focus on comfort and functionality. The bedrooms are usually spacious, with ample storage space. The bathrooms often feature modern fixtures and fittings, with some homes having en-suite bathrooms for added convenience. Many expat homes in Broome are located within close proximity to the beach, offering residents easy access to outdoor recreational activities. They are also typically close to local amenities such as shops, restaurants, and schools, making them convenient for daily living. Some homes may also have access to shared facilities like swimming pools, gyms, and barbecue areas, providing opportunities for social interaction and community engagement. Despite the modern comforts, these homes often retain a distinct Australian charm, with design elements that reflect the local culture and environment. This could include the use of local materials in construction, indigenous art pieces as decor, or landscaping that features native Australian plants. Overall, a typical expat home in Broome offers a comfortable and convenient living environment that blends modern amenities with a unique Australian lifestyle," said one person in Broome.
William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
William Russell's private medical insurance will cover you and your family wherever you may be. Whether you need primary care or complex surgery, you'll have access to the best hospitals & doctors available. Unlike some insurers, we also include medical evacuation and mental health cover in our plans (except SilverLite). Get a quote from our partner, William Russell.
What is the average cost of housing in Broome?
If you are thinking about moving to Broome, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The average cost of housing in Broome can vary greatly depending on the type and size of the property. As of recent data, the median price for a house in Broome is around AUD 500,000. However, for units or apartments, the median price is slightly lower, typically around AUD 300,000. It's important to note that these prices can fluctuate based on market conditions and other factors," said one expat who made the move to Broome.
Should I buy or rent a home in Broome?
If you have not spent a lot of time in Broome, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"The decision to buy or rent a home in Broome, largely depends on your personal circumstances, financial situation, and long-term plans. If you plan to stay in Broome for a long period, buying a home could be a good investment. Owning a home allows you to build equity over time and provides stability. However, buying a home also comes with significant upfront costs, including a down payment, closing costs, and home inspection fees. You'll also be responsible for ongoing costs like property taxes, home insurance, and maintenance. On the other hand, renting a home in Broome can offer more flexibility. If you're not sure where you'll be in a few years, or if you prefer not to deal with the costs and responsibilities of homeownership, renting might be a better option for you. Renting can also be more affordable in the short term, as you won't need to come up with a large sum of money for a down payment. In addition, the real estate market in Broome can be volatile. While property values can increase over time, they can also decrease. If you buy a home and the value decreases, you could end up owing more on your mortgage than your home is worth. Ultimately, the decision to buy or rent a home in Broome should be based on your financial situation, lifestyle, and future plans. It's important to weigh the pros and cons of each option and consider seeking advice from a financial advisor or real estate professional," remarked one member in Broome.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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