He said land sales have more than doubled in the past 12 months and established properties are changing hands quickly as upgrading families sell to investors and first home-buyers.

“Final end-of-year figures are yet to be analysed but the clear picture is that 2009 has been a bumper year for real estate in Dubbo,’’ Mr Crowfoot said.

“Many people will be disappointed that the Reserve Bank couldn’t wait until after Christmas to announce the latest official interest rate rise - but it was always going to happen and the industry now expects rates to rise by another two per cent in the next 12 months.

“A honeymoon period of low rates was put in place to facilitate economic recovery. The good news is that Australia has come through global financial crisis in a strong position, fairing much better than many other nations.’’

Mr Crowfoot said the Dubbo community was gobsmacked back in 1997-98 when quality homes started selling for $397,500 but such feelings were a thing of the distant past

“That’s now an average price,’’ he said.

“House prices have jumped 100 per cent in a decade.’’