One of a series of properties being sold off as part of the redevelopment of the Apollo Estate sold for $95,000 at auction this week, according to selling agent Colin Knight of LJ Hooker Dubbo.

"Three of the five Apollo Estate properties were sold on the night," he said.

"Number 38 Braun Avenue went under the hammer for $95,000 and 6 Eagle Avenue for $108,000.

"The sale of 15 Collins Avenue was negotiated later in the evening."

Mr Knight said the other two properties, 12 Eagle Avenue and 4 Armstrong Crescent, were still for sale.

Interest in the auction was high, according to Mr Knight, who said there were seven registered bidders while more than 30 people turned up to watch proceedings.

Mr Knight said it appeared would-be first homebuyers were realising it was an opportunity to get into the market for a fraction of the price they might normally pay in Dubbo or elsewhere.

While restrictions were in place requiring owners or family members to occupy the property for a certain time before it was let to tenants, that was exactly what had excluded investor-only types and kept the prices low, Mr Knight said.

"It's much better for them when they don't have to compete with the investors," he said.

Mr Knight said former public housing properties that had been purchased as part of the Gordon Estate redevelopment in 2007 had since undergone a significant increase in value and the same thing could be expected for those in the Apollo Estate.

"We sold a house over there (former Gordon Estate) in the past month for $170,000 or so, and there have been a few sold for around the $180,000 mark, and they originally sold for $100,000," he said.

Mr Knight estimated repayments on a $100,000 house would be about $150 a week, a figure much smaller than the $250-300 rent many were paying at the moment.

He said there was a shortage of cheaper rental accommodation in Dubbo at the moment and it was one option for those who were considering escaping home ownership to escape the rent cycle.

Mr Knight said LJ Hooker had so far sold 17 of about 50 Apollo Estate properties that were earmarked for sale and another round of auctions was planned for about two months' time.