IT'S NO secret Dubbo's a cheaper place to buy a house than Sydney, but buyers looking for a home in western NSW might be able to pick up an extra special bargain when another round of former public housing properties in East Dubbo's Apollo Estate are auctioned off.
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LJ Hooker Dubbo licensee in charge Colin Knight said nine properties in Braun and Collins avenues, Columbia Drive, Myall Street and Armstrong Crescent would be up for auction on October 23 at the Western Plains Cultural Centre.
The fifth and most recent auction saw six properties sold for between $102,000 and $148,000, Mr Knight said.
At the lower end of that spectrum, Mr Knight said, the price was a third of the median house price in Dubbo at the moment.
"It's a fantastic opportunity to get into home ownership for those who might not otherwise have the chance," he said.
"Most of the buyers at the last auction were local, and they were happy to get the properties for the prices they did.
"There is a seven-year owner-occupier covenant, but you can sell it within that time if the buyer takes on the remainder of that covenant."
The properties on offer were mostly three-bedroom houses with medium-sized yards. One was fire-damaged.
"We have sold 25 properties to date, and there might only be another 20 or so after this.
"If people don't get in now there probably isn't a similar opportunity like this in Dubbo."
Mr Knight did not think it was unreasonable to speculate that the properties would appreciate in value.
"When properties in the old Gordon Estate were sold some were $95,000 and they've recently sold for $180,000," he said.
The properties had all had an individual pest and building inspection done, Mr Knight said, to minimalise the outlay for prospective purchasers.
Meanwhile Dubbo MP and Minister's Action Group chair Troy Grant encouraged anyone looking for their first home to consider one of the former public housing properties.
"One of the 43 strategies of the Minister's Action Group was to de-concentrate Apollo Estate by approximately 30 per cent, 50 dwellings and 8 vacant blocks of land," he said.
"Buying your first home is an exciting moment and we all deserve a place to call our own.
"This is a great opportunity to get into the market with it more affordable to own one of these homes than it is to rent one."
