Latest rent statistics show Dubbo leading rural NSW in a result that industry figures say confirms the strength of the city’s estimated $415 million residential property sector.
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A 5.3 per cent rise in total rental bonds held at Dubbo for the year ending March 31 was the highest in rural NSW, Housing NSW data showed.
The growth, with rental bonds now held for almost 6000 dwellings, reflects the increase of new investment housing that has come into the market in the 12-month period, the Real Estate Institute of NSW (REINSW) – Orana division says.
The peak body suggests the housing sector is currently worth $415 million to the city.
The division used the $213 million in house and unit sales to the rolling year ending February 29, building approval and land sales of $131 million, based on council reports, and rents of $71 million, based on the number of rental bonds held and the median rent to arrive at the figure.
The sector’s success was highlighted as the REINSW – Orana division reiterated concerns about the name of Western Plains Regional Council, which resulted from the merger of Dubbo City and Wellington councils a month ago.
Investors from across Australia had been key buyers, contributing strongly to the growth of the Dubbo economy and the supply of residential accommodation, the division reported.
Investors did their research online and the name of Dubbo needed to appear, REINSW Orana division acting chairman Bob Berry said.
“The latest statistics show just how important the housing sector is to the Dubbo economy,” he said.
“The REINSW – Orana division is concerned that the loss of the name Dubbo in the list of local government areas for reporting rental statistics will detract from the recognition of Dubbo as a centre of residential investment.”
REINSW – Orana division would continue to advocate the restoration of the name of Dubbo in the title of the council, Mr Berry said.
The group recently provided Western Plains Regional Council administrator Michael Kneipp with the $415 million figure.
“So it’s a considerable sector of the local economy – contributing to both growth and jobs,” Mr Berry said.
The city previously suffered a shortage of rental accommodation, pushing rents up by as much as 50 per cent in the six years to 2014.
Mr Berry said the latest statistics showing there was 5.3 per cent or almost 300 more rental properties in the market was good news for tenants.
Dubbo’s success in attracting investment had brought with it a “massive job creator”.
“Anyone who hops in their car and drives across Dubbo will see the number of people at work on the residential housing sites and subdivisions,” Mr Berry said.
