Dubbo’s median house price has hit a new high of $335,000 in the year ending April 30, latest data shows.
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Australian Property Monitors (APM) reports 613 houses were sold in the period and the median price climbed 4.7 per cent for the year to set the record.
The 10-year average annual growth has edged higher to 4.3 per cent.
Average days on market was 73, behind only Sydney at 62 days and in front of every other capital city.
The nearest regional city was Bathurst at 124 days with other Evocities ranging between 126 and 185 days.
“The Dubbo residential market continues to perform strongly with significant house price growth since mid-2012,” Real Estate Institute NSW (REINSW) - Orana division acting chairman Bob Berry said.
The median house price reflected continuing demand across all the buying sectors, with investors contributing strongly, seen in the annual increase in the number of rental bonds held in Dubbo, he said.
The 5.3 per cent rise in rental bonds held for the year ending March 31 was the largest in NSW country areas, Housing NSW data revealed recently.
With 67 units snapped up the total house and unit sales was 680 for the year to April, the APM data shows.
The median unit price of $260,000 was slightly below the peak of $262,000 but 2.5 per cent higher for the year.
Units performed strongly recording a 10-year average annual increase of 5.7 per cent and days on market were 60.
The REINSW - Orana division previously voiced concerns about the name of Western Plains Regional Council and Mr Berry this week returned to the issue.
“These statistics show that Dubbo is highly regarded in the national residential investment market and it is essential that the name Dubbo is identified in the name of our council to continue to attract investors throughout Australia who recognise the value of investing in a regional growth centre,” he said.
REINSW’s roadshow came to Dubbo on Tuesday and REINSW president John Cunningham said it was “an impressive town”.
“It’s such a vibrant marketplace up here and the thing Dubbo stands out from the rest of the state is it’s got one of the shortest days on the market for property,” he said.
“It’s such a strong market, there’s a lot of transactions happening and I think the general economic prosperity that’s happening around Dubbo at the moment is reflected in the real estate market.”