Dubbo Real Estate agents broke the all-time record for housing sales in a rolling year with 876 properties changing hands in the last 12 months.
Former Real Estate Institute NSW Orana Division chairman Bob Berry said Dubbo is going through a period of “strong growth” which has contributed to the sale of 827 houses and 49 units in the rolling year to July 2018.
“In Dubbo, we have a growing market across all spectrum's, locals, new people to town, downsizers, upsizers, new home buyers or investors, the diversity in buyers reflects the diversity of the region,” he said.
“There were more owner-occupiers than investors and more established homes sold than new homes in that 876 figure. Approximately 18 per cent of those buyers were first home buyers. I’d say a contributing factor to the sales growth was the removal of stamp duty on all homes up to $650,000.
“The housing markets in the region are the strongest they’ve been in 50 years I think. Housing sales reflect the economy and the growth of the city.”
The average house price in Dubbo was $360,000, a 0.7 per cent rise in the last 12 months whilst the average house price in Wellington grew 9 per cent over the last 12 months to $155,000. Narromine’s median house price dropped by 4.2 per cent to $230,000. Wellington sold 121 houses and Narromine 95 over the last 12 months.
However, Mr Berry said the Dubbo housing market is not experiencing a “boom”.
“I don’t see what has happened over the last rolling year as a boom, we have a strong housing market and the growth will keep going, it is steady, to have a boom you must have a bust, and I don’t see that happening in Dubbo.
“Dubbo is a growing market, we are a growing economy and when your economy grows everything in it grows.
“This is a very strong city; we have hospitals, sports fields and the airport to name a few things, all of those facilities make Dubbo an attractive place to buy a house.”
The Domain House Price Report released last month shows Bathurst topped the list for the most expensive median house price in the region at $429,000, followed by Orange at $405,000, Mudgee at $386,500 and Dubbo at $360,000.