Orana Real Estate Institute chairperson Adam Wells said the figures released in the Domain House Price Report for September 2018, were good for Dubbo. 

“These figures show more competitive pricing in the region, and the recent rain is an indicator that there is more positivity in the market. 

“People are also understanding a little more what the banks are needing in terms of lending with the royal commission going through, so it means people can move forward with their loans. 

Mr Wells said the spring season was also a good time to sell property in Dubbo, though they haven’t seen a huge change in the number of properties around the town for sale yet. 

The data from the September report showed Dubbo’s median increase was slightly lower than the increase seen in neighbouring city Orange, though higher than Bathurst. 

The median cost of a home in Dubbo over the past year jumped from $350,000 to $368,700 (5.3 per cent); in Orange it increased from $370,000 to $399,000 (7.8 per cent), while in Bathurst the median cost increased from Bathurst $424,500 to $446,000 (5.1 per cent).

The cost of a home in Young, however, declined in the 12 months to September 2018, with a drop of 3.8 per cent – from $265,000 to $255,000.

Bathurst topped the list for the highest prices, with the average home setting people back $446,000, this was followed by Orange ($399,000), Dubbo ($368,700), Cowra ($260,000) and Young ($255,000).

Growth during the past five years in all five locations was significant, data in the Domain House Price Report showed.

Cowra experienced the biggest growth at 44.6 per cent, with the median cost of a home jumping from $179,750 to $260,000 in just five years.

Bathurst came in second for highest growth, with the median house cost jumping 34 per cent, from $332,750 to $446,000.

In Dubbo, median prices jumped 24.7 per cent, from $295,625 to $368,700; in Orange they rose 20.9 per cent from $330,000 to $399,000; while in Young they increased by 20.3 per cent from $212,000 to $255,000 during the five-year period.

The Domain data also revealed the Sydney house market was continuing to shrink, with prices falling 3.1 per cent during the September quarter and 6.5 per cent during the year to $1,101,532.

Domain senior research analyst Dr Nicola Powell said Sydney recorded the largest annual fall in house prices of the capitals.

“While this is the steepest annual fall in more than 20 years, it follows one of the largest price upswings on record,” she said.

“Prices during the boom surged 89.1 per cent in the space of almost six years and since the peak in mid-2017, prices have come back 8.1 per cent.”