Dubbo property prices have not been affected by banks making buyers jump through more hoops to secure home loans, according to Raine & Horne Dubbo principal Brentley Goodwin.
Banks have changed their lending practices in response to findings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Mr Goodwin has identified the royal commission and the drought as impacting the Dubbo real estate market in 2018. But he has told the Daily Liberal property prices “are not going backwards in Dubbo”.
“Prices are still very strong, the market is still very confident but average days on market have lengthened,” the agent said.
Mr Goodwin, who took out the People’s Choice-Service with a Smile award at the 2018 Dubbo Chamber of Commerce Rhino Awards, said two or three years ago properties were selling in 35 to 40 days.
Obtaining finance was the “major factor” in the current 85 to 100 days it took to sell a property, he said.
“But that’s still very good,” the agent said. “..by March or April the banks should have absorbed the lessons from the royal commission, and it’s fair to expect lending will be back on track by the middle of 2019.”
Mr Goodwin considers the drought to have played a small part in the blowout.
The agent is hoping for rain in 2019 to boost confidence in the rural sector and “get farmers back spending money on real estate”.
Mr Goodwin is telling sellers and buyers “not to hold back”.
“The market is still very steady in Dubbo,” he said.