With low-interest rates and banks loosening lending criteria, there has never been a better time to buy a house in Dubbo.
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Our city has some of the most affordable house prices in the country for first-time house hunters, but local real-estate agents want those seeking higher-end proprieties to know they are available.
According to domain.com.au, the two highest-priced sales of residential properties this year in Dubbo were at 8 Noccundra Place which sold for $920,000 by private treaty and 68 Lakeside Circuit which sold for $890,000. Four of Dubbo's real-estate agents spoke to the Daily Liberal about the high-end housing market in our city.
Could you provide me with details of the most expensive house you have sold in Dubbo recently?
Adam Wells- Elders
Our office recently sold a house in Southlakes for $760,000 a new home on 2000m2 whilst we also recently sold a lifestyle block on 92Ha for $760,500. If you are looking for a lifestyle block on the Macquarie River at the moment, this will set you back anywhere between $1.1 million -1.5 million.
Matt Hansen
We recently sold 11R Wilfred Smith Drive and achieved an offer and acceptance well over $700,000.
Jane Donald from Bob Berry real-estate Dubbo.
There have been several sales in the $700,000s.
Ken Mongan-Raine and Horne
Our agency in the last four months has successfully sold two executive style homes between $920,000 - $1,000,000.
Does Dubbo have a good variety of high-quality houses for sale, or are they a rarity?
Adam Wells
Dubbo has high-quality listings in a lot of areas.
Some of the homes that were built in the 60s/70s in and around central and south Dubbo were incredibly well built and offer tremendous value for money.
Dubbo has some amazingly well constructed and designed homes.
From the older federation style in Bultje Street and Tamworth Street reaching prices north of $550,000 regularly for renovated homes and then the brand new architecturally designed homes in Southlakes, Kintyre Estate, Delroy Park and around the golf course to name a few.
Matt Hansen
Dubbo has an incredibly diverse range of real estate to offer, with everything from affordable "renovators delights" on acreage, to million-dollar homes with Golf Course or frontage to the Macquarie River often listed for sale.
There is something for just about everyone in our property market.
There is everything from double red brick classic's on leafy established streets, modern contemporary new builds, to country style homes on small secluded acreage often available.
Jane Donald
There is always a good selection of quality homes available in the market in Dubbo and buyers have different needs. Different areas considered to be desirable include golf course estates, river frontage, large lots and streets close to neighbourhood shops and the CBD.
Some buyers seek modern homes, whilst others seek period homes. The above two properties were around 10 years old.
As the population diversifies and needs/lifestyles change, we increasingly see the need for not only quality homes on large blocks but also quality smaller homes and quality units. There is a distinct lack of quality smaller houses/units/townhouses in central areas, close to shops.
Demand for higher-priced homes comes from locals and buyers moving to the city for employment or retirement. It should also be noted that buyers seeking a quality home also have the option to build a home meeting their requirements as land is readily available in several areas with many quality builders available in Dubbo.
Ken Mongan
Over the past years, we have been involved in many high-quality sales including the first-ever residential $1 million property for the Dubbo area, yet with extremely high quality and talented builders within our region, the next 10 years will be very exciting as we evolve in moving times like our city counterparts.
A lot is spoken about the median house price in Dubbo being very affordable. But are our more expensive houses like the examples given offering good bang for buck too?
Matt Hansen
In comparison to metropolitan markets, Dubbo real estate gives plenty of 'bang for buck'. If someone were looking to spend $450,000 in Sydney, a one-bedroom studio-style residence would be the only obtainable property in that price range in many suburbs.
However, in Dubbo, that kind of money could secure a modern four-bedroom, two-bathroom home with a double garage, shed and a great sized back yard. You do get great value for money in our city. Those looking to purchase property at the top end of the Dubbo market do get something special.
Pools, tennis courts, media and rumpus rooms are all often found when buyers push into the upper echelon of the local market. Luxuries usually seen in Sydney and Melbourne properties with a price tag in the multi-millions can be secured in Dubbo, still well under the $1 million mark.
Ken Mongan
In what we call a strong, steady and stable market, Dubbo certainly does not experience the high peaks and troughs like our city companions. Over the past years, we have seen consistent growth in the residential market driven by supply and demand accompanied with extremely high occupancy rates for the investment sector in which over time and time again has rewarded the people and family's that have chosen to invest in bricks and mortar so to speak.
Adam Wells
I think it all comes down to affordability there are price brackets for all buyers in Dubbo. From $250,000 first home buyers to people building their dream home in Dubbo and people spending anywhere from $550,000-$1,000,000.
How does the housing market in Dubbo differ from Sydney, Brisbane or Melbourne?
Adam Wells
I think like any of those major cities there will be highly sorted after blue ribbon locations in any market buyers are looking to buy in, the great thing I believe about Dubbo is the affordable variety for people, you can still get into the market in a good location for $250,000-$350,000 for an established home with established gardens on a good-sized block, for example, 700-1000m2.
Then if we have people looking to move to Dubbo and they have north of $700,000 to purchase there is also variety for them to buy, which is a great thing.
Bob Berry
Dubbo has never been a boom/bust market. Even in adverse times it will struggle and hold for some time with some easing in the median price and turnover, Apart from national macro settings in the economy and residential housing the Agricultural economy also impacts Dubbo. However, affordability is the key which has kept the Dubbo residential market stable over the last 30 years. This is assisted by the ongoing production of new housing stock in the various subdivisions. Council since 1972 has been a supplier of affordable land to the market and over the last 25 years has been joined by private developers.
Sydney is a BOOM/BUST market, as has been shown by the price movement in the last seven years. Along with Melbourne and Brisbane, these markets are impacted by a host of factors not applicable to Dubbo. Including migration, rapid population increases, speculation and the scarcity of land for new dwelling construction.
Anything you'd like to add?
Adam Wells
With the different developments happening in and around Dubbo at the moment, we are still seeing quality homes on the market to buy, from original weatherboard cottages with fantastic character in the heart of Dubbo, to renovated homes throughout South Dubbo that are bringing great prices, to brand new homes in some amazing locations in Southlakes Macquarie View Estate and out towards the golf course, the diverse nature of our property market is tremendous.
Matt Hansen
We are continuing to see out of town and interstate interest in our busy little Dubbo property market. It is an exciting market to work in, with no doubt just one ingredient missing that will see it surge even further ahead. RAIN!
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