Dubbo is bucking a current trend, recording a record low rental vacancy rate for the month of March, according to data released from the Real Estate Institute of NSW's monthly residential vacancy rate survey.
With tenancy rates forecast to rise nationally, particular in larger cities, Dubbo's rate, according to the survey which covers approximately 100,000 residential dwellings across NSW, is sitting at 0.7 per cent.
Real Estate Institute of NSW (Orana Division) secretary Shayna Chapman said the new low shows what the city can handle.
"The new record low reflects the economic strength of our city, and its resilience in the face of the drought impacting into the March quarter along with other adverse economic impacts."
"Despite the increase in available rental property, demand as been equal to supply over this period, and the record low vacancy rate of 0.7 per cent of rental dwellings, indicates a growing population, with jobs," Mrs Chapman said.
Since March rental demand has remained constant through the lock down period.Real Estate Institute of NSW (Orana Division) secretary Shayna Chapman
In April the national residential vacancy rate jumped to 2.6 per cent, up from two percent in March, according to SQM Research.
The increase was attributed to a 'mass exodus of tenants' over the course of March and April due to significant loss in employment, the drop off in international students and people being forced to work from home.
However, this has not been the case in Dubbo, with the previous low sitting at 0.9 per cent over 10 years ago, while the rate for March 2019 was much higher at 1.8 per cent.
"Since March rental demand has remained constant through the lock down period with rental inspections being conducted in accordance with social distancing laws," Mrs Chapman said.
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"Our members are confident the welcome autumn rain will boost the region's economy and support the underlying demand for housing in Dubbo during 2020."
The median advertised rent for a house in Dubbo is $350 per week, and a unit is $255 per week.
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