The Sydney real estate market may be struggling under the impacts of COVID-19, but the same cannot be said for the Dubbo market.
Bob Berry Real Estate agent Karen Chant said the real estate market in Dubbo was not susceptible to the same issues Sydney was currently facing, and in fact, the real estate market here is thriving.
"Dubbo is one of the most affordable cities in regional NSW and there is that lack of competition, and the low interest rates on mortgages means the prices are cheap," Mrs Chant said.
"People think they need to hold back from selling because it's a bad time, but it is actually a great time to sell. You want to sell at a time where there isn't a lot of competition and the demand is high, and we still have the demand."
Mrs Chant said it was important for people to understand Dubbo's real estate market was different to the real estate market in Sydney, and the current challenges occurring in Sydney were not impacting the market here.
"There isn't just one real estate market in Australia, and the market here in Dubbo is different to the one in Sydney," she said.
"The real estate market in Dubbo is stable and strong. We really aren't seeing the drops that had been expected due to COVID-19.
"We have had a lot of off-market sales, a lot of offers on houses and properties are selling at a fast pace.
"The medium sale sell is on the way up and the prices have been exceeding our expectations," she said.
"Dubbo's strongest demand has been first-time buyers, especially for properties, which is a great thing because first-time buyers buy at a particular level which then goes up when they sell and buy again."
Mrs Chant said last week was one of the busiest weeks of her entire career in terms of market appraisals.
"We're not seeing those financial pressures here in Dubbo that Sydney is experiencing, and financial drops in the Dubbo market would seem irresponsible to me," she said.
"We are seeing that prices ranging from $200,000 to $400,000 are the most popular among buyers- once we hit that $600,000 range market buyers are reduced, but they are still there."
Mrs Chant said the vacancy rate in Dubbo is at a 'very good rate' of one per cent compared to the high 12.7 per cent vacancy rate for Sydney CBD.
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