"So many buyers" are looking for properties in Dubbo that many of them are struggling to secure their future homes, reports Bob Berry Real Estate sales consultant Karen Chant.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
She tells of "very strong demand" for properties on the market at all price levels.
"Properties are attracting multiple purchasers at inspections, some properties are receiving offers from multiple buyers and sale prices are often above expectations," she said.
"Well-located properties in particular are selling extremely quickly with a queue of buyers waiting for them."
READ ALSO:
Ms Chant says the real estate market is experiencing a "boom" and defying doomsayers who earlier this year predicted property prices would fall across Australia.
"Real estate is just a product like everything else," she said.
"So when there is confidence in the market or confidence in the economy, the value of the product rises."
Dubbo's real estate resilience comes down to affordability in buying established homes, according to Ms Chant.
She says the city has the development projects, infrastructure and services of other regional centres "but we also have the affordability".
"First home buyers continue to be active in the market and are taking advantage of the low interest rates with the official cash rate remaining at a record low setting of 0.25 per cent and banks keen to write new business," Ms Chant said.
The sales consultant said investors were interested in buying in areas where there were low vacancy rates for rental accommodation.
Gross rental yields of about five per cent per year were "significantly better than the current returns on bank deposits", she said.
Ms Chant told the Daily Liberal that the "majority of buyers are still locals".
But the coronavirus pandemic had made out-of-towners "truly consider their wants and needs", she said.
"We are also experiencing more inquiry from metropolitan areas where buyers are choosing to move into less densely populated areas with greater affordability, short commute times and where all services are available," Ms Chant said.
People who once lived in Dubbo or had family in the city were also "moving back", the sales consultant said.
"I think Dubbo is one of the safest places in the world at the moment and people are recognising that," Ms Chant said.
In October, Ms Chant negotiated the sale of a West Dubbo strata unit for a record $981,000 after a 17-day marketing campaign.
A price was not advertised for it or a farmlet which sold for $1.15 million in a week.