Dubbo real estate is holding strong despite continued interest rate rises, says a local expert.
Subscribe now for unlimited access.
or signup to continue reading
In the 12 months to April, data from CoreLogic shows the median unit price rose by 11.6 per cent, while the median house price increased by nine per cent.
The median unit price is $346,000, while the median for Dubbo houses is $540,000.
It highlights the growth in Dubbo's economy, Bob Berry Real Estate principal Graeme Board said.
"What really stands out is that the economy in the region has remained strong and the prices are still strong even after all these interest rate rises, which is surprising," he said.
"Moving forward who knows what's going to happen with interest rate rises or with the market but that certainly reflects a strong, resilient economy."
![Bob Berry Real Estate principal Graeme Board said it'll be interesting to see what the future holds. Bob Berry Real Estate principal Graeme Board said it'll be interesting to see what the future holds.](/images/transform/v1/crop/frm/szmxUse7pKRunEdvcxFUnw/42750235-215f-40b4-8b81-ada21611c334.jpg/r0_4_1716_969_w1200_h678_fmax.jpg)
Since May 2022, the Reserve Bank has increased interest rates from a record low of 0.1 per cent to 4.1 per cent. However, the cash rate has been unchanged for the last two months.
Mr Board said the strength of the median price could be attributed to the number of homes sold during the 12 month period.
During the 12 months, there were 792 houses and units sold in Dubbo. It's an 18 per cent decline since 2022 when there were 960 houses sold.
"I think that's been the thing, supply has been a little bit short. But we're coming into the selling season - usually going into spring, that's when we see more properties going onto the market. If supply does increase, whether that will affect the median house price, we don't know. It'll be interesting to see," Mr Board said.
Across the last 10 years, the average median house price in Dubbo has increased by 7 per cent per annum, while units have increased by 7.4 per cent.
"For the past 20 years that's been happening in Dubbo. It's been consistent. We've just rolled along," Mr Board said.
"Being 11 per cent and 9 per cent [like in the 12 months to April] is probably more than it's been. Usually three or four percent is more what you see but they have increased there and it will be interesting to see if we can maintain it."
Speaking in March, CoreLogic's head of research Eliza Owen said Dubbo was one of the more affordable regional centres in inland NSW.
"Lower-priced regions like Dubbo have generally seen less sensitivity to recent interest rate hikes, because not as much borrowing is needed to buy into the area," she said.
Mr Board said the real estate market in Orange and Bathurst was also strong.
"I think in all regional areas it's fairly solid. The metro areas seem to have these big dips and troughs whereas we just poke along and it stays fairly constant," he said.
Across all of regional NSW, the CoreLogic Home Value Index shows there was an eight per cent drop in the value of homes in the 12 months to July.
While the same time period isn't available purely for Dubbo, in the year to April, the city recorded a nine per cent increase.
Reading this on mobile web? Download our news app here. It's faster, easier to read and we'll send you alerts for breaking news as it happens.