The regional New South Wales town of Dubbo has recorded substantial growth in both price and activity over the past three years, according to new research.
Figures from PRDnationwide reveal that in the past two years alone the median price in Dubbo has increased by 4.4 per cent per annum, which according to the company’s research department “[reflects] a dynamic market where demand for existing and new product remains strong”.
PRDnationwide research analyst Oded Reuveni-Etzioni said a combination of limited stock on the market and high demand was producing competitive prices at sale.
“The level of stock available for purchase in Dubbo is quite restrictive, with just 162 properties on the market in September – that equates to about three months’ worth of stock,” he said.
“We’ve witnessed increased activity at both the top and bottom ends of the market.”
According to the research, investors who purchased properties 12 months ago have seen median rents soar by 17.1 per cent for a standard two-bedroom unit and 7.1 per cent for a three-bedroom house.
“These rental gains can be attributed to the very tight market, with hot competition for rental accommodation from those working in the region as part of the mining and mining-ancillary industries,” Mr Reuveni-Etzioni said.