By Graeme Board
The median price of Dubbo houses at $540,000 and units at $346,000 remain at record highs after a year of rising interest rates in the rolling year to April 2023, report Core Logic.
The first interest rate rise was in May 2022, and monthly increases by RBA reduced the confidence of home buyers, as mortgage repayments rose, and house prices generally fell across Australia.
In the year to April the median house price in Dubbo increased by 9% and units by 11.6%. Over 10 years the Dubbo average median house price has increased by 7% per annum and units by 7.4% per annum.
792 House and unit sales were recorded in the 12 months to April, a decline of around 18% since the top of the market volume sales in 2022, when 960 sales were made.
The Core Logic Home Value index for July shows the annual value for regional NSW is 8% lower. Dubbo median house price is 9% higher for the year to April.
The latest house and unit prices reflect the strength and growth of the Dubbo economy, with prices withstanding a year of 10 interest rate increases.