Q1 2023 Market Review

By Jane Donald

The sales market was active with opportunities for both sellers and buyers.  CoreLogic states the median house price closed out 2022 at $530,000 increasing from $450,000 in December 2021.  The median rent is $410 p/w.

Unlike last year where we had up to 10 buyers competing to purchase a home, we now have 1 or 2 buyers interested in a property making marketing campaigns targeting buyers and presentation of a home particularly important.

Days on market blew out mostly due to issues with finance as buyers copped with interest rates rises affecting their borrowing capacity. As the heat in the market has gone more buyers are being particular about costs and there is re-negotiating after pest and building inspections.

Investors are looking at a higher return for residential properties due to the interest rates rises with most comfortable buying at 5-6% gross return.

Standout sales were 15A Tarlow Avenue for $1.47million which sold to a buyer on our database prior to marketing commencing.  This was the highest sale of the quarter.  12B Bundemar St, Wongarbon sold for a record price of $900,000 for a residential property in the village and 123 Palmer St sold for $585,000, well over the asking price after 4 buyers competed to purchase.  The cheapest price was $390,000 for a two bedroom home in Naman St.

We move into the winter months of Q2 confident in the Dubbo economy and the outlook for our market.