As we bid farewell to 2023, the Dubbo real estate market continues to defy expectations, demonstrating robust resilience against a backdrop of 13 interest rate rises. The median house price in Dubbo closed the year at an impressive $540,000, showcasing the market’s steadfast strength. Amidst this, the median rent for houses remains steady at $450 per week.
The Affect of the Pre-Approval Process
Buyers, armed with their 90-day pre-approvals from lenders, are actively seeking opportunities to secure their dream homes. The fear of potential interest rate hikes looms large, urging buyers to act swiftly to avoid any reduction in their borrowing capacity. For sellers, understanding this urgency in the buying process becomes pivotal during negotiations. If a property fails to offer perceived value to a buyer, they are quick to explore other options.
Dubbo’s rental market maintains stability, marked by a shortage of 1 and 2 bedroom apartments and houses, driven by an aging population, prolonged residence in personal homes, and a rising demand for smaller, more affordable accommodation. Qualified tenants find themselves with multiple property options, prompting our team to act swiftly in securing suitable accommodations.
The fourth quarter saw 30 property sales, with well-presented properties priced at market value securing deals within a reasonable timeframe, averaging 44 days. Notable sales include 9 Huckel St, achieving a top sale price of $1.325 million, snapped up by a local family upsizing. Meanwhile, 11 Roycox Ave sold for $592,000, experiencing robust competition from first home buyers and investors. A modern 3-bedroom duplex at 133 Gipps St fetched $1.08 million, finding a local investor. The most viewed property, 418A Macquarie St, changed hands for $535,120, while the most budget-friendly option was 132 Merilba St, Narromine, sold for $272,000.
As the year drew to a close, we initiated the marketing of Joira Estate, an exciting new residential subdivision in West Dubbo. Offering an affordable choice, with blocks starting from $230,000 and land sizes ranging from 600 to 735 sq m, Joira Estate is conveniently located at the corner of Joira and Minore Rds, in proximity to Delroy Park shopping centre.
Anticipating a similarly active market in 2024, Dubbo holds opportunities for both buyers and sellers. If you are considering entering the real estate arena, whether for buying or selling, our dedicated team is ready to guide you through the process. Contact us today to discuss your unique needs and explore the possibilities in the dynamic Dubbo real estate market.