Rent figures released by Housing NSW from Rental Bond lodgments for the September quarter and year show that rent increases in Dubbo eased for the year.
Fiona Gibbs, Director Bob Berry Real Estate said “ Over the year to September 2023, Dubbo, 1-bedroom rents fell 16.6%, 2 bedroom increased 3%, 3 bedroom 4.7% and 4 bedroom 5.7%. The CPI during this same period increased by 5.4%, resulting in real terms rent increases were either equal to or below CPI”.
As a broad measure of the rent market across the six major inland regional cities of Dubbo, Orange, Bathurst, Tamworth, Wagga and Albury average rent increases for the September year were only 3.32% compared to 11.42% the previous year.
Fiona Gibbs added “A positive from the figures is that rental bonds held across the six regional cities increased by 1.9% or 501 more bonds in the year. This indicates that despite some media and industry commentary of investors leaving residential investment, these figures show the opposite.
Dubbo has 4702 bonds in September 2023 compared to 4622 the previous year.”
Cost of living pressures and a slower rural economy in inland NSW, are reflected in tenants spending on rents being reined in, to help the household budget.