The pulse of Dubbo’s real estate market has remained lively, with one notable exception: land sales, which have shown signs of softening. To counter this trend, developers are now sweetening deals with cash incentives to entice potential buyers.
Despite these shifts, the median house price stands firm at $550,000, while the median rent for houses has inched slightly higher compared to 2023, now resting at $460 per week.
An intriguing development this quarter has been the uptick in housing supply hitting the market. For the first time since the pre-COVID days of 2020, Saturday open inspections have surged to a staggering 90 properties—a stark contrast to the mere 20-30 homes available for viewing in recent years.
Rental Market Dynamics
A noteworthy trend in the rental market is the increasing prevalence of off-market leases to pre-screened tenants. This streamlined approach not only reduces the landlord’s days on market and turnover period between tenants but also slashes advertising expenses.
Highlights in Sales
While the number of sales this quarter dipped from the robust figures of Q4 last year, there was a notable reduction in days on market, dropping from 44 to 39 days.
In terms of standout sales, an off-market farmlet commanded the highest price tag of $900,000, facilitated by Ross Woodham. On the flip side, the most affordable property to change hands was a 2-bedroom unit in Central, fetching $330,000.
Two notable transactions that grabbed attention were 109 Palmer St in the south, snapped up by an investor for $600,000 after attracting multiple offers, and 30 Namoi Crescent in Yarrawonga, securing a price of $782,500 from a buyer relocating to Dubbo.
Most Sought-After Property
Topping the charts as the most viewed property was 124 Wingewarra St in Central, commanding a sale price of $510,000.
As Dubbo’s real estate landscape continues to evolve, these insights offer a glimpse into the market dynamics shaping the city’s property sector in the first quarter of 2024.
