There's good news for young families looking to enter the housing market in the central west – including Dubbo, Wellington, Gilgandra and Narromine – were recently listed in an analysis by a leading market operator as among the top regions to purchase a property in Australia.
The report, “The property pendulum – 15 housing markets swinging to first home-buyers”, was conducted by the nationwide group The Property Credit. The report covered more than 300 housing markets nationally, seeking to pinpoint where real estate dynamics are increasingly favouring those struggling to get on the first rung of the property ladder, according to CEO Giordano Stepancic.
“Despite the headwinds of rising interest rates and escalating prices, there are tangible shifts in several markets, where the balance is tipping back towards first homebuyers,” Mr Stepancic said.
“Our report identifies key areas where affordability is still within reach under the $750,000 mark,” he added.
The study reveals that, while the overall market may be tough, specific areas, including Dubbo and surrounds, show a resilience against broader market trends, noting the importance of timing and local knowledge for homebuyers.
“While many areas are experiencing a pendulum swing towards buyers, coveted suburbs are holding their ground – this dichotomy can offer strategic opportunities for savvy first homebuyers.
“Understanding when and where the market pendulum swings can significantly enhance buying strategies. Our analysis not only identifies where the markets are shifting, but also when these changes are occurring, helping buyers make informed decisions,” Mr Stepancic explained.
His detailed analysis of housing market trends across Australia specifically targeted areas where conditions are improving for first homebuyers, focusing on the availability and affordability of homes under $750,000, while monitoring shifts in the number of listings compared to historical averages.
A standout observation from the report is the pronounced increase in listings in several key markets, suggesting a shift towards more buyer-friendly conditions.
The report illustrates that while the overall market might seem challenging due to rising prices and competitive conditions, the increase in listings above the long-term average in specific areas suggests that market conditions could continue to evolve in favour of buyers.
These insights not only help identify where buyers might find better deals but also highlight the importance of tracking listing trends to gauge market dynamics effectively.
The area covered under “Dubbo” includes Baradine, Collie, Coolah, Coonabarabran, Euchareena, Eumungerie, Geurie, Gilgandra, Gin Gin, Gollan, Kickabil, Maryvale, Mendooran, Merrygoen, Minore, Mogriguy, Montefiores, Mount Arthur, Mumbil, Narromine, Tomingley, Trangie, Wellington and Yeoval, as towns worth a look.
In the dynamic real estate markets of Narromine, Wellington and Dubbo, the report found varying conditions present distinct opportunities for potential buyers.
Narromine has seen an increase in listings from 15 to 24, with a median list price of $380,000 and an inventory level of 3.26 months, indicating a relatively competitive market that leans slightly towards sellers, suggesting moderate negotiation potential for buyers.
Wellington offers a more buyer-friendly environment with listings growing from 44 to 55 and a median list price of $347,900. Its inventory of 6.12 months clearly classifies it as a buyer’s market, where more substantial negotiation leverage and a greater selection of properties could be advantageous for first homebuyers seeking value.
Conversely, Dubbo, with a substantial increase in listings from 146 to 175 and a median list price of $599,000, maintains a low inventory of 2.52 months, positioning it as a seller's market. This scenario results in a highly competitive market with faster sales and less room for price negotiation.
For the whole region, however, Dubbo’s score above five on the index categorises it as an increasing buyers’ market, a trend which has accelerated since February of this year.
