Suburb Profile Report for Dubbo NSW (2830)

Dubbo House: Median price $357,500, Annual capital growth 4.76%, Number of sales 738, Weekly median advertised rent $330

Dubbo Unit: Median price $250,000, Annual capital growth 6.35%, Number of sales 63, Weekly median advertised rent $250

  • House
  • Unit
Source: CoreLogic RP Data
  • Median price
  • Number of sales

Source: CoreLogic

  • House Report
  • Unit Report
  • Expert Report

NSW has seen average median house prices change by 9.05% which means that Dubbo, 2830 has done well for property investors by showing a capital gain of 4.38% over the last year

Dubbo,2830 was ranked 2452 in Australia by increase in median property value over the quarter.

At number 483th of NSW’s most discounted properties, Dubbo is in the bottom 40% of the state/territory when listing in order of most discounted to least.

On average over the past year, suburb has had 61.50 sales per month, which equates to 738 per year.

Using the current median advertised rental of $330 and the average annual increase in value of a median property of 4.76%, investors should hope to achieve an overall return of 4.80%

Investment property in Dubbo has done poorly for investors when compared to the country as a whole over the last 12 months, with an increase in the median house price of -7.41%

A 27.39% growth in median value for property investors in Dubbo,2830 puts this suburb at number 537th in terms of best performing suburbs in NSW

State is the 7th most discounted Australian state or territory in this month’s figures with an average Vendor Discount of -4.26% offered to property buyers. Sellers in Dubbo itself are offering an average vendor discount of -5.81% to real estate investors.

At number 953 in a list of fastest selling suburbs, Dubbo is in the bottom 40% of suburbs in Australia with an average of days on market 89.48 for properties listed there.

With the median price for a house in Dubbo being $250000 and the advertised rent reaching $250 the gross rental yield for property investors calculates out to be 5.20%

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North-west NSW city Dubbo’s economy is set to benefit from two major mining projects within a 30km radius of the township.

Full summary

North-west NSW city Dubbo’s economy is set to benefit from two major mining projects within a 30km radius of the township.

Production on one of the world’s largest zirconia and rare earth metals deposits is scheduled to begin in 2013. Additionally, the Coborra mine project is predicted to inject around $424m into the local economy. A commencement date is yet to be disclosed. An estimated 700 jobs will be created, which is likely to increase demand for mining services and supply chain demand within Dubbo city.

Richard Tegart, director of Ray White real estate in Dubbo, believes the flow-on effect from the mining projects will have an immediate impact on the property market.

“It’s only half an hour’s drive out of Dubbo; if we’re talking 700 jobs, that could well bring 200 families into Dubbo which should put some pressure on supply.”

Ken Rogers from Dubbo City Council sees potential for growth in the town’s other industries.

“The major opportunities for Dubbo lie in the support industries and services for the mines, such as education, trades, housing, community and recreational services,” he says.

Dubbo is already home to a growing population of around 41,000, with projections of 47,000 by 2036 according to ABS figures.

Catering to the north-west of New South Wales, Dubbo is only a five-hour drive to Sydney, and four hours to Canberra and Newcastle. With the Newall and Mitchell highways at its doorstep, the region is well connected to other major townships of Orange, Bathurst and Forbes. The city is served by The Main Western Railway Line, and Dubbo airport provides passenger transport services to Sydney and Broken Hill. The council has assigned $11.5m to carry out upgrades that will cater for larger aircraft.

Despite being in the centre of a traditional agricultural region, Dubbo has a low reliance on this industry, which highlights the diversity of the local economy. Other service-based and industrial sectors such as construction and healthcare appear to be the main drivers of late. With a quarter of Dubbo’s population tipped to fall in the 65-plus bracket by 2036, it’s likely there’ll be a further increase in demand for health services and aged care facilities.

As for the long term, Rogers says the council is one step ahead in plans for an increasing population.

“The Orana Mall shopping centre is about to embark on a $22m expansion, and Dubbo Base Hospital has plans for a $100m redevelopment. The council has planned infrastructure to cater for a population of 55,000 growing from the current figure of 42,000.

“[The] council has also prepared a new Local Environmental Plan for the city which provides for the release of around 5,000 residential allotments, an expanded CBD footprint, and significantly expanded industrial areas to accommodate growth over the next two to three decades,” says Rogers.

Of the other major industries, manufacturing, wholesale and transport have all experienced significant expansion in recent years, particularly the wholesale trade, with per annum growth of 22.4% for the last three years up to 2009.

As a whole, the Dubbo economy averaged 8.5% annual growth for the period of 2006-2009, trumping the state average of 7%.

The economic activity has created significant scope for capital growth and strong yields, and is likely to reap rewards when the two big mining projects kick in over the next couple of years.

Close
Metrics i HOUSE UNIT
$357,500 $250,000
0.70% -8.76%
4.38% -7.41%
4.76% 6.35%
$330 $250
738 63
4.80% 5.20%
89.96 89.48

Source: CoreLogic

DSR Score for property investment : Good (U), Good (H)
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Demographics
Total population 32327
Median household income ($/weekly) 1052
Median age of persons 35
Median housing loan repayment ($/monthly) 1473
Average household size 2.5
  • Census Count Percent(%)
    5-14 years 4627 14.3
    25-34 years 4102 12.7
    35-44 years 4052 12.5
    45-54 years 4232 13.1
    55-64 years 3386 10.5
    Others 11928 36.9
    Age Group
    Census Count Percent(%)
    Registered Married 9929 44.9
    Not Married 9606 43.5
    Defacto Relationship 2560 11.6
    Social Marital Status
  • Census Count Percent(%)
    Australia 28955 94.0
    Indonesia 125 0.4
    Papua New Guinea 259 0.8
    United Kingdom 401 1.3
    Other 301 1.0
    Others 759 2.5
    Country of Birth
    Census Count Percent(%)
    Buddhism 150 0.5
    Christianity 25734 85.6
    Hinduism 135 0.4
    Islam 125 0.4
    No Religion 3792 12.6
    Others 110 0.4
    Religious Affiliation
  • Census Count Percent(%)
    $400-$599 1255 12.0
    $600-$799 1162 11.1
    $800-$999 1068 10.2
    $1,000-$1,249 1009 9.6
    $1,500-$1,999 1376 13.1
    Others 4626 44.1
    Gross Household Income (Weekly)
    Census Count Percent(%)
    Employed, worked full-time 9901 41.5
    Not in the labour force 7988 33.5
    Employed, worked part-time 4331 18.1
    Unemployed, looking for work 838 3.5
    Employed, away from work 805 3.4
    Person Characteristics
  • Census Count Percent(%)
    Professionals 2744 18.2
    Technicians & trades workers 2197 14.6
    Community & personal service workers 1754 11.7
    Clerical & administrative workers 2197 14.6
    Sales 1750 11.6
    Others 4397 29.2
    Occupation
    Census Count Percent(%)
    Pre-school 691 9.1
    Infants/Primary 2894 38.1
    Secondary 2221 29.2
    Technical or Further Educational Institution 989 13.0
    University or other Tertiary Institutions 657 8.6
    Others 153 2.0
    Type of Educational Institution Attending
  • Census Count Percent(%)
    Separate house 26589 89.0
    Flat, unit or apartment 1719 5.8
    Semi-detached, row or terrace house, townhouse 1370 4.6
    House or flat attached to a shop, office 103 0.3
    Caravan, cabin, houseboat 88 0.3
    Others 0 0.0
    Dwelling Structure
    Census Count Percent(%)
    Being purchased 4075 35.1
    Rented 4043 34.9
    Fully owned 3351 28.9
    Other tenure type 130 1.1
    Tenure Type
Census 2011, ABS
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Recent sales & rentals