MARCH QUARTER RENT FIGURES GIVE SOME RELIEF FOR TENANTS, AS RATE OF DUBBO RENT INCREASES DECLINE BY 47% COMPARED TO THE DECEMBER QUARTER.
Details of Dubbo rents for the March quarter, released by Housing NSW from Rental Bond lodgements show a decline in the average percentage increase of 47% across all categories compared to the increases in the December quarter.
Fiona Gibbs of the REINSW-Orana Division committee and Dubbo Property manager said “Increases in DUBBO rents are from nil for 1 bedroom to 8.91% for 4 bedrooms. The slowing increases are likely to be reflective of the cost of living pressures in the economy”.
Whilst some commentators in the housing sector have been forecasting the likelihood of some investors leaving the residential investment market, the opposite is reflected in Bonds held at end of March quarter.
Fiona Gibbs added “that over the 6 major inland regional centres from Albury to Tamworth, the total number of bonds held at end of March quarter, rose by 2.90% an increase of 867 overall, of those 127 are in Dubbo. The increased supply of rental property and the slowing of rent increases is a positive outlook for tenants, suggesting the high increases of the last 2 years have moderated”.
Dubbo median rent figures are:
1 – bedroom dwellings $280 - nil change
2-bedroom dwellings $350 – Increase 6.06%
3- Bedroom dwellings $420 - increase 5%
4- Bedroom dwellings $550 - increase 8.91%
ENDS
With compliments
REINSW- Orana Division
MEDIA ENQUIRIES:
Fiona Gibbs
E- fgibbs@bobberry.com.au
M: 0417336639