DUBBO’S renters are better off than those in Bathurst, Orange and Tamworth despite a shortage of residential accommodation in the city, according to data collected over a period of 20 years.
Dubbo real estate agent Bob Berry, who has collected the information, said in Dubbo rent for two and three bedroom premises has not risen at the same rate as the Consumer Price Index (CPI) whereas Bathurst, Orange and Tamworth are all well above the CPI of 65 per cent, over 20 years.
The biggest rise in comparative rents over the 20 years from 1992 to 2012 was in four bedroom rents, which have risen 96 per cent in Dubbo, 154 per cent in Orange, 111 per cent in Bathurst and 97 per cent in Tamworth.
The disappointing feature of 20 year statistics is the low growth of rental properties in Dubbo, which is well behind the other three centres, Mr Berry said.
The growth in rental bonds (number of properties rented) in Dubbo was 73 per cent over 20 years compared to 95 per cent in Orange, 96 per cent in Bathurst and 99 per cent Tamworth.
“The confirmation in these statistics that Dubbo is trailing the other three inland regional cities by a considerable margin reflects the lack of choice available to investors in Dubbo, as identified previously by Real Estate Institute of NSW (Orana Division) and highlighted in the recent council election campaign,” Mr Berry said.
“I don’t believe that investors don’t want to invest in Dubbo, it is rather over the last five to 10 years, they can’t invest in Dubbo, as they once did.
“Again it is the twin devils contributing to housing supply - the lack of suitably zoned land for unit and medium density housing and the 180 square metre building covenant on council land, requiring a dwelling of a size exceeding, that which provides a suitable return for an investor.”
“The lower investment in Dubbo housing compared to Bathurst, Orange and Tamworth contributes to lower economic activity, less jobs in the building industry and less dollars circulating throughout the Dubbo business community” Mr Berry said.