New report reveals house prices are continuing to rise

A new report released by PropTrack Home Price Index has revealed house prices are 4.25 per cent higher than they were this time last year.

Since March 2020, prices have increased 52.9 per cent in regional NSW.

Dubbo's average house price sits at approximately $550,000 and local Ray White real estate agent Melissa Culkin said the city does well to stay lower than other surrounding areas.

"We are pretty lucky in Dubbo, we are pretty resilient," she said.

"Our economy is pretty diverse, we have agriculture and other stuff, we aren't just relying on one thing to do well.

"Our median house prices and everything is still far less than say Orange, Bathurst and those places.

"We don't seem to have the fluctuation that some places get.

"I think we will see it plateau after those crazy few years that we have had and see a steady increase over the next couple of years provided the banks don't do anything crazy with interest rates again."

However, Ms Culkin said the market in Dubbo is still active and with climbing interest rates, there is still a strong turnover.

"The lower end of the market is still moving really well," she said.

"Your first home buyers and your mum and dad investors to up around that $500,000 mark are still really busy which is good.

"Interest rates are really starting to slow down people at the top end."

According to Your Investment Property Magazine, Dubbo's average house price in 2015 was just $320,000.

Now, the figure is at $556,000.

For a unit, the average price in Dubbo is $340,000.