Real estate expert takes local market’s pulse

REAL Estate Institute of NSW (REINSW) president, Peter Matthews, was in Dubbo this week to meet with local agents and talk all things renting, buying, and selling.

Speaking to the Dubbo Photo News, Mr Matthews said he was delighted to be in Dubbo as part of the REINSW 2022 Roadshow.

“This is an opportunity for us to get into the regions, see our members, and make sure they have information like being up to date with legislative changes,” he said.

“It’s the single most important period for me as president, as I don’t get out into the field very much, so I really enjoy this time.”

He said real estate agents were deeply involved in their local communities.

“Agents are the first to assist with local fundraising efforts, they are a really important part of regional towns,” Mr Matthews said.

“Often times, real estate agents have been in town for generations, and I love being able to get out and hear that local history – they’re deeply entrenched in their local communities.”

Mr Matthews added the real estate market had changed exponentially in recent years.

“It used to be quite predictable – whatever you saw in Sydney would trickle down into the regions and the coast, but since COVID, we’re a bit out of whack,” he said.

“Certainly, we have seen a shift in buyer interest and we have seen that flowing out to regional areas.

“What we are seeing in every market is a shortage of stock. There’s just not enough supply and we’ve seen no plan to remedy that from either a State or Federal government level.

“Affordability should be a priority and the more homes there are to choose from, the greater the affordability.”

He said regional centres like Dubbo needed to look at the density of housing on offer.

“A lot of people want to move to these regional areas, but they don’t necessarily want a big rural property,” Mr Matthews said.

He added real estate agents in regional areas had benefited from a change in technology.

“We’re seeing a digital transformation in the industry and that’s been really impactful for agents in regional centres,” Mr Matthews said.

“For the first time, people who want to buy in these areas don’t have to get in the car and drive to see a property. It’s had a big impact on regional sellers and opened opportunities and I think regional agents have been at the forefront of that change.”

In the Dubbo LGA, the median price of a property has increased by 19 per cent in the past 12 months, just below the 21 per cent growth seen in Greater Sydney.

Rent growth, however, has been stronger, up 11 per cent in Dubbo versus 2 per cent in Greater Sydney.