The real estate boom in regional Australia is one of the most significant and tangible effects of the coronavirus pandemic – and this auction is evidence of that.
One of Australia’s most respected and recognisable auctioneers, Damien Cooley, headed out to Dubbo, in NSW Central West, to host the first auction for just one of two ASX-listed real estate groups – The Agency – in the region today.
The property at 12 Buninyong Road, Dubbo, NSW.
The perfect spot for those cold winter’s nights in Dubbo.
Tree changer’s delight.
Located around 400km, north west of Sydney, Dubbo is best known as a prolific producer of wool and wheat, home of the Western Plains Zoo, the birthplace of cricket legend Glenn McGrath and a host of NRL stars past and present including David Peachey, Dean Pay, Andrew Ryan and Issah Yeo.
It has also emerged as a sought-after regional location for treechangers, looking to leave the city behind.
According to CoreLogic, combined regional home values slipped just 0.1 per cent over the last quarter through July, compared to a fall of 2 per cent in the combined capitals, spearheaded by a 3.2 per cent drop in Melbourne.
This is largely attributed to a shift in lifestyle desires for home buyers away from the capital cities to a more balanced life in regional areas, as a result of COVID-19.
The home holds prime position in the gorgeous central west town.
This shift has been felt across the real estate industry as evidenced by today’s auction at 12 Buninyong Road, Dubbo.
On the market for the first time in 36 years, the 3-bedroom home on a one acre plot was owned by a well known and loved local miner who recently died.
The property is in a tightly held part of the town with great access to amenities, including schools, shops and Dubbo Base Hospital.
(L-R) The Agency seller’s agents Justine Campbell and Monica Henley, auctioneer Damien Cooley and buyers Kathy and John Slavin.
After a competitive auction, held on location, the property was eventually sold for $520,000.
“It was a fantastic result with both the vendors and buyers ecstatic with the outcome,” Mr Cooley said.
“It shows that in any market you can achieve a strong result using the auction method. It is the most transparent mechanism for both buyers and sellers.”
Seller’s agent Monica Henley had hoped for a good price given the renewed attention on the area, as shown by Mr Cooley travelling across almost half the state to be there.
This is why they call in The Golden West.
“We are delighted with the outcome for both our clients, we know how much this home will mean to its new family, it’s a wonderful property,” she said.
“The local market is strong irrespective of the broader COVID-19 environment. And we would especially like to thank Damien Cooley for travelling to Dubbo for our first local auction – he attracted a lot of positive local attention. He has groupies now!”