Forbes’ median house price has risen 8.4 per cent in the past year, according to The Domain House Price Report released last Thursday.
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This report shows the average house prices for local government areas across the region in June 2018. According to the report, which is available online, Forbes’ median house price has risen to $275,000.
Real estate agent Michael Robinson said the affordability of property has helped drive up the average price.
Mr Robinson said that for some of the cheaper houses on the market, the cost of weekly mortgage repayments are cheaper than weekly rent.
Low interest rates are drawing investors as well as these owner occupiers into the market, he said.
Mr Robinson predicts that the median house price will continue to grow, but doesn’t anticipate a sudden jump for those who are looking to get into the market.
Real estate agent Brendon Allegri from Ray White said a current lack of land for new homes coupled with a large amount of demand has helped to push the prices up.
Mr Allegri said he’d seen particular demand from people looking for family homes as well as retirees looking to move to properties closer to town with some acreage.
Tracie Robertson from Ray White added that Forbes’ position between mining projects at Lake Cowal, Northparkes and Fifield was a factor, and there’s plenty to attract people to town.
“Forbes has a lot to offer, schools, employment and beautiful areas to live,” Ms Robertson said.
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Real estate agent Tara Kelly said the Forbes housing market was stable in comparison to metropolitan areas but had definitely seen steady growth.
Ms Kelly said lack of developments and new subdivisions has helped to maintain good house prices.
“People looking to buy have little choice but to look at existing homes,” she said.
The future is bright too, Ms Kelly said that because Forbes is situated on the highway, along with easy access to the Lachlan and the saleyards, it will always be growing.
These factors help drive a range of investors and owner-occupiers looking to buy in Forbes.
“Where we are situated, we are going to benefit from that diversity,” she said.
According to the report, Parkes saw a three percent decrease in median house prices, down to $260,000.