Landmark Russell’s real estate manager Trudy Rogers said a number of factors had influenced the market, particularly the current job losses and a lessening in demand for contract employees via fly-in, fly-out mining rosters.

“We have yet to see the full impact of the latest round of redundancies on the real estate market, however, there are currently many rentals available

giving more choice to tenants in the market,” Ms Rogers said.

“This is quite a change from this time last year when it was near impossible to find a rental property.

“For two to three years prior to that landlords enjoyed almost a zero vacancy rate as I’m sure motels would also have had high occupancy rates. With contract employment and fly-in, fly-out rosters there was a high demand for accommodation.

“Many landlords are now adjusting the asking rental prices of their properties in order to meet the market and secure a tenant.”

The global economic

downturn, Ms Rogers said, had also impacted on house sales with local real estate agents

having a record number of

properties on their books.

“From a sales perspective there has not been a better period to purchase than in a long time,” she said.

“There are a record number of properties on the market for sale.

“Interest rates have dropped and the government has increased the grant given to first- home buyers.

“However, most potential purchasers are holding off with the uncertainty in the marketplace. On a larger scale the real estate market is slow nationally due to world economic conditions.

“Many times I am asked by investors to predict the local market but unfortunately I don’t have a crystal ball.

“I do think the Cobar real estate market will largely be influenced by world demand for resources and commodity prices.”