Raine and Horne Parkes has attributed the shire's rise in house prices and land values to a number of factors, including low interest rates, investment interest due to developments such as Northparkes Mines' expansion, the Pacific National Hub and the Special Activation Precinct.

"We are also seeing people being priced-out of the Orange, Bathurst and Mudgee investment markets, looking this way," Raine and Horne Parkes owner and director Geoff Rice and sales representative Sandra Tildsley said.

Domain released its latest House Price Report on January 29, showing an increase in median house prices across the state over the last 12 months, with the biggest jumps occurring in regional NSW.

Parkes was listed the second highest out of 20 with a 24.1 per cent increase, just two per cent behind leader Byron Bay.

Geoff and Sandra agreed the figures reflected reality.

"We have definitely seen a rise in values [and sales] as the year went on," they said.

"Covid-19 saw a slow start with uncertainty but as the year progressed we saw low interest rates, major announcements in our region that started to peak people's interest and we also saw a very good season that gave confidence to the agricultural investors that had dropped off through the drought.

"With the current future growth in Parkes attracting investors looking for properties in the residential, commercial and rural areas, the potential to sustain these gains and possibly further growth is possible."

READ MORE: Land values jump in Parkes, increases across the Central West too

Domain indicated in its report that one reason for the increase of value in regional towns is the influx of city people wanting to move to country areas.

Geoff and Sandra said they are starting to see residential investors from further afield looking at our market and "comparing returns to those which are being achieved in larger centres".

"It is an attractive residential/commercial/pastoral mixed market with good returns in all areas of the market," they said.

Residential family homes have been Raine and Horne's most popular sales but the local business has also seen an increase in interest with vacant land.

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