Located in New South Wales within the Forbes local government area, Forbes is a moderately sized suburb (postcode 2871). With a population of 8,157, the suburb has an established family demographic with a median age of 42. Households earn a median income of $63K per year, with an average household size of 2.3 people. Recent annual estimates show population movement staying broadly stable across the broader catchment, with population growth running at -0.2% year-on-year at the LGA level. NSW employment has moved +0.3% year-on-year in the official Jobs and Skills Australia NERO series, which provides the broader jobs backdrop for this suburb. NSW also had 37 Commonwealth-backed major projects under construction, 5 underway, and 75 in planning as at 2 October 2024, which is useful as a broader delivery backdrop rather than a suburb-specific project count. The most common occupations are professionals, managers, technicians & trades. Employment in the area leans toward healthcare and education. The top ancestries reported are Australian, English, Aboriginal Australian.
Median house prices in Forbes stand at $488,000, having grown strongly by 8.4% over the last twelve months. Units have a median price of $425,000 (+63.5% YoY). The current median weekly rent is $405. This gives a gross rental yield of approximately 4.3%. The median monthly mortgage repayment is $1,257.
Forbes is served by 5 schools, including 3 primary, 2 secondary. The average ICSEA score is 917, which is below the national average of 1,000. Public transport access includes 1 rail station, 12 ferry wharfves, 520 bus stops. Healthcare facilities include 1 public hospital. The crime rate in the Forbes LGA is moderate at 6,914 incidents per 100,000 population.
Looking at the investment signals, Gross rental yield sits at around 4.3% (moderate yield). Property prices sit below the state median ($488K/$1.5M), which can point to relative value. The price-to-income ratio of 7.7x is considered moderate. House prices have moved +8.4% year-on-year. Population growth of -0.2% year-on-year points to declining demand fundamentals. Building approvals have changed +0% year-on-year, indicating steady development activity.