THERE are not many places that can boast a boom at the moment, but Orange is in the enviable position of experiencing a huge surge in duplex and unit developments.
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In the past five years more than 200 duplex and unit developments have been built in the city, with newer areas the focus of builders and investors snapping up corner blocks as soon as they go on sale.
Orange City Council development assessments manager Alan Renike said the demand, particularly in new development areas, is the reason why council is looking closely at the impact of these types of developments on subdivisions.
Orange real estate agent Libby Seaman said there is a four-pronged demand for duplexes and units from first home buyers, investors, retirees and professionals, providing a great boost to the local real estate market.
“We can’t keep up. They sell almost as soon as we lay the turf,” she said.
She said the demand is strong because buyers are looking for quality well-built dwellings with minimum upkeep of small backyards, but the luxury of two bathrooms.
“This type of property has a big appeal to all those groups,” she said.
“First home buyers without any children know they will get their money back when they move on, young and older professionals want a place of quality with minimum upkeep and there are also older people moving in off the land,” she said.
Mr Renike said council will look at policies relating to duplex developments as part of it’s Local Environment Plan (LEP). “When you have a duplex development going up in an already established area there is opportunity for neighbours to comment on applications,” he said.
“But when the corner block is sold and it’s usually the first development in an area, that situation doesn't exist because there are no neighbours at that stage.”
Another Orange real estate agent, Roger Eddy, said astute investors were taking advantage of demand in the marketplace for people wanting to downsize or live in a smaller residence, with a guarantee of strong returns.
“If one house is built on a block they can get returns of around $350 a week but if there is a duplex, that return can be between $430 and $460 a week even though the services for that block might be double,” he said.
So far this month council has received applications for duplex and unit developments in Etna Street, Warrigal Place, Beasley Road, Dalton Street, Franklin Road and Lucknow.