THE Sydney inner-city housing market may be sizzling but the Orange market is heating up just as quickly according to Orange real estate agents.
Sydney’s house prices were likely to rise by 10 per cent or more this financial year and according to an Australian Property Monitors (APM) spokesman Orange is not far off with a growth of 5.1 per cent for the August quarter alone.
APM economist doctor Andrew Wilson expects that growth to continue and rise over the spring quarter as Orange is one of the favourite places for Sydneysiders to buy outside of the city.
“For a while now the Orange market has been reflective of what has been happening in Sydney,” he said.
“It’s close enough to Sydney to interest investors and weekenders and retirees.”
Ray White Real Estate principal Libby Seaman said the market had certainly received a kick over the last two weeks.
There was a sharp drop in September with the median house price dropping from $340,000 for the August quarter to $286,000 according to Residex however the Residex figures were only looking at one month and it was an election month.
“People are a bit more negotiable at the moment,” she said.
“The market was a little flat and people might have been a bit worried because of the election and the instability but now with the interests rates so low, the low dollar things are going well.”
She said as Sydney prices soar and become unaffordable people look to Newcastle then they look to regional areas.
John Cook Real Estate principal Anthony Cook said he had noticed an increase in investors from Sydney.
“The $7000 relocation grant is helpful but a lot of people don’t know about it,” he said.
“There’s a lot of baby boomers retiring to the country.”
Century 21 Real Estate director Andrew Vogler said spring is generally a big time in the market because houses look good and the weather is good.
“We’re actually having record months,” he said.
“People from Sydney are looking further afield to get a good price to invest.”
None of the aforementioned real estate agents could say which areas in Orange were the hot spots and which areas appreciate in value the fastest because they say there is not one spot that is better than another.
Dr Wilson agreed.
“It is a medium sized market and it is too difficult to differentiate,” he said.