THE median price of a house in Orange has only increased by 3.7 per cent since last year, while prices in other regional areas such as Dubbo and Newcastle continue to show strong growth.
The latest figures from Australian Property Monitors (APM) show house prices have risen from $336,000 to $348,000 in the past 12 months.
APM senior economist Dr Andrew Wilson said while house prices had risen, the growth was still “on the low side”.
“We haven’t seen the same sort of activity in terms of price growth that we’ve see in Sydney,” Dr Wilson said.
“There’s been some quite solid growth though and Orange hasn’t had the ups and downs other markets have had.
“The growth has been low compared to Dubbo, Sydney and Newcastle, and Wollongong is not so bad as well.”
Dr Wilson said despite the latest figures Orange homeowners have nothing to be concerned about in the medium to long term.
“I certainly see that the market will keep ticking along, it’s not a question of decline and that’s what shows the Orange market’s resilience,” he said.
“Orange houses are still offering pretty good value.”
Dr Wilson said despite the recent announcements of the closure of Electrolux in 2015 the Orange economy was still healthy, although in the future it may be impacted by rising unemployment and falling job growth.
Unit prices in Orange also experienced a small rise, jumping by 4.1 per cent in the past year with the median price of a unit now sitting at $229,000.
Nationally for the first time in four years, all capital cities recorded growth in house prices over the December quarter and an increase in the median house price over the calendar year.
The Sydney housing market was a star performer throughout 2013 rising by 15.1 per cent with the median house price now at a record high of $763,169.
“Last year’s buyer momentum will ensure a positive start to 2014, however prices growth is set to moderate over the year as economic activity wanes,” Dr Wilson said.
“Brisbane and Perth, however, are likely to be exceptions driven by strengthening local economies”
New lease of life for real estate
REAL estate agent Nola Debney, from Townsend Real Estate, says the local housing market is starting to see an upswing spelling good news for buyers and sellers.
“At the moment confidence has returned to the market and that in turn brings out more buyers,” Ms Debney said.
“This has only just happened in the last week or two.”
Ms Debney said the new year started with “a very positive” feel and has continued to build.
“There’s a stability in the market and that’s better than being in a market that fluctuates,” she said.
Ms Debney said many buyer see the new year as a good time to relocate and she’s always on the lookout for more inventory.
Blowes Real Estate principal Gary Blowes said he’d been in the business for 42 years and has faith in the Orange market bouncing back.
“I’ve found that in Orange you can double the value [of your house] every 10 years, “ Mr Blowes said.
“Some years it might only rise by 3 per cent and other years it will be 6 per cent, it evens out.”
Mr Blowes said home owners can expect an average increase in the property’s value of around 6 per cent per year.
“Real estate is a long-term investment, you’ve got to be prepared to hold a house for at least five years.”