ORANGE house prices continue to remain high, riding on the coat-tails of a buoyant Sydney market.
According to the latest Australian Property Monitors (APM) housing report the median price of a house in Orange has jumped from $320,000 this time last year to $349,500 this year.
APM senior economist Andrew Wilson said Orange house prices have traditionally reflected what’s happening in the Sydney market which has shown strong growth in the past 12 months.
In the past 12 months till March this year, the median price of a house in Sydney has increased from $669,845 to $782.973.
“What’s happening in Sydney is filtering through to Orange, although there’s always a strong undercurrent of growth in Orange,” Dr Wilson said.
“The latest figures are positive for all of NSW, but the Sydney economy is motoring along at the moment.”
Dr Wilson said the strong house prices in Orange don’t reflect any local uncertainty about future employment or the local economy and may be driven by “the Sydney weekend market”.
“Prestige property prices have picked up in Sydney at long last and we can expect to see an increase in green change buyers in Orange,” he said.
Mr Wilson said he doesn’t expect the market to remain strong for the remainder of the year reflecting a trend towards declining prices growth in Sydney.
“The Sydney boom has well and truly faded with house and unit price growth the lowest rate since March last year,” said Dr Wilson said.
“The moderation of boom-time results in Sydney can be expected to continue as emerging affordability barriers and declining investor activity impacts the market.”