THERE’S no doubting the strength of Orange’s high-end property market after a Byng Street house sold for $1.03 million on Saturday, the highest price paid for a residential house at auction.
McCormack Barber principal Ken Barber said the sale price of 39-41 Byng Street was exceptional and well above the reserve.
About 150 interested parties inspected the property over a four-week period, with 13 bidders registering in the lead-up to the sale.
All bidders came from the Orange area. Several were farmers wanting to relocate from their properties or elderly people wanting to live closer to the central business district.
Mr Barber said there were four potential buyers who bid above $800,000.
“It went beyond our expectations,” he said.
Mr Barber said the large 1409-square-metre block and the central location proved the biggest drawcards for buyers, along with its large pool and spa and the Federation style of the house.
“The back part of the house also gets a lot of sunshine into it, it’s facing north,” he said.
“The house has been very well done.”
Mr Barber said Federation homes in the CBD were always popular, particularly houses within the Woodward Road, Peisley Street, Benview Avenue and Warrendine Street boundaries.
“The value of these houses does not drop, it’s all about location, location, location,” Mr Barber said.
The house, which was previously owned by Matthew Savage, was bought by a local businessman who declined to be named.
Mr Barber said the fact that the house exceeded previous auction sale prices in Orange was a positive sign for the future.
“It’s good news and reflects the strength of the property market, particularly in the inner city area of Orange.”
The senior economist with Australian Property Monitors Andrew Wilson said the sale indicated buyer confidence in the Orange housing market.
“We have had some high prices recorded for the Orange local government area,” Dr Wilson said.
“[However] There are some early signs that price growth may be moderating following solid growth over the past year.
“Low interest rates and continuing strong performance by the Sydney housing market and economy will continue to underscore growth in the Orange housing market over the remainder of 2014 despite local economic impediments.
“Increasing interest from retirees, weekenders and tourists as prosperity recovers in Sydney will also be an enabler of ongoing solid housing market activity.”