AS the median Sydney house price sits at $1 million, Orange is becoming increasingly popular with big-city buyers priced out of the metropolitan market.
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Williams Machin First National Orange real estate agent Doone Grist says it’s no surprise Orange is a property hot spot, as the median price of a house here is around $338,000.
Mrs Grist said around 30 per cent of her buyers came from metropolitan areas.
“Some of these buyers can’t afford to buy in Sydney and the traffic there is sending them insane,” Mrs Grist said.
“You don’t get traffic jams here.”
Mrs Grist recently sold a property in Franklin Road to a Sydney couple who love historical houses and wanted a large block in a central location.
For around $1 million they secured a character-filled six bedroom house on a one acre block.
Like many buyers the couple were drawn to the city’s food and wine culture.
“For many people our fantastic hospital and the theatre are also big drawcards,” he said.
Mrs Grist said the majority of metropolitan buyers had Orange on their shortlist along with Mudgee and Bathurst.
It’s not only tree changers who are looking to buy in Orange. Mrs Grist said around half of her Sydney buyers were looking for an investment property.
“We’re seeing a lot of investors, not just from Sydney, from all over the world,” she said.
“They see Orange as good value.”
Orange City Council tourism manager Glenn Mickle said people were drawn to the large sizes of the houses in Orange both in town and on rural properties.
“Sometimes they want to have some space where the kids can have a horse and the dogs can run around,” he said.
Mr Mickle said while the cost of living was always a factor when people were considering relocating, it was not the only factor.
“Having jobs for people to go to is the key,” he said.
“[However] Orange is certainly being presented as a viable option for people.”
Domain senior economist Dr Andrew Wilson said the median Sydney house price jumped 8.4 per cent over the June quarter to $1,000,616.
Dr Wilson said it was the highest period of growth since the late 1980s.
“I’s because of low interest rates and they’re going lower, lower and lower,” he said.
tracey.prisk@fairfaxmedia.com.au
