DESPITE the demise in state government first home owner initiatives, it’s still a good time to buy a house in Orange.
Figures released by Australian Property Monitors this week show the median price of houses has dropped in Orange by 5.6 percent in the September quarter.
Australian Property Monitors’ senior economist Dr Andrew Wilson said he’s not surprised by the figures as July and August are always quieter.
“I think there’s also a bit of weariness from buyers who are being quite conservative in their outlook,” Dr Wilson said.
“What’s driving that mindset is concerns about the cost of living.”
While house prices may have recently dropped, when compared to the same time last year they’ve increased by 4.2 per cent.
“The results are still positive, I think the drop this quarter is just a mini-correction after the strong growth earlier in the year,” Dr Wilson said.
“I’m optimistic that in three months time there will be price rises again.”
Dr Wilson said buyers continued to be attracted to Orange thanks to its steady economy and proximity to Sydney.
The average price of a house in Orange is $320,000 down from $339,000 in the previous quarter.
Nationally house prices remained steady, with median house prices in Sydney jumping only slightly by one percent in the past year to $641,890.
“As seen during the year, though falling interest rates have improved housing affordability and buyer confidence, market growth has been driven largely by other localised factors, including changes to buyer incentives, surging population growth, and value-buying momentum in some prestige markets,” Dr Wilson said.