Strong demand for housing in Orange will force the median price of a three-bedroom home in Orange to about $400,000 by the end of the year.
That’s the forecast of Domain real estate expert and chief economist Dr Andrew Wilson.
Dr Wilson said the median price was currently sitting at $359,000 for houses and $225,000 for units.
That’s already $12,000 up on the median price for 2016, $347,000, but down by $9000 on the December 2016 quarter which saw the median rise to $368,000 after hectic pre-Christmas buying.
Dr Wilson said the Orange market was finally hitting back after several stagnant years.
Domain figures show that back in 2010 the median price was $295,000 and it increased by only $40,000 over the next four years.
“There is no doubt Orange is in strong revival mode at the moment,” he said.
“I think it’s been a real sleeper and there is no doubt it’s a high value market.
“That means it will certainly edge toward $400,000 by the end of the year.
“Orange, it became almost on the nose regarding its housing market, but clearly a big catch-up is happening.
“It is back up and pumping after a low period.”
Dr Wilson said there was a mix of factors driving the recovery including people being priced out of the Sydney market and people moving off farms to come to Orange for its health facilities.
“First home buyers are an extinct species in Sydney,” he said.
“That sets the scene for the regional markets.
“Wollongong is at $700,000, Newcastle is over $500,000, it’s been driven by Sydney.
“There is a growing capacity for people to commute and telecommute.
“Orange has the amenities and the lifestyle. There is flexibility and mobility.”
Real estate agent Libby Seaman said CBD sales would drive the increase.
Ms Seaman, of Ray White Orange, said her company currently had a house in Abelia Close for sale at $389,000, near the projected median.
The modern four bedroom, two bathroom North Orange house had 17 people inspect it last Saturday but she did not believe these houses would lead the increase.
“The CBD is what is going to drive that median up,” she said.
“There’s a lot of buyers around. We’ve been sitting in a buyers’ market but I think we’re moving out of it,” she said.
Ms Seaman said that while there were a lot of buyers from Sydney, the Blue Mountains and Newcastle, 30 per cent of Orange buyers were moving from farms in western NSW to access health services.