The median price of houses in Orange fell below those in Bathurst and Dubbo last year according to recent data but real estate agents are saying the market has since recovered.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The data released by Housing NSW, showed the median price of housing in Orange was $336,000 in June 2016 down from a peak of $345,000 in June 2015.
It was also lower than the median prices in Bathurst and Dubbo, which had both seen price increases in the same period.
However, the Housing NSW report released to Orange City Council’s Employment and Economic Development Policy Committee, stated that the turnover of housing was consistently higher in Orange.
However, Century 21 principal Andrew Vogler said the price of housing has gone up in Orange due to increased buyer demand since that data period.
“Prices in Orange have certainly picked up in the last six to 12 months,” Mr Vogler said.
“We’ve got a few less places for sale than we did 12 months ago but the inquiries have increased.
“It’s always based on supply and demand.”
Mr Vogler said overall, last year’s sales prices at his business were 8 to 9 per cent up on the previous year, but most of that increase came later in 2016.
“We are finding a lot more are coming from outside of Orange, they are recognising the value for money,” he said.
“Buying a house is very difficult there and purely from a rental yield perspective [for investors] there’s better value for money here.”
Along with people seeking investment properties, Mr Vogler said he also saw plenty of first home buyers as well as people wishing to make a tree change to Orange.
“Orange is a very trendy place to come to now,” he said.
Planning and development committee chairman Russell Turner said the data was a reflection of what was taking place in Orange at the time such as the closure of the Orange Electrolux factory.
Cr Turner said in relation to prices, one of the biggest issues he’s been approached about was the number of vacant blocks that were available due to lots being pre-sold to project home builders.
Tanya Marschke
I am based at Orange and cover a wide range of subjects as well as the weekly business column. I've worked consistently in the the media industry since 2006 including the past seven years at the Central Western Daily. Before moving to Orange, I worked as a journalist at weekly newspapers the Beaudesert Times and the Gold Coast Sun in Queensland, as well as the Scone Advocate in the Hunter Valley. I started my career at the Ridge News in Lightning Ridge while I completed my journalism studies remotely at Charles Sturt University in Bathurst.
I am based at Orange and cover a wide range of subjects as well as the weekly business column. I've worked consistently in the the media industry since 2006 including the past seven years at the Central Western Daily. Before moving to Orange, I worked as a journalist at weekly newspapers the Beaudesert Times and the Gold Coast Sun in Queensland, as well as the Scone Advocate in the Hunter Valley. I started my career at the Ridge News in Lightning Ridge while I completed my journalism studies remotely at Charles Sturt University in Bathurst.
