MEDIAN house prices in Orange dropped 1.6 per cent in the last quarter, with properties worth $4000 less than they were at the beginning of the year.
The Australian Property Monitors’ quarterly report showed median house prices in Orange had “bucked the trend” and fallen to $315,000
Australian Property Monitors senior economist Dr Andrew Wilson said despite the fact prices had flattened off Orange’s property market remained healthy.
“Orange is still one of NSW’s strongest regional areas, the quarterly figures just show a pause in activity,” he said.
“Orange house prices are among the most expensive in rural centres.”
Dr Wilson said he expected anticipated interest rate reductions to spark additional buying activity in the coming months particularly as a result of Orange’s strong economy propelled by the city’s medical, mining, food and wine industries.
“It [Orange] still ticks a lot of boxes and it’s resilience will continue.”
Dr Wilson said the Australian housing market has generally revived as expected with modest but encouraging house price growth.
National house prices increased by 0.9 per cent over the quarter and all capital cities, with the exception of Brisbane and Adelaide had house price rises.
Sydney and Melbourne both experienced strong growth of 1.4 per cent and 1.6 per cent respectively over the first three months of 2012.
Brisbane is currently the most affordable of the mainland capitals with a median house price of $433,244, while Sydney remains Australia’s most expensive capital with a median house price of $641,037.
tracey.prisk@ruralpress.com
