AN INFLUX of Sydney investors and the continued growth of Orange’s property market has seen a spike in the number of million-dollar homes sold in and around the city.
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McCormack Barber principal Peter McCormack said the 2800 postcode was an attractive one for metropolitan buyers, even more so with the strong performance at the top end of the market in recent years.
The most expensive house sold in Orange in 2017 was a case in point.
The four-bedroom house on 116 acres on Nicholls Lane at Huntley was completed in 2015, and sold in February of that year for $935,000.
McCormack Barber agent Lisa Wettenhall sold the property on December 5 last year for $2.2 million after it had been on the market for 44 days.
It was one of at least 13 Orange houses that sold for more than $1 million in the calendar year.
Mr McCormack said his business’s first seven-digit sale was a Byng Street property about four years ago, and since then “the market has gone up and improved”, with out-of-town tree changers and investors accounting for at least some of that growth.
“As soon as people realised it could be done more were getting it,” he said of the million-dollar sales bracket.
“We are seeing buyers from Sydney. They are more willing to buy properties and they are looking in that bracket.
“In Sydney once the market reached its peak a lot of buyers cashed in and came up here with their money.”
Mr McCormack also believed the city’s thriving medical industry and the growing trend of working remotely had played a part in the elite property boom.
Many of the properties that sold close to the $1 million mark or higher came with acreages, with another of 2017’s top selling properties – Rosedale on Ophir Road – featuring a two-storey, eight-bedroom house set on 49 hectares.
The 1877-built heritage home was sold for $1.8 million.
Buyers’ desire for space was also demonstrated by the sales of a five-bedroom house on Falvey Road in November ($1.62m); a property in Manchester Lane at Nashdale ($1.47m); a five-bedroom house on 4.9 acres off The Escort Way in March ($1.45m); and a four-bedroom house on 40 hectares at Emu Swamp Road at Lucknow in November ($1.45m).
Information sourced by Australian Property Monitors as part of the Domain Group. Sales from September may be incomplete
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.
