Demand exceeding supply: Average house price approaching $400,000

ANOTHER SALE: McCormack Barber's Rob Nevins outside 62 Spring Street. Photo: JUDE KEOGH 0308jkhouse2
ANOTHER SALE: McCormack Barber's Rob Nevins outside 62 Spring Street. Photo: JUDE KEOGH 0308jkhouse2

Buyers are snapping up houses in Orange, with average prices increasing by in excess of 12 per cent in the last year, according to a leading real estate agent.

The latest figures from Domain reveal the median house price in Orange reached $383,500 in the December 2017 quarter, up 9.6 per cent on the previous year.

Unit prices reached $270,000, up 9.8 per cent year-on-year.

The median price for houses in 2017 was $371,750 up from $350,000 the previous year.

McCormack Barber Real Estate director Peter McCormack said average prices had risen more than median price as demand exceeded supply.

“Every property we’ve had under $500,000, we’ve had multiple buyers competing for each property,” he said.

“There is no doubt the average price has gone up by [about] 12 per cent.

“There is a huge amount of sales happening for first home buyers and investors.”

Mr McCormack said there was a lack of rental properties and increased demand from investors.

“We had an open house on a property in Spring Street last week where we had 28 groups of buyers through.

“The average two years ago was one.”

He said the investment market had been flat for a few years.

“Investors have been holding onto their investment properties and now a lot of them have said ‘now’s the time to sell’.”

Mr McCormack said demand was spread across most parts of Orange.

“Everywhere. Anything where there is an affordable house, in the $400,000 range.”

Domain data scientist Dr Nicola Powell said Orange was attractive to Sydney buyers.

“The lifestyle Orange offers residents is a huge drawcard for buyers choosing to relocate to the area,” she said.

“Sydney’s rising population and price growth over the past five years has led a number to reassess their situation.

“Orange offers the lifestyle components many families are after: Space, great restaurants, large homes, a great community and affordability.

“The improving price point reflects the demand.

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