The long-held barrier of selling a house for more than a million dollars in the CBD has been broken with three homes fetching more than $1 million already this year.
The latest is the totally-renovated Gleneagles property at 26 Kite Street which sold for $1.4 million at auction two weeks ago.
It followed the sale of the property at 40 Clinton Street for $1.2 million in February and 175 Anson Street for $1.25 million in January.
Orange estate agents said there were many local and Sydney buyers willing to pay more than $1 million for a house in the CBD – particularly properties located close to Cook Park.
LJ Hooker Orange licensee Pat Cutcliffe, whose agency sold the Kite Street house, said demand exceeded supply for grand old homes.
“We had six registered bidders on this property,” he said.
“If someone came to me with $1.4 million now I haven’t got a house to show them.”
He said the unnamed buyers were local people, as were the other bidders.
“You don’t buy in a better position than this, you’re in front of the best park in country NSW,” he said.
Sales over $1 million have been rare since the first was achieved several years ago.
However, McCormack Barber Real Estate owner/director Peter McCormack, whose firm has sold several million-dollar properties including the record-holding $1.5 million sale at 27 Byng Street, said the floodgates were open.
“The four-minute-mile barrier has been broken,” he said.
“There have been three in the last couple of months.
“There would be dozens and dozens of homes in Orange worth over a million now.
“They just haven’t been transacted.”
He said demand for high-end homes was split between local and Sydney buyers.
THE SALES VIDEO FOR 26 KITE STREET
Million dollar properties sold in Orange include:
- 27 Byng Street, $1.5 million, McCormack Barber
- 78 Byng Street, $1.46 million, McCormack Barber
- 26 Kite Street, $1.4 million, LJ Hooker
- 15 Sale Street, $1.29 million, Benchmark Rural and Lifestyle
- 72 Byng Street, $1.27 million, McCormack Barber
- 175 Anson Street, $1.25 million, McCormack Barber
- 40 Clinton Street, $1.2 million, Williams Machin
- 36 Hill Street, $1.1 million, Blowes Real Estate
- 41 Byng Street, $1.03 million, McCormack Barber
- 62 Byng Street, $1.02 million, Townsend Real Estate
- 52 Kite Street, $1 million, LJ Hooker.