City leads the way as Central West property prices up 7 per cent in a year

Orange helped drive up property prices in the Central West by 7.1 per cent in the past year.

Figures from property analysts CoreLogic reveal the Central West was the 7th best region in Australia and 5th in NSW, for housing value increases to March 2018.

The Central West increase was also higher than any capital city, many of which recorded falls in value.

Ray White Orange principal Libby Seaman said values in the CBD and for land would equal or exceed the 7.1 per cent figure.

Ms Seaman said her firm had just sold a three bedroom unit in Kite Street for $890,000, which evidenced the strength of the CBD prices in Orange.

“It would be a record for unit sale in Orange,” she said.

“The owner, he paid $800,000 for it 12 months ago so it has gone up by $90,000 [11.25 per cent] in 12 months.

“Its location, location,” she said.

“I know that in Bathurst there is no land available which would drive [prices] there,” she said.

“The land in Orange certainly gone up by that [7.1 per cent] and the CBD in Orange is above that.”

She said values in north Orange were also increasing.

McCormack Barber Real Estate director Peter McCormack said Bathurst and Dubbo had higher price rises last year but that had changed in the past six months.

“I think they both did better than us last year but I believe Orange and Millthorpe are doing better and pulling the others up now,” he said.

Mr McCormack said investors from Sydney had turned to Orange for value after the Bathurst market rose.

“Bathurst and Dubbo have had strong markets for the last three years, Orange was the next step for investors.”

Mr McCormack said the Orange CBD and parts of East Orange had seen price increases of 10-20 per cent.

He said he had been surprised by results achieved in recent sales in some areas, including property they sold in Spring Street.

Mr McCormack said properties in the $350,000-$500,000 range were “really, really strong” at the moment.

One Agency Orange licensee Ash Brown said price rises varied across town.

“Different areas of Orange have seen rises in different percentages,” he said.

“The CBD and East Orange are up, compared to some of the newer areas in north Orange.

“I believe some of those areas would have seen something in the order of 15-20 per cent in the past year.

“Overall Orange has fared very well.”

CoreLogic head of research Tim Lawless said regional markets were outperforming capital cities.

“The stronger combined regional markets’ performance continues a trend that began to emerge in October last year,” he said.