Selling times halved as we make a national top 40 property list | Graph

SOLD: One Agency real estate agent Ash Brown at a Byng Street house that sold at auction last weekend. Photo: DAVID FITZSIMONS 0416dfbyng3
SOLD: One Agency real estate agent Ash Brown at a Byng Street house that sold at auction last weekend. Photo: DAVID FITZSIMONS 0416dfbyng3

The time it takes to sell a property in Orange has been halved in the past two years.

Research by property analysts Propertyology has found it takes 56 days to sell in Orange [as of December 2017] compared to 73 days in December 2016 and 112 in December 2015.

The company has listed Orange in its top 40 of all council areas in Australia for affordable locations where properties were selling faster and leading to price rises.

It was one of 10 NSW areas to make the list and the only one in the Central West.

Propertyology managing director Simon Pressley said they were “quite bullish” about the economy and demand for property in Orange.

“It is currently sitting on 56 days which is quite a normal time frame,” he said.

“[But] it is a remarkable improvement taking from about four months to sell property to now taking about two months.”

He said the number of houses sold in Orange [1018 in 2017] was up and was higher than Bathurst [957] and Dubbo [822].

“In December 2015 801 houses sold in Orange and in December 2017 1018 houses sold, that’s a sharp rise,” he said.

“Affordability is a key ingredient to sustainable growth, regional markets have housing affordability in spades.

“The Central West and Orana regions have a very exciting future bouyed by a favourable outlook for agriculture, regional tourism, renewable energy projects and increased patronage of regional airports.”

One Agency real estate licensee Ash Brown sold a Byng Street house at auction last Saturday.

He said the price reached, $440,000, was at the high end of the seller’s expectations.

“We had a price range of $400,000-$440,000, it was at the top of the range,” he said.

The house was also visited by a TV film crew last week as part of filming for an Australian version of the British lifestyle show Escape to the Country

However, Mr Brown said the city couple in the show Escape from the City did not make an offer on it.

He said the reduction in selling times was being fuelled by increased interest in Orange property.

“Definitely in our office they [selling times] are close to being halved, overall that is pretty good,” he said.

“When there are more people in the market buying there is more competition.

“So what is happening is a supply and demand situation,” Mr Brown said.

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