The median price of houses in Orange has reached $399,000 with a real estate expert saying the Colour City is “one of the strongest markets overall in Australia.”
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Simon Pressley, the managing director of real estate research company Propertyology, said Orange was defying national trends.
“It has an 11 per cent increase in median house prices in the last 12 months when Sydney declined by nine per cent,” he said.
“That’s a 20 per cent swing.
“Building approval volumes have actually been increasing in Orange.
“The local economy is strong, developers have the confidence to buy now.
“We can say, Orange, it is one of the strongest markets overall in Australia right now.”
Mr Pressley forecast the growth would continue over the next year.
“It will be controlled growth. We’re not forecasting a massive boom in Orange,” he said.
The latest quarterly Domain House Price Report released this week shows the Orange median house price has risen by 7.8 per cent, the highest in the Central West, from $370,000 to $399,000 in the year to September.
It also showed Orange house prices had risen by $69,000 in the past five years.
The median house price in Bathurst is now $446,000, Dubbo $368,700, Cowra $260,000 and Young $255,000.
Mr Pressley said any suggestion Orange had a shortage of housing supply was “a myth” as there was a balance of existing homes and new developments available.
“It’s not true that Orange doesn’t have enough properties available,” he said.
“It is a very solid market.”
“It’s got affordable housing and it doesn’t have a surplus of supply which has [affected] Sydney.
“There are some big projects in the pipeline.”
He said the strong market was being achieved across the Central West.
We can say, Orange, it is one of the strongest markets overall in Australia right now.
- Simon Pressley, Propertyology
“While property prices have been declining in Sydney and Melbourne for approximately 12 months, affordable housing and much improved economic conditions in the Central West are rock solid fundamentals for housing demand,” he said.
Century 21 Combined Orange real estate director Andrew Vogler said the median price of $399,000 would get buyers a three bedroom house with two bathrooms and two living areas outside the CBD.
“It wouldn’t be central, but not too far from the CBD, beyond the walking distance, maybe in Calare or at the northern end of Lords Place,” Mr Vogler said.
“A while ago, around $400,000 [got you a] brand new four bedroom, double bathroom, double garage home in north Orange.
“For some of those now you’d be looking at $450,000.”
One Agency Orange director and Orange Business Chamber president Ash Brown said demand still exceeded supply in Orange.
“But that’s a good thing because it is keeping the market bouyant,” he said.
“The buyers are snapping up properties as they come on the market and that is keeping the price of these properties stable.”
Mr Brown said Orange had maintained steady growth over many years.
“Orange is a very stable property market, it doesn’t have a lot of ups and downs.
“It has only had one down in the last 30 years [due to a mining downturn].
“No where else in Australia has had that,” he said.
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David Fitzsimons
I am a senior journalist at the Central Western Daily concentrating on council, government and real estate issues. Before moving to Orange I filled senior roles at the Daily Telegraph, Daily Telegraph-Mirror and the Daily Mirror in Sydney. They included being an editor, news editor, chief of staff and reporter.
I am a senior journalist at the Central Western Daily concentrating on council, government and real estate issues. Before moving to Orange I filled senior roles at the Daily Telegraph, Daily Telegraph-Mirror and the Daily Mirror in Sydney. They included being an editor, news editor, chief of staff and reporter.
