Orange is arguably Australia’s ‘most consistent property market,’ a leading national property analysis group has claimed.
Simon Pressley, managing director and market analyst for Queensland-based Propertyology, has listed Orange’s solid economy, consistently rising house prices, below average unemployment, foodie culture and comfortable lifestyle as reasons to make it a safe bet for investment right now.
“Over the last 20 years, property price growth has averaged 6.6 per cent per annum and the median house price has only declined once in a calendar year [by 0.4 per cent in 2015],” he said.
“This city may well be the most consistent and safest in Australia.”
Mr Pressley has sung Orange’s praises in his company’s latest newsletter which he said was sent to about 6000 investors and people seeking property advice across Australia.
He said health, education, retail, manufacturing and mining were key economic areas for Orange.
“As an economic profile that is actually more diverse than a few capital cities,” he said.
Mr Pressley said housing prices substantially lower than capital cities made Orange a good investment.
“With a median house price of just $400,000 you get a big bang for you buck in Orange,” he said.
“You can get three standard houses in Orange for the price of one in Sydney.”
Mr Pressley said his company had invested in Orange property for its clients who saw 11.2 per cent growth in the year to September.
“That’s better than seven out of eight capital cities and during a period when Sydney prices dropped eight per cent,” he said.
Mr Pressley said the cost of maintaining an investment property in Orange was much lower than holding one in Sydney.
He said investors were often put off regional areas because perceptions of low growth, unemployment and a small population had them worried the investment was risky.
“For a large number of regional locations across Australia, including Orange, those perceptions couldn’t be further from the truth,” he said.
“There is bloody good infrastructure. Your [Orange] hospital is better than a lot of capital city’s [facilities].”
Mr Pressley also said Orange airport was enjoying record passenger numbers.
“People don’t just jump on planes for practice. Whether attracted there for holidays (to spend money) or to do business (make money), either way it’s great for an economy,” he said.
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