Real estate agents in Orange are optimistic of another year of strong growth in the city’s housing market, even as an industry forecast predicted a rise in prices of less than 1 per cent.
Moody’s Analytics, which used CoreLogic data for its forecast, said Central West property values will increase 0.6 per cent in the next 12 months on the back of 4 per cent growth in 2018 and 5.3 per cent in 2017.
House values are tipped to rise a further 2.1 per cent in 2020.
But Orange’s real estate agents are confident growth will exceed predictions, with an expectation house prices would climb around 2 to 3 per cent this year on the back of 8.9 per cent growth in the last quarter.
I can’t see Orange going backward; we will continue to go forward. We are not short of buyers and prices are not going down.Ray White principal Libby Seaman
Century 21 Orange director of sales Andrew Vogler said the factors which pushed the market last year are still present.
Namely, the attractiveness of the city to investors, and its appeal as a tree-change option.
“Orange is an affordable place and rental yield is good,” Mr Vogler said.
“We may not have the same growth we had last year, but it is likely to be better than other Central West markets, including Bathurst and Dubbo.
“This is because various parties have done a wonderful job in promoting Orange as a food and wine destination in the past 10 to 15 years.”
Ray White principal Libby Seaman said it is difficult to sustain 8.9 per cent growth for a long time “but the Orange market is still very strong”.
“We have people coming from all walks of life,” she said.
“I can’t see Orange going backward; we will continue to go forward. We are not short of buyers and prices are not going down.
According to the Fourth Quarter 2018 Housing Forecast Report the Dubbo-centred Orana housing market is expected to perform better than the Orange- and Bathurst-based Central West.
Property values are expected to grow 2.6 per cent in 2019 and 7.1 per cent in 2020 in the Far West and Orana region.
As of September last year, the median price of a property in Orange was $394,000, above Bathurst ($384,000), Dubbo ($360,000) and Mudgee ($392,000).
Bob Berry, a real estate agent in the Orana region, criticised the national media and people who prepare housing forecast reports for homogenising different markets.
“The national media is obsessed with the housing market,” Mr Berry said.
“We are hearing a description of the market plunging, but in most cases the description is coming from those who are not actually in the market or are real estate agents.
“CoreLogic came out with a report saying the Australian housing market has fallen 4.5 per cent. That is clearly an incorrect statement because there is no single Australian market.”
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