Big demand has led to a shortage of houses for sale in Orange which in turn is driving prices.
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Real estate agents said many sellers were getting their full asking price and the better properties were selling fast.
McCormack Barber Real Estate director Peter McCormack said according to realestate.com.au there were about 350 homes for sale at the start of 2019, a major drop from the 850 in July 2016.
He said in each of the past three years the number of properties sold in Orange was more than 1000, but that would change this year.
"Even if there is massive demand from buyers in 2019, it's highly unlikely we'll see 800 house sales, let along 1000," he said.
"There is one reason for it, demand has increased."
About a third of what comes on the market is getting snapped up instantly.
- Peter McCormack, McCormack Barber Real Estate
He said the demand was coming from Sydney buyers, investors, and from people who had switched from wanting to build a new home to buying an established home because of a shortage of vacant land available for construction.
"About a third of what comes on the market is getting snapped up instantly," he said.
Mr McCormack said some houses were selling for 10 per cent above expectations.
He said homes which previously saw about five groups of people visit on open days were now seeing 10-15 groups of people.
Mr McCormack said the shortage of supply would continue and he expected demand would increase with stronger sales in the second half of the year.
Williams Machin Real Estate agent Doone Grist said she believed supply was down by as much as 20-30 per cent.
"It is across the board," she said.
Mrs Grist said central double brick homes and property "with a few acres just out of town" were continuing to sell fast.
"The good stuff goes very quickly. It's positive for vendors" she said.
Mrs Grist said they had just sold a Casey Street house for the seller's asking price of $795,000 within a week of it going on the market.
The good stuff goes very quickly.
- Doone Grist, real estate agent
Townsend Real Estate principal Stephen Townsend said the shortage hadn't led to major price rises.
"At the moment there is plenty of good, healthy enquiry," he said.
"The price discount [off the asking price] is less, the days on the market is less.
"[However] that hasn't resulted in a vast increase in value. The buyers are savvy enough to know when a property is over-priced.
The buyers are savvy enough to know when a property is over-priced.
- Stephen Townsend, Townsend Real Estate
"The good properties, they don't hang around for long. It's certainly a good time to sell."
Mr Townsend said the upcoming federal and state elections, the Banking Royal Commission and doubt about mortgages and interest rates had led to uncertainty in the market.
"I think [some buyers] might sit tight for six months and see what happens," Mr Townsend said.
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