ORANGE and some of its surrounding towns and villages have bucked an almost region-wide trend which has seen property values recording negative growth on the back of the declines in metropolitan markets.
Property advisory and investment group Suburbanite released its 12-month growth report which detailed for investors which areas were best avoided.
The Central West locations to record negative growth, based on CoreLogic data, were Dubbo, Parkes, Grenfell, Oberon, Nyngan and Boorowa.
While cooling real estate markets in Sydney and Melbourne were having a mostly negative impact on the Central West, Suburbanite principal and property adviser Anna Porter said some centres, including Orange, had continued to grow.
Top of the pile was Canowindra, which saw positive growth in property values at a rate of 22.8 per cent.
Blayney (11.4 per cent) and Orange (9.3 per cent) were also on the positive side of the ledger, as were Forbes, Cowra and Lithgow.
Ms Porter said the falls recorded in Grenfell (6.25 per cent drop), Boorowa (-3.70 per cent), Nyngan (-1.33 per cent), Parkes (-1.1 per cent), Dubbo (-0.8 per cent) and Oberon (-0.5 per cent) were not cause for excessive alarm.
After any period of growth it is to be expected that the market will turn a corner.Suburbanite principal and property adviser Anna Porter
She said the CoreLogic data showed the region's market had seen robust growth in recent years - Orange's market rose by almost 10 per cent in the last 12 months - and the downturn was likely a "small correction".
"After any period of growth it is to be expected that the market will turn a corner," Ms Porter said, explaining the regional downturn was good news for those looking to get into the housing market at certain locations.
"The negative growth starting to filter through the Central Western region is off the back of a few good years in the market throughout the area."
"With the market in the capitals of Sydney and Melbourne cooling off, this correction in the market is just starting to filter through to the regional areas of NSW and Victoria."
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