Orange is one of five Central West areas to have outperformed several capital cities in property price growth over the past decade.
And nine Central West areas have seen median house prices triple in the past 20 years - part of the hottest 111 growth areas in Australia.
A report by national property research group Propertyology has found strong local economies are driving house price increases in the region.
Head of research Simon Pressley said the Central West was a good place for people to invest in property.
"Contrary to the biggest myth in real estate which falsely claims that capital cities perform better than regional locations, Orange (4.4 per cent average annual growth over the last 10 years), Dubbo (4.8), Mudgee (4.3), Lithgow (6.6) and Bathurst (5.2) performed better than Brisbane (3.1), Adelaide (2.8) and Perth (1.8)," he said.
Orange's median price has grown from $116,000 in December 1998 to $409,000 in December 2018.
GRAPH: HOW PRICES COMPARE
Mr Pressley said it represented an average growth rate of 6.4 per cent.
"The primary reason for individual property markets performing differently in the same year is local economic conditions varying from city to city," he said.
"That was evident 10 and 20 years ago and it's also been the driver of the 20 per cent median house price growth in Orange over the last three years.
"The economy in the Central West, Orana and Riverina regions is benefiting from healthy regional tourism numbers, a strengthening resources sector, high world demand for quality agriculture and viticulture products and some good infrastructure projects," he said.
Mr Pressley said the research also showed people were relocating from capital cities to regional areas.
"There's a growing appreciation for the wonderful lifestyle opportunities, wine and foodie cultures, affordable housing, great schools and jobs. We expect that trend to accelerate," he said.
Orange Business Chamber president and One Agency Real Estate agency licensee Ash Brown said Orange was attractive to property investors.
"Orange has a really good history for investment over the years. It shows good returns," he said.
"One-third of Orange [properties] are rented. They are not vacant very long at all.
"We get a lot of enquiries from Sydney investors."
Mr Brown said the strongest property price growth had been seen in the CBD with the growth rate decreasing the further out from the centre properties were located.
The Propertyology research showed Lithgow's average growth rate (7.9 per cent) was the highest in the region over the 20 years followed by Mudgee (7.3), Cabonne, Bathurst and Dubbo (6.8) and Parkes (6.5).
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