A house in the Orange CBD has sold for $430,000 more than the owners paid for it just over two years ago.
The Hill Street property has leapt into Orange's million-dollar-plus club after selling for $1.3 million two weeks ago.
It was bought for $870,000 in May 2017 which represents a 49 per cent increase in value.
Selling agent McCormack Barber real estate principal Peter McCormack said the owners had spent about $100,000 renovating the property.
Even allowing for that expenditure it represents a $330,000, or 44 per cent, increase in value.
Mr McCormack said the house was sold to a buyer from Sydney.
He said it was indicative of how strong the Orange CBD market was performing this year.
"It's a reflection of the property market. There is a shortage of houses on the market at the moment," he said.
Mr McCormack said while Orange was enjoying an increase of about 10 per cent in values some areas were doing better than others.
"There are markets within markets," he said.
"Certainly [this property] has gone up by more than 10 per cent."
Mr McCormack said in the past two years parts of the CBD had seen price growth of up to 25-30 per cent.
The Hill Street house, built about 1875, features four bedrooms and three bathrooms on a large parcel of land two blocks away from Summer Street.
According to property website Domain it was on the market for 22 days.
While the most recent sale saw a large increase in value it hasn't always been the case for this property.
Domain also records that in 1996 the house sold for $252,0000. That was actually $1000 less than it sold for a year earlier.
Several CBD properties have sold for more than $1 million in the past 12 months.
The Central Western Daily is aware of another CBD property which is close to selling within days which will also sell for more than $1 million.
CITY'S TOP SELLERS
Million dollar properties sold in the Orange CBD include:
- 21 Summer Street, $1.6 million, LJ Hooker
- 27 Byng Street, $1.5 million, McCormack Barber
- 78 Byng Street, $1.46 million, McCormack Barber
- 14 Kite Street, 1.45 million, LJ Hooker
- 26 Kite Street, $1.4 million, LJ Hooker
- 177 Anson Street, 1.39 million, One Agency Orange
- 151 Hill Street, $1.3 million, McCormack Barber
- 15 Sale Street, $1.29 million, Benchmark Rural and Lifestyle
- 72 Byng Street, $1.27 million, McCormack Barber
- 175 Anson Street, $1.25 million, McCormack Barber
- 3 Clinton Street, $1.225 million, LJ Hooker/McCormack Barber
- 40 Clinton Street, $1.2 million, Williams Machin
- 36 Hill Street, $1.1 million, Blowes Real Estate
- 41 Byng Street, $1.03 million, McCormack Barber
- 62 Byng Street, $1.02 million, Townsend Real Estate
- 52 Kite Street, $1 million, LJ Hooker.
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