A RECORD has been set for residential property in the centre of Orange, with a Byng Street home selling for more than $1.8 million on Friday.
About 30 people turned out of the auction at 39-41 Byng Street, which sold for $1,855,000, beating the previous record of $1.6 million.
Bidding was slow to start, with opening requests for bids for the four-bedroom property at $1.8 million and $1.7 million met with silence.
But once bidding started at $1,550,000, competition between two keen bidders kept the price climbing.
Benchmark Lifestyle Property director Nigel Staniforth was proud of the result, saying while the agency had recently sold an acreage for $2.1 million, the Byng Street property set the standard closer to town.
"This is the biggest inner-city sale," he said.
Asked whether the price could have a flow-on effect to the surrounding area, Mr Staniforth said it was a particularly unique property.
"These blocks don't come up every day," he said.
"It's a double block with a very tranquil garden, right in the middle of the CBD."
However, he said the growth in the central area had been strong and continuing strength in the health, mining and viticulture industries would continue to feed it.
The historic Newstead homestead was also meant to go under the hammer on Friday, however the auction was cancelled and the property is for sale by private treaty.
Mr Staniforth said Benchmark was still dealing with two groups with commercial and residential interests in the property.
"Both parties needed more time to conduct their due diligence for their DA requirements," Mr Staniforth said.
"During the campaign with some good interest with 15 groups inquiring and six groups inspecting."
Newstead is zoned for mixed use.
Top 10 residential sales
- 39-41 Byng Street, $1.855 million, Benchmark Rural and Lifestyle
- 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
- 65 Clinton Street, $1.32 million, Peter Fisher
- 151 Hill Street, $1.3 million, McCormack Barber
- 131 March Street, $1.295 million, One Agency Orange
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