Orange has been identified as one of the top regional locations for housing growth over the past 20 years.
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A report by property research group Propertyology has found median values in Orange have risen by an average 6.4 per cent a year over the two decades.
It has also found Orange was one of the least volatile markets with property values falling in only one of the 20 years covered in the research.
Only two other regional Australian towns, Wagga Wagga and Victoria's Kyabram, equalled Orange for market stability.
Two other Central West areas made the list.
Parkes achieved 6.3 per cent annual growth with prices falling four times in the past 20 years.
Dubbo also achieved 6.3 per cent annual growth and prices fell three times in the period.
Propertyology head of research Simon Pressley said the results showed investors in regional centres were making strong returns.
He said higher rates of return had been achieved in towns with populations of less than 50,000 people than in many capital cities.
"These facts are just a few examples to highlight the gross inaccuracies with people's perceptions about Australian locations with a smallish population sizes," he said.
Mr Pressley said investors gained by buying more affordable housing, largely available in regional areas, with a reduced loss risk and needing smaller deposits because the prices were cheaper.
The latest Domain house price value report (September quarter 2019) said Orange's median house price value was $419,000.
That was up from $399,000 just 12 months earlier and $330,000 five years earlier.
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