Orange's potential to attract tree-changing city residents has been given a vote of confidence in a report by a national property group.
Propertyology has found regions with a wine industry are outperforming capital cities for house price growth, making them desirable to investors and potential residents.
And it has predicted the nation's wine regions will continue the growth once the coronavirus pandemic ends.
Market analyst Simon Pressley said the property markets in wine regions were "above-average" performers.
Post quarantine, large stimulus packages to supercharge the economy, combined with record low interest rates, will release the 'pause button' on property markets.Simon Pressley, market analyst Propertyology
"Twenty per cent or more growth in residential property prices in the last three years occurred in regional locations such as Orange, Cessnock, Launceston, Macedon Ranges and Mornington Peninsula while Griffith and Mildura were only marginally below 20 per cent," he said.
"Conversely seven out of Australia's eight capital cities [Hobart excepted] were well below 20 per cent over the three years ending in 2019."
He said home ownership was solid in wine areas.
"The cost of housing often is still quite affordable. One can buy a quality three or four bedroom home on a quarter-acre block that's in a desirable and centrally-located street for circa $400,000 in great regional cities like Orange, Launceston, Cessnock and Griffith," he said.
Mr Pressley said Orange's average population age, 37 years, was also one of the lowest across the regions they researched.
He said the median house price in Orange was $425,000 and the yield from rental properties for landlords was 5 per cent.
However Propertyology also found Orange's population growth was 0.8 per cent, which was the same as Mudgee but below many other regions.The highest was Margaret River in WA which had 2.6 per cent growth.
He said the average annual property price growth for a house in Orange over the past 20 years was 6.4 per cent, which was similar to Sydney (6.9 per cent).
Mr Pressley said he expected wine region areas would benefit once the coronavirus travelling restrictions ended.
He said there would increasing demand for wine from Asian markets as well as tourism.
"Once its declared safe for people to come out of their cocoons Propertyology anticipates there will be a big release of pent-up demand for all sorts of goods and services we had to go without, including domestic tourism," he said.
"Post quarantine, large stimulus packages to supercharge the economy, combined with record low interest rates, will release the 'pause button' on property markets and quite possibly create a strong bounce as occurred in 2009-10 after the GFC stimulus."
A separate report released this month by another property group, CoreLogic, said there were now clear signs the property market was slowing due to the coronavirus restrictions.
"In the 28 days to Easter Sunday 2020, the number of new residential listings advertised for sale across Australia was 24,051. This is by far the lowest level of listings for this time of the year in years, and is 27.3 per cent below the equivalent period last year," it said.
It said housing values in capital cities were easing.
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