Orange remains the most expensive place in the Central West to buy a home as house prices continue to skyrocket, with real estate agents suggesting the city's market boom is now bordering on unprecedented.
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The latest Domain House Price Report reveals the median cost of a house in the colour city is now $495,000, which marks a significant, 5.5 per cent rise of more than $25,000 from the previous quarter alone.
The latest jump contributed to a rise of more than $60,000 (15.1 per cent) across the 12 months prior and, in the last five years, a typical house in Orange has increased in value by more than $150,000.
In December 2015 the average price of a house in Orange paled in comparison, a relative bargain at just $341,500. The boom doesn't look like slowing down, either.
Every section of the market is firing at the same time. I don't think I've ever seen it like this before.
- McCormack Barber Real Estate director Peter McCormack
"I don't think I've ever seen it like this before, not even in the last boom we had here," McCormack Barber Real Estate director Peter McCormack said.
"It all comes down to demand. There's a distinct lack of stock at the moment, that drives prices up but it also tends to cause more lack of stock because people won't put their house on the market in that situation.
"I don't think that will change in the next 12 months or so. Not until there's an increase in supply, anyway."
Our City Real Estate principal Lan Snowden agreed, explaining the market 'kicked' twice in 2020 which surprised him considering the worldwide climate.
"I thought it might slow down a bit towards the back end of 2020 with everything happening, but it didn't. I can't see it slowing down in the short-term. I don't think it'll drop anyway, it might plateau it bit," he said.
"But I don't think I've ever seen it like this. I've seen good markets and I've seen slow markets, but I've not seen it like this before."
Mr Snowden agreed the continued boom largely comes down to supply and demand in the city, with Mr McCormack adding 'every section of the market is firing at the same time'.
"It's rare to see that," Mr McCormack said.
"The thing is, right now, there's no typical buyer. There's a lot of first-home buyers around and they're competing with second and third home buyers, investors, those looking to downsize - every section of the market is firing at the same time."
That's a trend Mr Snowden has also observed, saying offers are coming in and being accepted within days of properties going on the market.
Orange's 12-month increase in value is well above the 6.7 per cent recorded across Sydney in the last year and almost triples the national average of 5.8 per cent.
The December quarter figures also include Newcastle, Wollongong and fringe areas of Sydney and show Orange has experienced the eighth highest increase in the last 12 months and is the 23rd most expensive housing market in the state.
The Domain House Price Report also shows the median price of a house in Orange is substantially more than in the Central West's next most-expensive areas.
The average price is Orange is $25,000 higher than in the Mid-Western LGA ($470,000) and $28,500 higher than Bathurst ($466,500).
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