PREDICTIONS are some of the heat will come out of the NSW property market in 2022 but Orange is well-placed to buck that trend.
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Property listings struggling to meet demand plus Orange's strengthening position as an attractive inland alternative to the major metropolitan areas has it well placed to maintain its position as a real estate hotspot according to several industry sources.
According to analytics group CoreLogic, during 2021 a total of 999 properties were sold in Orange at a total value of $619,393,263, a figure that placed the city at number four on CoreLogic's top five regional centres for the highest total value of sales.
It also lead to a healthy average price $595,662.
McGrath Real Estate Orange's Josh Fitzgerald said he believed Orange was in a unique position when it came to sales in 2022.
"While some people are predicting Sydney to [slow down], Orange won't follow," Mr Fitzgerald said.
"We have great industry, excellent job growth, it's up with the highest in NSW and there's not a lot of land at the moment," he said.
A search of realestate.com reveals only 95 houses on the market in Orange when house and land packages, rural properties and houses under are offer are taken out of the equation. That scarcity, coupled with all-time-low interest rates will continue to protect Orange from stalling.
"With the lack of vacant land, and there is some coming up in the next couple of years which will help ease the median price, but until such time, there's just not enough stock to cater for the demand," Mr Fitzgerald said.
According to Propertyology, Orange's real estate value has increased by 78 per cent in the five years to August 2021 to be Australia's eighth best performer.
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