Old 'federation gem' could go for more than $2 million at auction

Going to auction on May 23, the newly-advertised 16 March Street property has been dubbed a "federation gem" by Our City Real Estate, with the Californian bungalow sitting on a land size of 2020 square metres.

According to the city's development control plan, the average residential lot size for Orange sits around the 750 metres-squared mark.

And this home could go with a price tag in the multi-millions.

"Categorically, the block size is what makes it special and it's not that common to see, certainly not at such close proximity to town and a stone's throw from a golf course," the property's agent, Lan Snowden said.

"There's not many of them like this and they're very tightly held onto, simply because of the rarity of an area that big.

"Comparable properties like this have sold for over $2 million."

The same owners have lived in the house for more than 20 years, with the March Street home last sold in 2002 for $407,500.

Data from the realestate.com.au website shows the median price for four bedroom homes in Orange is up by 1.3 per cent in the past 12 month period, sitting at $800,000 as of Thursday, May 2.

But Mr Snowden said this blanket price point covers all of the colour city - without necessarily pinpointing competitive spots or home quality.

"Where it's located has stunning street appeal and looks very grand, but we're also talking about a double-brick bungalow property that's still carrying a lot of its original features throughout," he said.

"It's not comparable to your standard brick veneer home in north Orange, for example, and it's sitting on a bluestone foundation."

Other unique features, Mr Snowden said the early to mid-19^th century bungalow isn't typical when it comes to space, with the March Street digs "quite wider" than usual.

Another less common highlight of the home is the verandah, which the agent said wraps "right around to the left" and adds to its rarity.

Along with its four bedrooms, the federation house has two bathrooms and two parking spaces, and is less than a kilometre from the Woodward Street entrance to the Duntryleague Golf Club neighbouring Orange High School.