Sydneysiders love this Central West town - and they're prepared to pay | Kanebridge News
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Sydneysiders love this Central West town – and they’re prepared to pay

By Robyn Willis
Tue, Aug 23, 2022 7:30amGrey Clock 2 min

The house might not be much to look at, but the property in this popular NSW Central West town has everything treechangers are chasing – and they’re prepared to pay top dollar for it.

On offer for the first time in 100 years, ‘Womera’ and ‘Springville’ in Orange, sold for $11.4 million last week – $1.4 million above the reserve. 

With 966ha to work with, ‘Womera’ enjoys a reliable 710mm annual rainfall and boasts rich volcanic basalt soils. As well as the four-bedroom brick home, there’s the old manager’s cottage, a bore, five stand shearing shed, two machinery sheds, five silos, steel cattle yards, sheep yards, grain storage shed, 24 paddocks and a double frontage to Weandre Creek.

Next door, ‘Springville’ offers a further 450ha with five paddocks, steel cattle or sheep yards, a shearing shed, machinery shed and Nubrygyn Creek frontage, as well as building entitlement.

While three buyers registered – two locals and another from WA – the eventual buyer was a neighbour from the Euchareena District.

While larger properties such as these are still the outliers in terms of price, Orange has experienced a 30 percent rise in prices for houses in the past 12 months.

McGrath Real Estate Orange and Molong principal Scott Petersen said COVID had accelerated interest in the area, which is about 250km west of Sydney, as more people embraced remote working.

“Orange is an easy drive from Sydney – between three and 3.5 hours or a 40-minute flight – and we get four very distinct seasons here in Orange – Sydneysiders appreciate that,” Mr Petersen said. “Sydney people also love what this region offers – the food, wine and events, the employment from the mining sector, good schools.”

The events calendar is a major drawcard for food and wine lovers, with more than 60 wineries in the region.

Emptynesters and retirees are also drawn by the reliable health services in the region.

“We have the best hospital this side of the Blue Mountains,” he said. “It has all the specialists and a really good oncology unit. The hospital is a very important factor for retirees coming to Orange.”

 



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Home values continue their upwards trajectory, recording the strongest monthly growth in 18 months, CoreLogic data shows.

The property data provider reports that their Home Value Index has noted a third consecutive rise in values  in May, accelerating 1.2 percent over the past month. This is on the back of a 0.6 percent increase in March and 0.5 percent rise in April.

Sydney recorded the strongest results, up 1.8 percent, the highest recorded in the city since September 2021. The fall in Sydney’s home values bottomed in January but have since accelerated sharply by 4.8 percent, adding $48,390 to the median dwelling value.

Melbourne recorded more modest gains, with home values increasing by 0.9 percent, bringing the total rise this quarter to 1.6 percent. It was the smaller capitals of Brisbane (up 1.4 percent) and Perth (up 1.3 percent) that reported stronger gains.

CoreLogic research director Tim Lawless said the lack of housing stock was an obvious influence on the growing values.

 “Advertised listings trended lower through May with roughly 1,800 fewer capital city homes advertised for sale relative to the end of April. Inventory levels are -15.3 percent lower than they were at the same time last year and -24.4 percent below the previous five-year average for this time of year,” he said.

“With such a short supply of available housing stock, buyers are becoming more competitive and there’s an element of FOMO creeping into the market. 

“Amid increased competition, auction clearance rates have trended higher, holding at 70 percent or above over the past three weeks. For private treaty sales, homes are selling faster and with less vendor discounting.” 

Vendor discounting has been a feature in some parts of the country, particularly prestige regional areas that saw rapid price rises during the pandemic – and subsequent falls as people returned to the workplace in major centres.

The CoreLogic Home Value Index reports while prices appear to have found the floor in regional areas, the pace of recovery has been slower.

“Although regional home values are trending higher, the rate of gain hasn’t kept pace with the capitals. Over the past three months, growth in the combined capitals index was more than triple the pace of growth seen across the combined regionals at 2.8% and 0.8% respectively,” Mr Lawless said.

“Although advertised housing supply remains tight across regional Australia, demand from net overseas migration is less substantial. ABS data points to around 15% of Australia’s net overseas migration being centred in the regions each year. Additionally, a slowdown in internal migration rates across the regions has helped to ease the demand side pressures on housing.”

 

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