Sydneysiders love this Central West town - and they're prepared to pay

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.”

The Australian housing market is rapidly evolving, with new research revealing changing activity in regional and city areas.

The latest Regional Movers Index from the Commonwealth Bank showed the exodus from Australian cities to the regions is significantly exceeding pre-COVID movements, sitting at 19.8 percent higher. Even more revealing is data which showed relocations are 1.8 percent up on the average recorded during the height of the lockdowns. At the same time, people in regional areas are staying put.

The report is a partnership between the Commonwealth Bank and the Regional Australian Institute. RAI CEO Liz Ritchie said the regions have become the permanent home of choice for more Australians.

“The inter-regional migration index —which tracks regional to regional relocations — has fallen by 5.1 percent, suggesting that more regional residents are content to stay where they are. With the continuing strong jobs market across regional Australia, increasing city property prices and ongoing cost-of-living pressures, it’s no surprise the regions remain desirable,” Ms Ritchie said.

She said this had significant implications for planners, with a better understanding of infrastructure needs required by planners.

“Regional Australia is truly the nation’s new frontier. There are so many opportunities in our regional communities, but likewise we know there are challenges. Housing for example remains a key ongoing concern in many communities,” she said. “Regional Australia is growing and for that to continue we need adequate foundations. The time to lay them is now.”

Among the areas to benefit from this shift over the past quarter was the Hunter Valley city of Maitland in NSW which saw a 3.4 percent increase in net migration from the cities and other regional areas. Long seen as the less desirable locale in the wine growing region, Maitland has attracted more buyers looking for an affordable home with lifestyle benefits. CBA Executive General Manager Regional and Agribusiness Banking Paul Fowler said it was an area on the rise.

“There is significant development happening around Maitland, with extensive land releases for residential, industrial, commercial and retail fuelling strong employment and construction industry opportunities,” Mr Fowler said.

“Maitland is also set to benefit from major investments in the area including the nearby Newcastle Airport which will welcome international flights from 2025, further enhancing the region’s accessibility and economic profile.”

And while Melbourne property prices continue to experience a lull, it’s a different story outside the capital, with regions closer to main city centres performing particularly well.

“A move to regional Victoria remains on trend among those relocating, with the state’s regional areas experiencing the largest surge in popularity in the 12-month period to September 2024, with its share of net regional inflows rising from 21 percent to 30 percent,” Mt Fowler said. “Trending scenic LGAs like Queenscliffe on the coast, as well as Moira, Wangaratta and Strathbogie located further north, offer attractive and more affordable lifestyle opportunities for many Australians.

“With more corporate employers setting up or relocating to Geelong, Queenscliffe’s proximity to Greater Geelong and the Melbourne CBD means more regional Australians can enjoy diverse employment opportunities while living in a beautiful location with enhanced lifestyle opportunities.”

Sydneysiders love this Central West town – and they’re prepared to pay

Buyers are moving there in their droves while existing residents know they’re on a good thing