A MESSAGE FROM JOSH FITZGERALD
The last two years of real estate has been the most incredible market we have seen in Real Estate history! Over the past 18 months Australia’s property market values have increased at rates not seen in decades and Orange has led the charge!
The pandemic has created a change in the way families live throughout Australia; and with it a huge demand for housing. Orange saw a 45.4% increase in home values in the last five years and competition for properties was fierce.
Our CEO John McGrath recently reported, prices may have eased by 5% - 8% in Sydney since March 2022, however the Orange market has remained strong with prices easing by only 3%. We believe that we are more than half the way through the market correction in Sydney areas, making it an ideal time to consider upsizing, downsizing or investing with prices reportedly stabilising over the next 12 months.
The number of properties listed for sale in Orange is slowing and currently buyers are taking their time and contemplating their move. Last years ‘fear of missing out’ has been replaced with more contemplation by buyers indicating a more level or ‘normal’ Real Estate market.
While Orange’s average days on market this time last year were around 28 days, they are currently holding around 32 days on market. We are proud to say our McGrath average sale price is $897,500 and our auction clearance rate is currently 89% across the region.
It’s definitely not doom and gloom for Orange sellers. Buyer demand has increased by 15% in the last six months. The median house price for Orange is $690,000 according to RP data and the
median price of a unit is $422,000 with 853 properties sold in the last 12 months. For all of our investors in the area, the average rental yield for houses is 3.9% with the average weekly rent for houses at $530.
As the restrictions ease on our international borders, Orange will be a major recipient of new residents putting extra pressure on our property markets for owner occupiers and demand for rental properties.
With the Spring market upon us; Orange and surrounding suburbs continue to be a highly sought after locale; now is a great time to talk to us about all things property!
With marketing initiatives no other agency can offer, there is every reason to consider McGrath to represent you in your next move.
Yours Sincerely,
JOSH FITZGERALD 0414 304 898 joshfitzgerald@mcgrath.com.au
26 ISAAC DRIVE, ORANGE
- SOLD $1,350,000
32 STIRLING AVENUE, ORANGE
- SOLD $1,360,000
148 SALE STREET, ORANGE - SOLD $1,662,500
- SOLD $2,650,000
