Food and wine hotspot seeing record number of $1 million property sales

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A record number of properties have sold for at least $1 million in Orange in the first six months of this year. The properties are mainly houses, but also include hotels, rural properties and commercial sites in Orange. And plenty more were knocking on the $1 million door, achieving sale prices of more than $900,000. According to official figures from the NSW Valuer General there have been at least 51 property sales in the city from January 1 until the end of the financial year this week for at least $1 million. It said the highest price was $10 million for the sale of the Robin Hood Hotel in March followed by $8.4 million for the Royal Hotel in Summer Street in April and $6.7 million for a 44 hectare property on Murphy Lane. House sales have included $3 million for a property on 1.35 hectares with subdivision approval in Carwoola Drive and $2.65 million for a home on Claremont Way, understood to be a record. In the CBD three houses in Hill Street, three in Sale Street and two in Kite Street have all fetched at least $1 million. A recent addition to the million-dollar club was an Allenby Street house which sold for $1.2 million this week. McCormack Barber Real Estate director Peter McCormack said more houses were selling for at least $1 million in Orange than ever before. “We were at that tipping point with houses in the $800,000-$1 million [range], there was a huge amount in the previous 12 months,” he said. Mr McCormack said prices rises of 15-25 per cent had pushed many over the $1 million mark this year. “It is still just incredibly strong and will be for the next 6-12 months.” Mr McCormack said million dollar-plus houses sales were now “commonplace”. He said these high prices were occurring across Orange with heritage CBD homes being joined by newer homes further out. “An increase of $100,000-$150,000 in land values has pushed a lot of homes over. They’re all under 10 years old,” he said. He said he sold a four-bedroom house in Larela Circuit for close to $1 million this week. “Prices have increased dramatically.” he said. One Agency Orange licensee Ash Brown said there had even been a few homes selling for more than $2 million this year. “It wasn’t that long ago a $1 million sale was quite rare, say five years ago. Now we’re seeing this weekly. “Certainly there is some confidence in Orange we’ve never seen before. It’s not just a spike. It seems to be a curve that is continuing.” He said most of the high-end buyers were from Orange. This article was originally published on the Central Western Daily.

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