National median unit price hits record high, while median house prices decrease in Perth and Darwin.
The foodie destination of Orange, in NSW’s central west, is attracting more than just fine diners and wine connoisseurs looking for weekend getaways.
More and more young people are heading to the town. But it’s a permanent move spurred on by the space, lifestyle and most importantly, bang for their buck.
While Orange’s house price has risen 5.7 per cent over the December 2016 quarter and 8.6 per cent over the year, owning a home in the town is still achievable for first home buyers with the median house price sitting at $368,000, data from the 2017 Domain Regional House Price Report showed.
Jenna West with her husband Winston and their son. She has embraced living without the Sydney commute in a town that ticks all her boxes. Photo: Domain
Rents have also risen 6.3 per cent over the year, with a median of $340 and 5.5 per cent yield.
Jenna West, along with her husband Winston, is just one of the many young professionals who have decided to move to Orange.
Having lived in Sydney for seven years, the couple were faced with the decision of where to settle down on their return from a stint in London and eventually decided against big-city life.
The Wests paid $400,000 in 2014 for a four-bedroom house with two bathrooms that had undergone fairly recent renovations. Photo: Domain
“When we were having the chat about where to move home to, we decided we couldn’t afford the life we wanted in Sydney,” West says.
“We knew we wanted to buy a house, we knew we wanted to have kids. We were considering Tamworth and Dubbo, but in the end we literally just picked Orange.”
They paid $400,000 in 2014 for a four-bedroom house with two bathrooms that had been renovated a few years earlier.
Their new home has enough room for a growing family. Space and a large block of land are sought-after by the new arrivals to the town of 40,000. Photo: Domain
“You can still have the lifestyle that comes with Sydney – you can eat well, go to nice cafes, go to wineries. It just ticked all our boxes,” West says.
What it doesn’t share with Sydney is the traffic. “That was the biggest shock – no commute. I remember the first day of work, it took me four minutes to get home. We’ve moved to the other side of town now – it takes 10.”
West has noticed a very big contingent of young professionals moving to Orange from Sydney, 250 kilometres away.
3 Phoenix Place, a three-bedroom house on a 717.4-square-metre block, is on the market for $345,000. Photo: Domain
They can earn a similar salary but it’s a much cheaper area to live according to Josh Fitzgerald, the principal at Orange’s One Agency real estate office.
“Unemployment went down a significant amount last year – from 7 per cent to 4.5 per cent – which is excellent for the town. We now have a labour force of more than 22,000,” he says.
Fitzgerald has noticed a mix of different age groups drawn to the town with a population of 40,000-plus – including a lot of young families.
4 Hawkins Lane comes with a “day pod” or backyard studio. It’s priced at $499,000. Photo: Domain
“They want space and a large block; a lot are looking at semi-rural blocks,” he says.
Domain’s chief economist Dr Andrew Wilson says that a recent revival in the local economy has brought new life to the Orange market.
“I think Orange has always been a sleeper. It dropped under the radar due to some local economic issues,” he says.
“But now it’s almost irresistible in terms of it’s value. It offers a lot in terms of local infrastructure, amenity and proximity to Sydney, and Orange has a very distinct nature to it. It’s a very lovely place.”