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A steady increase in median property prices over a five-year period in the suburb translates to a 30.43% capital gain.
It also delivered a weaker performance in contrast to other Australian suburbs in terms of appreciation of property value.Investors saw the median home price rise to $510,000
The augmented property values in the suburb are trailing above the territorial average of 11.23% in 2016.
On the other hand, based on current median home prices for the suburb, Real estate investors could earn a rental income of $420.
Home owners selling their properties and realtors in ORANGE usually have to wait an average of 61.5 days days before their assets are lifted off the market.
The NSW suburb ranks 251st on the list of best yielding suburbs for rental properties in NSW, posting a 4.28% return.
It also places places 804th in Australia based on median property value growth during the quarter.
It’s perpetually autumn in the exquisite city of Orange in New South Wales, with vineyards that turn to a warm golden hue under the sunset, leafy trails, and the silhouette of the Mount Canobolas, an extinct volcano, in the skyline. The weather is absolutely fantastic due to the town’s high elevation, perfect for a late afternoon stroll with loved ones.
Orange had undergone a massive yet gradual transformation in recent decades, sparked by interest from retirees and property investors who wanted to settle in the countryside and profit from the regional town’s robust land. A number of these residents are now owners of acclaimed wine estates and fruit orchards in Orange.
Places to visit in Orange
Every year, Orange tourist receipts reach $218.2 million, and this is bound to soar as an increasing number of events and festivities held in the town create more buzz. Known as food, wine, coffee and trekking country, Orange is fast becoming a cycling destination as well, thanks to a myriad of tracks suitable for the sport which also happens to provide unobscured views of its beautiful slopes.
Orange has a council-run art gallery, and a great selection of stand out wineries and vineyards. Then there’s the Orange Botanic Gardens for leisurely walks and picnics. Hiking enthusiasts can visit the Pinnacle lookout along its namesake road, or spend a day exploring the Mount Canobolas State Conservation Area.
Real estate developments in Orange
Majority of buyers snapping up rural properties for sale in Orange are from Sydney and similar vicinities where amenities are not as extensive. Real estate experts agree that Orange has an advantage over other regional cities, in terms of choices of academic institutions, private hospitals and job outlook.
For its perks, Orange is still affordable for investors. The same is true for rental properties, whose average prices range between $170 per week for a one-bedroom unit to $1,000 for a large house.
|KEY PROPERTY DATA REPORT||HOUSE||UNIT|
|Median 12 month||18.6%||9.91%|
|Median 3 years||30.43%||18.03%|
|Median 5 years||49.12%||27.18%|
|10 years average annual||5.24%||3.21%|
|Weekly media advert. rent||$420||$320|
|Time on Market||61.5 days||53.4 days|
|Gross Rental Yield Percent||4.28%||5.56%|