Orange Market Update 1 st H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q4 2023, Orange*, which in this report covers the suburbs of Orange, Molong, Cargo, Cudal, Manildra and Clifton Grove; recorded a median house price of $680,000, and a median unit price of $550,000. This is a softening of -1.3% for median house price in the past 12 months to Q4 2023, and a growth of 16.0% for median unit price. Total sales during this time increased, by 17.7% (to 239 sales) for houses and by 25.0% (to 25 sales) for units. Confidence has returned to Orange*, with properties in high demand – especially for units. There is currently a slightly more affordable house market, in good news for first home buyers.
CHANGE FROM LAST
YEAR
Orange is set to see approximately $130.6M worth of new projects commencing in the 1st half of 2024. Mixed-Use Projects
Industrial
$14.8M
$5.1M Residential
HALF YEAR
Commercial
$23.5M
$27.1M
HOUSE SALE S HOUS E ME D IAN PRICE Infrastructure
HOUS E RE NTAL PRICE
$60.1M
UNIT S AL E S
A main infrastructure project over the 1st half of 2024 is the Orange Regional Conservatorium & Planetarium Building (30.0M). This will improve recreational options and liveability for residents.
UNIT ME D IAN PRICE UNIT RE NTAL PRICE
$
A key residential project is Summer & Woodward Streets Residential Development ($6.1M). This will add 5 units and 6 dwellings to the area.
MARKET CONDITIONS
Other residential projects include:
MEDIAN PRICE Q4 2023
$680K
SALES
$550K
MEDIAN PRICE Q4 2023
AVERAGE DAYS ON MARKET Q4 2023
66
103
HOUSE
U N I T
RENTALS
•
46 Shiralee Road (19 dwellings and 21 lots)
•
16 Platinum Parade (6 dwellings)
Most of the new stock planned are vacant land lots, which will take time to develop. Thus the ready-to-sell market remain undersupplied, which continue to push prices higher.
AVERAGE DAYS ON MARKET Q4 2023
40 Dwellings
$540
$430
25
22
HOUSE
U N I T
5 Units/ Apartments
119 Lots