Orange Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q2 2024, Orange* recorded a median house price of $690,000, and a median unit price of $475,000. This represents annual (Q2 2023 – Q2 2024) median price growth of 4.5% for houses and 0.4% for units. During this time house sales increased, by 20.8% (to 238 sales), but unit sales declined, by -6.3% (to 15 sales). Houses are highly demanded, with both prices and number of sales increasing. Units are undersupplied, as the price increase is alongside lower sales. Now is an ideal time for owners to capitalise on their investments, especially as most of the new stock planned are land lots and there is a low number of ready-to-sell stock.
CHANGE FROM LAST
YEAR
Orange is set to see approximately $148.3M worth of new projects commencing in 2024.
Residential
$30.9M
HALF YEAR
Commercial
$35.5M
Industrial
$9.2M
HOUSE SALE S Infrastructure
HOUS E ME D IAN PRICE
$72.7M
HOUS E RE NTAL PRICE A focus on infrastructure projects will improve liveability for current residents, while creating jobs in the construction phase. Combined with commercial and industrial projects this stimulates economic growth, which should have a spill-over impact on the real estate market, in the form of higher demand for housing stock.
UNIT S AL E S UNIT ME D IAN PRICE UNIT RE NTAL PRICE
The largest residential project in 2024 in Orange* is the Sweetheart Drive Residential Subdivision ($9.3M). This will add 207 lots. Other projects are:
$ MARKET CONDITIONS
•
Shiralee Dwellings & Residential – Parkwood (19 dwellings, 21 lots)
SALES
•
16 Platinum Parade (6 dwellings)
•
Lantana Place (10 dwellings)
•
76 Lysterfield Road (55 lots)
MEDIAN PRICE Q2 2024
$690K
$475K
MEDIAN PRICE Q2 2024
$540
AVERAGE DAYS ON MARKET Q2 2024
77
54
HOUSE
U N I T
RENTALS
$415
AVERAGE DAYS ON MARKET Q2 2024
23
16
HOUSE
U N I T
Whilst there is incoming supply of ready-to-sell stock in Orange*, most projects commencing construction in 2024 are land lots. The number of house sales in the past 12 months is much higher than the number of new houses planned, suggesting that an undersupply; and thus, higher house prices, are expected.
40 Dwellings
434 Lots