A record number of properties have sold for at least $1 million in a NSW Central West town in the first six months of this year.
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The properties are mainly houses, but also include hotels, rural properties and commercial sites in Orange.
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.
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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.
David Fitzsimons
I am a senior journalist at the Central Western Daily concentrating on council, government and real estate issues. Before moving to Orange I filled senior roles at the Daily Telegraph, Daily Telegraph-Mirror and the Daily Mirror in Sydney. They included being an editor, news editor, chief of staff and reporter.
I am a senior journalist at the Central Western Daily concentrating on council, government and real estate issues. Before moving to Orange I filled senior roles at the Daily Telegraph, Daily Telegraph-Mirror and the Daily Mirror in Sydney. They included being an editor, news editor, chief of staff and reporter.
