Fringes of Bathurst and Orange can compete with central locations on land value: HTW

Fringes of Bathurst and Orange can compete with central locations on land value: HTW
Fringes of Bathurst and Orange can compete with central locations on land value: HTW

NSW's centres of Bathurst/Orange have been a rising market for houses while units are at the start of the recovery cycle, according to valuation firm Herron Todd White's property clock -- a simple broad brush means of suggesting where property prices are and what direction they're headed. 

Like Sydney, the larger centres of Bathurst and Orange include a collection of suburbs. Surrounding the established areas and retail districts, the suburbs have their own characters as a result of previous, current, and planned development.

Google Maps shows the localities around Bathurst including Gormans Hill, Kelso, Robin Hill, Llanarth, Windradyne and Eglinton. Around Orange there is Glenroi, Warrendine, Calare and Bletchington. Neither of these is an exhaustive list.

The suburbs compete and can exceed in terms of land value with central localities, particularly if they have, or plan to have, large modern houses and good amenities. The variability, and sometimes the inferiority, of older central development can hold those areas back. In addition the market power of families who on average prefer a modern house and surroundings, as opposed to the relative market power of retirees and students who, for example, prefer to be closer to town, evens out the market.

In terms of investment, student-specific accommodation has reduced the demand and volatility for central accommodation in the general market, while incomes are a determinant of what can be achieved in the suburbs. 

Property Observer looked up recent sales in some of the fringe suburbs such as Gormans Hills (Bathurst) on www.realestate.com.au.

1. The median house price in Gorman Hills is $295,000, according to CoreLogic RP Data. No data was available for units. Among the recently sold was a four-bedroom house at 46 Fish Parade Gormans Hill NSW 2795 for $275,000.

 

Fringes of Bathurst and Orange can compete with central locations on land value: HTW

2. The median house price in Eglinton was $365,000, according to CoreLogic RP Data. As an example of recent sale, a three-bedroom house at 25 Cottonwood Drive Eglinton NSW 2795 fetched $355,000.

Fringes of Bathurst and Orange can compete with central locations on land value: HTW

 

 

Tags: 
Residential Market Bathurst

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