Market Update - April 2022
Welcome to our Market Update for April 2022 with Olivia and Sarah of our Property Management Team.
Here is what they have to say:
Olivia:
Hi, I’m Olivia.
Sarah:
And hi, I’m Sarah. And we’re from the Peter Fisher Real Estate team in Orange.
Olivia:
There’s been a lot of great things happening this month, both in the Peter Fisher office and in Domain’s recent quarterly data in Orange.
Sarah:
We wear a lot of hats here at Peter Fisher. And one of the things that we love doing is working with our investors and managing their property portfolios. The latest research indicates that one in five people living in the metro areas are thinking about a move to the region, with half of them, considering it within the next six months.
Olivia:
Enquiry is still excellent across the whole market for both sales and rentals. Through domain, we’ve seen that 20% of all online sales inquiries and 5% of rental inquiries are coming from Sydney.
Sarah:
In 2019, the median price for houses in Orange was 430,000. In 2021, it was 650,000. And over the first three months of 2022, median prices have been 725,000. This is an increase of almost 70% in less than three years.
Olivia:
Rent has also increased by record levels, though less so than increase in property values. In 2019, the median rent for a house in Orange was 380 per week. While in 2022, the median rent is recorded as 520 per week. This is an increase of about 37%.
Sarah:
Of course, this means that rental yields have dropped dramatically for our investors. However, our capital growth has made up for this.
Olivia:
We are always cautious about predicting what the Orange market will do in the next 12 months, but we do feel it will continue to grow.
Sarah:
While the rapid increase in land values might plateau, the cost of building is increasing. Our sales team here at Peter Fisher are telling us that the value of older existing homes will also increase to match the new house market, which unfortunately might price some buyers out.
Olivia:
Our sales team have also pointed out that rental and sale values in surrounding towns of Orange …
Sarah:
Such as Molong, Blayney, Cudal, have all seen a rapid growth.
Sarah:
Before we go, we thought we’d just update you on a few things that we have happening within our Peter Fisher team. Firstly, congratulations, Cathy and Michael, for 20 years at Peter Fisher.
Olivia:
We’d like to welcome Claudia to our team, our marketing administrator. And we’d also like to welcome Sarah.
Sarah:
And we are also looking for another energetic and keen trainee to join our team at Peter Fisher. So if you’re interested in property management and would like to work in the beautiful town of Orange, then definitely hand your resume into hunter@pfisher.com.au. and you can come work for us.
We hope you’ve enjoyed our market update and found it informative.
If there’s any real estate question you would like our agents to answer, please don’t hesitate to contact us to let us know.
We would love to hear from you!
