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An entry level home in Orange has gone up by 87 percent in just four years
July 16, 2022
By Peter Holmes
It's a small, basic house built in 1960, in one of the city's more disadvantaged areas.
But it's got three bedrooms, built-in robes, sits on more than 700 square metres, and it sold this week for $365,000.
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In the current climate such a house might seem like a bargain. It certainly represents the change in entry level pricing for houses in the city.
But the $365,000 house sold for $195,000 just four years ago. It has appreciated more than 87 percent, way above inflation or wage rises.
Northeast of the CBD the house on Algona Crescent is near a park.
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It was pitched by the agents as the "perfect sound investment to add to your portfolio".
There is a tenant in place on a lease through to January 2023.
The property was described as having an updated kitchen and flooring, reverse cycle air conditioning in the lounge room, built-in robes in all bedrooms and a neat and tidy bathroom.
The yard was "low maintenance".
According to real estate site Domain the property sold in 2009 for $65,000 after 32 days on the market.
It sold again in 2011 for $146,000 after 21 days on the market, representing a staggering return of 125 percent over two years.
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In 2018 it sold for $195,000 after 19 days on the market.
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The current sale at $365,000 occurred after 105 days on the market.
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