Appetite keen for historic property in NSW Central West

A record deal worth $2.6m for a house dating from 1875 in Orange shows buyer appetite for historic properties in NSW Central West hasn’t waned.

Locals had also shown strong interest in the fully restored property built in 1875 known as Mena in Orange, but a Sydney purchaser closed out the deal for a record $2.6m.

Buyer appetite for historic properties in the NSW Central West hasn’t waned with a Sydney purchaser paying $2.6m for a historic house in Orange in a record deal.

Apart from Sydneysiders, there was strong interest shown in the nationally heritage-listed property from buyers in Canberra, Sydney and Melbourne, according to Josh Fitzgerald, the principal of selling agent McGrath Orange.

Locals had also shown strong interest in the fully restored 1875-built property known as Mena, fronting 50 Kite St.

Interest in Orange’s lifestyle has not faded during Covid-19 and the buyer from the up-market Sydney suburb of Mosman plans to relocate to the Central West city which is home to Newcrest, the world’s largest gold miner, as well as various large government department employers.

The Victorian-era house built by James Dalton is on 2327sq m in the heart of Orange, has five bedrooms, two bathrooms and two car spaces. CoreLogic data reveals house prices have surged 51 per cent in Orange, 255km from Sydney, over the past 10 years to reach a median of $542,544.

The Victorian-era house built by James Dalton is on 2327sq m in the heart of Orange, has five bedrooms, two bathrooms and two car spaces.

In nearby Bathurst house prices have risen more than 45 per cent in the past 10 years to $510,587. Over the past year there has been a 16 per cent price increase in Bathurst and a 31 per cent jump in prices in Orange.

Twenty kilometres from Orange, expressions of interest clo­sed this week on the Millthorpe Commercial Hotel, which is newly renovated and is being marketed by Deb Cullen of Cullen Royle.

Ms Cullen said there had been strong interest from local pub families, as well as Sydney publicans, in the hotel.

Near Orange in the NSW Central Tablelands, the 144-year-old hotel is being offered by its owners Orange-based siblings Andrew and Kath Logan.

“We have had quite a few people inspect it,” Ms Cullen said. “It’s been a good combination of local interest and Sydney interest, the local interest’s been quite strong.

“There is a lot of demand for regional properties including land, everyone likes looking at all the options right now.

“Everyone decided to go to their farms or beach houses, people want to bunker down and be safe and happy. Even buying (rural properties) almost sight unseen is what we are talking about.”

Rural agent Chris Meares from Meares & Associates said he reckons there’s two types of regional buyers, those in the 25-50-year age group as well as retirees who don’t want to do any work on their newly acquired property.

“The most popular level is at the $1m-$3m bracket, those people who have a house in Sydney and they can sell their house very well and they can move to Bathurst, or Orange, or wherever, onto a larger block of land and possibly a larger house with money to put in the bank, and with the opportunity to work remotely.”

Mr Meares said top-end retiree buyers are more demanding, wanting a perfectly renovated house and are willing to pay for it.