Orange house sales in 2023 still getting owners a pretty penny

Whether it was a house bought during the peak of the Covid pandemic when people from Sydney flocked to the Central West for a better life, or those family homes put on the market for the first time in decades, blocks of land have been changing hands left, right and centre in recent months.

In fact, since the beginning of beginning of May, almost 150 homes have been sold in the 2800 region according to realestate.com.

We've compiled a list of 28 of the most expensive, eye-popping and downright interesting homes to have been sold in the past three months.

In March, a Corelogic report revealed a Covid-triggered housing price jump between 2020 and 2023.

The figures showed a huge 51.9 per cent housing price growth in Orange from March 2020 to February 2023.

Taking a look at the recent sales of homes it's easy to see that trend has continued through winter.

During the past three months, 12 homes which had previously been bought at some point in 2020, were sold off for huge profits.

The biggest overall came from 147 Sale Street. On June 23, the four bedroom, two bathroom house sold for $1,925,000. Three years prior, the buyers purchased it for $630,000, marking an average annual increase of $431,660.

This was far from the only house sold in 2020 which has now upped significantly in price. 33 Scarborough went from $665,000 to $975,000, 32 Nile Street went up from $405,000 to $660,000, while 6 Eungelle Place sold for $793,500 on May 26, three years after fetching $475,000.

Continuing with the trend, 8 Botanic Way (sold for $775,000 in 2023), 7 Garnet Street ($660,000), 5 Noonameena Drive ($1,211,000), 7 Lyrebird Place ($810,000), 71 Phillip Street ($748,000), 30 Goldfinch Way ($860,000), 4 Turquoise Way ($815,000) and 2/184 Hill Street ($510,000) all saw their value increase by more than $50,000 per year since they were purchased in 2020.

CoreLogic's head of research Eliza Owen said the "Covid-boom unlocked enormous value across more affordable regional tree-change markets." Based on these sales, it's safe to say houses bought prior to or during 2020 will fetch much more than their previous sale price.

There's already been a few big ticket items mentioned, but here are four of the homes sold in the past three months which saw the biggest increase in year-on-year growth.

5 Georgian Place sold on July 19, 2023 for $756,000. Most recently prior to that, it had sold for $319,000 in 2021, but seven years before that, fetched $349,000. Using the 2021 price, it gained $218,500 per year between sales.

22 Hale Street sold on June 29 for $775,000. It had previously sold for $215,000 in 2021, good for an average annual increase of $280,000.

This followed on from a major remodelling of both the inside and outside of the house.

Then there is the "corner cottage" at 213 Byng Street. It was sold on June 9 for $750,000. It previously sold for $492,500 in 2021 with an average annual increase of $128,750.

In 1990, the average annual salary was roughly $27,000. In 2023 that number has risen to nearly $69,000. This equates to roughly a 150 per cent increase over more than 30 years.

But the sale of these three homes show the wage growth isn't exactly keeping up with the cost to purchase a home, even if you do take into account the higher interest rates faced decades ago.

Prior to its sale this year, the last time 159 Clinton Street went on the marker was in 1992. On that occasion it sold for $81,000. On May 30, 2023, it went for $620,000. This was an average annual increase of $17,380, with a total increase of roughly 750 per cent.

25 Rawle Avenue sold on May 5 for $550,000, the first time it's changed hands since 1997 where it went for $116,000. This house has seen its annual average value rise by $16,690 over those 26 years.

The other home which fits this category is 6 Thomas Brosnan Way. It sold on May 2 for $617,000, having previously sold for $137,600 in 1993. Its average annual increase was $15,980.

While the rest of these homes may not fit into any particular grouping outlined above, they are definitely worth noting for one reason or another.

Check out the gallery to see for yourself what these homes look like now and judge for yourself if they were worth the sale price.

9 Cooinda Avenue - sold May 17 for $1,000,000. Previously sold for $660,000 in 2018. Average annual increase of $68,000.

76 Molloy Drive - sold July 28 for $850,000. Previously sold for $547,000 in 2018. Average annual increase of $60,600.

6 Hawkins Lane - sold July 10 for $970,000. Previously sold for $585,000 in 2017. Average annual increase of $64,160.

3 Braeburn Crescent - sold June 21 for $790,000. Previously sold for $437,000 in 2017. Average annual increase of $58,830.

7 Geraldton Street - sold July 3 for $805,000. Previously sold for $520,000 in 2019. Average annual increase of $71,250.

161 Spring Street - sold June 9 for $405,000. Previously sold for $80,000 in 2010. Average annual increase of $25,000.

136 Spring Street - sold June 7 for $490,000. Previously sold for $179,000 in 2019. Average annual increase of $77,750.

59A Moulder Street - sold May 3 for $1,350,000. Previously sold for $745,000 in 2012. Average annual increase of $55,000.

8 Linden Avenue - sold May 4 for $1,200,000. Previously sold for $175,000 in 2001. Average annual increase of $46,590.

14 Lister Drive - sold May 17 for $1,070,000. Previously sold for $448,500 in 2010. Average annual increase of $47,800.

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