First time buyers in Orange take a year less than the Australia-wide average to save for a deposit, the Central West NSW Economic Update has found.
Orange’s homebuyers on average took 3.2 years to save their deposit, the ‘Recent Development in Construction and Development’ economic forum heard.
Nationally, the average was said to be 4.1 years.
“The tight housing market is fuelling property investment here and will continue to do so for the next year,” Bankwest Limited senior economic analyst Tim Crawford told the forum.
According to RP Data, the median house price in Orange is $295,000 with an average annual growth of 9 per cent.
The national median house price is $410,000.