Tamworth residential market continues to rise: HTW
The residential market at Tamworth is rising, according to Herron Todd White’s latest report.
The property valuation firm says that there has been notable increases in vacant land values.
“Tamworth is currently experiencing a rising market with notable increases in vacant land values, sale prices for established homes and a strong demand for housing.
"New and established homes within sought after suburbs are where the strongest growth and demand is being seen.
"While there are still plenty of sales occurring within the less desirable suburbs there has been less growth with some re-sales within 12 months increasing very little ($5,000 to 10,000) or staying the same if the property condition is worse than on the initial purchase.
"Over the past 12 months we have seen vacant land values continue to rise.
"Within the suburb of Calala a block worth $120,000 last year is now selling for $140,000 plus.
"The demand for prestige homes within East Tamworth is also showing signs of rising as properties over the $1 million mark are selling within shorter time periods and for higher prices,” the report stated.
Herron Todd White says that affordability and employment are the two main factors in Tamworth’s rising market.
“The two factors driving the Tamworth market are affordability and employment.
"With strong professional, agricultural and commercial industries, there is plenty of employment opportunity within a range of fields.
"Along with the ability to find a job, housing is comparatively cheap with a comfortable 4-bedroom, 2-bathroom family home able to be purchased for $400,000.
"There is certainly a trend of families making the country change to Tamworth where they can afford a family home while still having a large employment market.
"The market has being doing well lately due to the affordability of housing for both owner occupiers and investors.
"The 2016/17 financial year has been good for the agricultural industry, with good rain resulting in favourable seasons for farmers, which in turn encourages them to spend and others to invest in the industry, resulting in further employment opportunities."
The veers noted the expansion of the hospital was also helping with an increase in the number of staff required.
"If the market continues on its current path, the increase in people moving to the town along with the increase in employment due to the expansion and establishment of businesses will see Tamworth experience several more years of strong growth,” the report advised.
Tamworth would be at risk of a declining market if the current demand for vacant land were to be overwhelmed by the supply and if the local commercial and rural industries were to suffer a decline due to drought or a skills shortage.
A four bedroom house at 316 Back Kootingal Road, Tamworth (above) has been listed for $410,000.
Similarly a four bedroom house at 15 Grand Meadows Drive, Tamworth (below) has been listed for $445,000.
The block of land was last sold in 2013 for $98,000.
A two bedroom unit at 2/3-5 Piper Street, Tamworth (below) was recently sold for $244,000.
It last sold in 2007 for $187,000 and in 1994 for $113,000.
Similarly a four bedroom house at 23 Verdelho Drive, Tamworth (below) was recently sold for $539,000.
The block of land was last sold in 2012 for $98,000 and the house was built in the same year.
