Tamworth Research Factsheet 2nd Half 2017
Tamworth is the major regional center for the New England region, located almost midway between Brisbane and Sydney. Tamworth is becoming an increasing dominant regional service center, underpinned by a strong regional economy.
The Tamworth property market recorded a median house price of $350,000 and $252,500 for units in Q3 2017, representing an annual price change of 2.9% and 15.8% respectively. Tamworth property prices are above (house) or on par (units) with Tamworth LGA, indicating it as a sought after market by buyers and investors. The unit market in particular has grown exceedingly, suggesting now is the time for astute investors to enter the market.
Over the past twelve months median house rent in Tamworth has increased by 4.5%, currently at $345 per week in Q3 2017. Vacancy rates has continued to decrease, currently at 3.4% in September 2017. This indicates increasing rental demand in the area, conducive for long term investment. Astute investors are benefiting from 4.9% (house) and 3.6% (units) rental yield, higher than Sydney’s 2.9% and 3.8% respectively.
Tamworth is set to see approx. $71.6M of new projects commencing in the 2nd half of 2017. A key commercial project is the Tamworth Gardens Lifestyle Villas, estimated at $31.0M. This will develop a retirement estate comprising of 235 individual dwellings, due commence construction in late 2017. This will bring attract a new demographic to the Tamworth market.
Another key project commencing over the 2nd half of 2017 is the Browns Lane 656 Lot Subdivision - Windmill Estate ($12.0M) which is anticipated to see 716 residential lots ranging between 300-1000sqm, and 15 to 20 rural-residential lots ranging in size from 1000sqm to 1hectares.