Tamworth Property Factsheet 2nd Half 2018
The Tamworth property market recorded a median house price of $386,000 and $320,500 for units in Q3 2018, which represented an annual (Q3 2017-Q3 2018) price change of 10.3% and -4.3% respectively. Compared to the Tamworth 1st half 2018 Research Factsheet, which reported an annual (Q1 2017 – Q1 2018) median price growth of 11.0% (house) and -5.8% (units), the property market in Tamworth have remained relatively stable.
Sydney Metro median house price was $1,295,500 for house and $737,000 for units, as at June 2018. Tamworth has a significantly more affordable entry price compared to Sydney Metro and contrasting stable growth, whilst the Sydney Metro market experienced a slight cooling of -2.4% (house) and -1.4% (units). This confirms Tamworth as an ideal alternate location for investment
Median rent prices in Tamworth has experienced positive (Q3 2017-Q3 2018) annual growth of 6.1% for houses, currently at $350 per week. Median rent for units has remained stable at $250 per week. Tamworth continue to serve investors well, with rental yields of 4.8% (house) and 6.0% (units), which are significantly higher than that of Sydney Metro rental yields (2.7% and 3.7% respectively).
According to ABS Census 2016 33.1% of occupied private dwellings in Tamworth are rented, higher than the NSW average of 31.8%. This is good news for investors looking to enter the market.Tamworth is set to see approx. $118.5M of new projects commencing in the 2nd half of 2018. Commercial projects account for the majority of development value ($105.0M or 88.6%). This is followed by residential ($8.8M or 7.5%) and infrastructure ($4.6M or 3.9%). Residential projects will add 249 lots, 4 dwellings and 3 units to the market.