Millions for mansions on the hill

TAMWORTH’S swankiest suburb has emerged as the shining light in a lacklustre local real estate market, with new figures revealing it has set a record for million dollar properties in 2014.

Despite indicators showing the market is still stuck in the slow lane, East Tamworth has defied trends to post three home sales in excess of the magic million mark in the first eight months of the year – two of them in Carthage St selling for $1.3 million.

Already this year, 20 East Tamworth properties have fetched more than $500,000, well up on last year’s figure of just nine.

Local real estate agents hope the strength at the top end of the market will help stimulate interest in the traditionally busy spring sale window.

“It does show confidence is returning to the market and that professional people are investing and staying in Tamworth,” Liz Shelton from Ray White Tamworth said.

“To pay that sort of money, they have to achieve a good price elsewhere.

“It’s certainly a significant sign. I can’t recall three properties selling for more than $1 million in Tamworth in a calendar year ever before.” Her comments come as Tamworth agents battle the lowest stock levels in a decade.

James Carmody from Tamworth’s MVS Valuers said properties in East Tamworth had long been tightly held.

“There are people with a million dollars out there willing to buy but there just haven’t been the properties on the market,” Mr Carmody said.

“This year, a few of those properties have come on the market and that’s why we’re seeing these figures.

“It’s a great area, with tree-lined streets, beautiful old homes, proximity to the CBD and a lot of prestige, so it’s no surprise people want to move there.”

There have been 81 sales in East Tamworth to the end of July this year, fetching a median price of $345,000.

This compares with last year, where there were 130 sales for the 12 months at a median price of $331,000.

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