While investors from capital cities might be buying big on house and land packages in Tamworth, pre-loved homes are still a popular choice for property portfolios.
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Mark Sleiman from PRD believes that brand new homes and older houses are not what many investors are after, but it’s the ones between four and five years old that are hot property.
“They’re established and finished and there’s no extra work to be done - they just buy the property and rent it out,” he said.
Mr Sleiman said the lead up to the federal election had made for a quiet property industry and tightened lending criteria had put the pressure on the market. But of 26 homes in 25 days sold by PRD Tamworth this month, one third were believed to be investment properties.
He said the agency worked with investors to find a tenant for investment properties once settlement was underway.
“Investors don’t like anything that requires work, it just eats away at the profitability. For the investors – they go for things that are newer. Owner occupiers, however, they like the older homes. They want to enjoy it. It’s a bit of a hobby and to own a piece of history.”
