THE stars have aligned in Tamworth’s real estate sector as confidence continues to soar sky-high.
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A triple-pronged auction at the Tamworth Community Centre on Wednesday evening saw more than $6 million worth of prime real estate go under the hammer.
RuralCo licensee Daniel McCulloch struck while the iron was hot on Wednesday and said there was currently more demand than properties on the market.
“If there were 10 properties for sale, they probably all would have sold,” Mr McCulloch said.
Nundle’s ‘Top End’, ‘Duntroon’ on the Loomberah Rd and ‘Bellvue Hill’ on the southern side of Tamworth were all up for grabs.
If there were 10 properties for sale, they probably all would have sold.
- RuralCo licensee Daniel McCulloch
“Especially in agricultural markets, all the stars have aligned,” Mr McCulloch said.
“There’s not many properties on the market and farmers are making money with beef, sheep and commodity prices all strong.”
‘Top End’ sold on the night for $1.55 million to another Nundle family.
A historic sale, Mr McCulloch said the property had been in the Schofield family since 1899.
Mr McCulloch said the purchase price equalled about $2430 per acre, which he said showed the market “finding a new level”.
‘Duntroon’ didn’t find its new owner at Wednesday’s sale, but the auctioneer said the “high productive property” was still under negotiation with a price tag of about $3 million.
While ‘Bellvue Hill’ went for $1.85 million, Mr McCulloch said location played into the property’s favour with “frontage on the Sydney Rd” on the “more sought after southern side of Tamworth”.
Mr McCulloch said there was a shortage of properties on the market but owners would be held in good stead with record prices abounding.
“Even if they’re not thinking of selling, property prices are increasing, making their asset more valuable,” Mr McCulloch said.
While Wednesday night’s triple-threat auction signalled a new market level in agricultural and lifeless real estate, Mr McCulloch was unsure where it goes from here.
“It’s an unknown,” Mr McCulloch said.
“Six months ago we were in one of the biggest droughts ever.
“I wish I had a crystal ball.”