TAMWORTH real restate agents are boasting a healthy market with the average home sale price increasing by $77,000 in the past 12-months.
In a sure sign the real estate market is continuing to grow, a senior agent has told The Leader the average selling price is the highest it has been in five years.
LJ Hooker Real Estate principal Richie Thornton has reported a great start to the year and predicts the market will continue to flourish
“The average selling price is the highest it’s been in five years,” Mr Thornton said.
“It’s been under 400,000 for the last four or five years and then in December it finally broke that mark – it tells you that the higher priced properties are starting to move along as well.”
“I can only see two things that will possibly change this. It depends on what happens in China and also what Donald Trump does in America – we are the tail on the dog and with whatever happens over there, we get caught up in it.”
First National Real Estate Principal Margo Taggart believes house and land packages have contributed to a $77,000 increase in the median sale price of homes in the past year. Mrs Taggart said homes in the $200,000 to $300,000 bracket and the $300,000 and $400,000 bracket appeared to be the most popular among the Tamworth market and are contributing to the price rise.
“We have so many house and land packages at the moment that have been sold so it is a fair chunk of the market,” she said. “People can get into them from $340,000 to $380,000 so that pumps the figures up across the board.
“While we are seeing a few more East Tamworth homes sold in the higher prices on the market, this will only increase if we’ve got the people to fill the homes. If our population is increasing as fast as the house and land packages are, I don’t think it will slow down. But personally I believe it will be nice to balance the market out a bit more and the secondhand market can catch up a bit so everyone wins.”
Mrs Taggart described the sale price range as typical of a “conservative country market place” such as Tamworth.