House prices in Tamworth are on the up and its surprised even local agents with median home pricetags climbing 7.4 per cent in the last 12 months.
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The sharp rise was revealed in Domain’s latest state of the market report, and it could see first-home buyers looking at another barrier to entering the market.
According to the report, the median house price in Tamworth was $349,000 in September this year, climbing 7.4 per cent since 12 months ago when the price was $325,000.
It rose by $9000 in the last quarter alone.
Raine and Horne agent Chris Murray was surprised to hear about the steep climb in median prices, but said the demand for property is high.
“The abolition of stamp duty for first-home buyers has had an effect across the market,” Mrs Murray said.
While rising prices could be a deterrent for potential first-home buyers looking to crack into the market, Mrs Murray said it always a good time to try and buy into the Tamworth market.
“Any time is a good time,” she said.
“You don’t see prices drop in Tamworth.
“They only ever increase; they don’t fluctuate like they can in coastal areas like Port Macquarie.”
She said this year’s spring wasn’t as busy as the same time last year, but Mrs Murray said Tamworth is currently a “seller’s market”, with not enough houses for sale.
She also said there was a lot more demand in higher-end price ranges in the Tamworth region compared with previous years.
Median prices have climbed, and exceeded Tamworth’s growth, in other major regional centres, which include Evocities partners, over the past 12 months.
Bathurst’s median property price rose by 9.9 per cent in the same period, while Wagga’s market saw an 8.4 per cent spike.
Orange’s market only jumped 5.3 per cent in the median measure, while Dubbo dived by 4.1 per cent.
Closer to home, Armidale’s market edged forward by 1.7 per cent in the last 12 months, where the median priced house will set you back $356,000.