Predicted boom in Tamworth real estate market for 2017/2018 financial year

HOT PROPERTY: LJ Hooker Tamworth principal Richie Thornton predicts an increase in property sales. Photo: Gareth Gardner 130617GGE01
HOT PROPERTY: LJ Hooker Tamworth principal Richie Thornton predicts an increase in property sales. Photo: Gareth Gardner 130617GGE01

TAMWORTH real estate agents are bracing themselves for soaring sales ahead of benefits for buyers in the state budget.

Senior leaders in the real estate field predict all facets of Tamworth’s market will prosper with incentives for first home buyers among the contributors.

From July 1, first home buyers in NSW will be exempt from paying stamp duty for properties up to $650,000.

LJ Hooker Tamworth Principal Richie Thornton said the new incentive, coupled with the Federal Government first home buyers grant, was a great reason to explore the local market.

He said the stamp duty waiver meant more pre-existing homes would now be snapped up.

“It’s a substantial saving,” Mr Thornton said. 

“Anyone who is saving for their first home should be looking at getting in and buying at whatever price they can afford. Don’t miss the opportunity to buy, if you can only buy a three bedroom established home, do it because that much in savings won’t last forever.”

Mr Thornton said he would be interested to see how first home buyers react from July 1.

“It should help those who are selling their existing home, they will sell and buy in the next price level and so on,” he said. “It should multiply through a whole range of levels (of the market) If they don’t take the opportunity to buy with the saving of stamp duty, it’s a pretty foolish thing to do.

“I don’t think we have enough first home buyers to create a boom here but we could see a steady increase in activity from the first of July.”

Peel Valley Real Estate principal Robert Miller said the stamp duty exemptions for first home buyers opened up new opportunities for those wanting to sell their existing homes.

"We are seeing first home buyers starting to make provisions,” Mr Miller told The Leader.

“They are starting to show interest in buying properties in readiness for the stamp duty exemptions.”

Mr Miller said the property market in Tamworth had remained strong and it wasn’t only just first home buyers who would be given an added boost.

Those looking to sell up and move into bigger homes were expected to benefit from the demand.

"The market is going along well in Tamworth,” Mr Miller said.

“I believe we will get more first home buyers into the market after the first of July.

"It will also give an opportunity for current owners who want to upgrade; to sell their home and move to the next level for expanding family sizes.

“From the first of July I believe the real estate market in Tamworth will be off to a good start for the financial year.” 

"The market has always been strong in Tamworth and the number of sales across the board are good.”