NORTH Tamworth has been named a “super charged” real estate suburb, and is among the top 50 housing market growth areas in the country,
According to the latest Price Predictor Index research by property experts, the high number of sales within the suburb means the average house price is about to jump and likely to deliver strong price growth in the near future.
Managing director of hotspotting.com.au, Terry Ryder, said while there was uplift across Tamworth in general, North Tamworth was the darling of the local real estate market, where the median house price is $400,000.
North Tamworth has seen six consecutive quarters of increased sales, and in the past 12 months the median price of the suburb has risen by nine per cent, and over the past five years, prices have shot up 32 per cent.
“It’s a nice, consistence, steady increase, indicating it’s an increasingly popular place for people to buy,” Mr Ryder said.
“What we know to be true is that when there is an uplift in the number of sales, there is an uplift in prices following – usually with a time lag.”
It’s not the only suburb feeling the love – prices in Hillvue, South Tamworth and West Tamworth are all up six to eight per cent in the past year, while East Tamworth is up two per cent.
“Something positive is happening in the market there,” Mr Rydner said.
“It’s dictated by the local economy and the research we do suggests Tamworth has a really good, strong economy.”
Residential vacancies have also recently dropped, another sign of a popular real estate market.
“In the past four years, it’s been sitting between 3 to 3.5 per cent, which is a little higher than average,” Mr Ryder said.
“Right now the vacancy rate is sitting at 1.5 per cent, which is particularly low.
“Again, that’s a strong indicator of a good economy, with jobs being created and people moving there to live.”