TAMWORTH’S real estate market outperformed most capital cities in 2018, while Moree Plains was ranked the country’s number one growth area.
As homeowners in metropolitan areas began to see the price of their investment drop as the housing boom slowed down, Tamworth’s property market remain strong, according to a report by Propertyology.
The median house price increased by 6.6 per cent (or just over $20,000) to $355,000 in the last 12 months to September.
Propertyology head of research Simon Pressley said that was better than seven out of eight capital cities.
“At $355,000, Tamworth remains an extremely affordable housing market with quality infrastructure and a good lifestyle,” Mr Pressley said.
The median price in Moree Plains grew by a whopping 24 per cent.
“Moree Plains was Australia’s best-performed property market last year,” Mr Pressley said.
“The growth was driven by confidence in the local economy and affordable housing.
“The outlook for property markets in locations such Tamworth, Armidale and Moree Plains is rock solid.”
Tamworth First National principal David Doherty said although the city was in the grips of the worst drought in living memory, Tamworth was “showing it’s true colours as a strong, solid market”.
“Rural lifestyle acreages are still in high demand even despite the drought, while East Tamworth is always a very strong market and holding its own,” Mr Doherty said.
“We don’t get the peaks and troughs that Sydney gets. Tamworth has lower peaks and troughs, but it doesn't react quickly, so it’s a very consistent market.”
Tamworth LJ Hooker director Sam Spokes said while the median house price increased, there was an overall drop in sales.
“There was around 20 to 30 per cent fewer houses sold compared to 2017,” he said.
“You can put that down to a couple of reasons. One was banks tightening their grip with the royal commission, so not as many people got loans through.
“Also, I think there were less people selling houses because they were worried prices were going down, which was mainly coming out of Sydney-based media.
“It’s easy to get a bad vibe, so they held on a little longer. Prices are still really good and we had a few record prices for the area.
“There just were not as many selling as a whole.”
Burke and Smyth principal Gavin Knee said there was also very good growth from a commercial and industrial real estate standpoint.
“There is little available supply and high demand, which is increasing,” Mr Knee said.
“That means the region is held in high regard. Business growth and potential job growth are all pointing in the right direction.
“It was a good year to follow up the year before. Considering the drought, it shows we have a very resilient and diverse market.”