Tamworth property market expected to take a year to plateau as city continues to buck sale trends

After months of a hot and booming market, Tamworth continues to buck the market trends with houses hard to come by and prices through the roof.

PRD licensee Mark Sleiman said Tamworth was still six to 12 months away from any sort of reprieve.

But it might not be the respite buyers are hoping for.

"I don't expect things are going to drop, things are going to plateau, it's going to balance out," he said.

"We won't see any further growth in the prices in about six to 12 months time, the prices will stabilise, but the transactions will continue."

A balanced market for Tamworth looks like around 400 houses for sale at any given time, Mr Sleiman said.

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But at the moment there are fewer than 200 properties available for purchase across the city.

"We're still a very low supply market compared to the last 10 years," he said.

"The growth we've had in the past three years has just been unprecedented."

In the past three months the median price for a house in Tamworth was $469,000.

Out of the houses sold, the market accommodated for both low and high end buyers with almost 20 per cent of all house sales landing above the $650,000 price point, and almost 30 per cent going for less than $349,999.

One trend Mr Sleiman said he'd never witnessed in more than 13 years of selling houses was the price bracket shift for first home buyers.

"We are even selling homes to first home buyers in excess of $650,000," he said.

"A lot of them are dual income purchasers."

Partner Now Property director Jacqui Powell said the lack of supply and competition from investors had pushed first home buyers into unknown territory.

"There's a lot of people who find Tamworth very, very lucrative for investment properties," she said.

"So the first home buyers are having trouble getting into the market.

"The amount of houses for sale are so limited for that first home buyer so they're going up against investors."

More property records are expected to break in the coming months, after Tamworth cracked the $2 million dollar sale milestone in August following the purchase of 16 Rodeo Drive.

Ms Powell said she had received "great enquiry" for two more Rodeo Drive properties and one house in Napier Street in East Tamworth, which she expects will set a new sale record "for some time".

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