Tamworth Market Update 2 nd H a l f 2 0 2 4
OVERVIEW
In Q3 2024, Tamworth*, which in this report encapsulates data for the postcode 2340, recorded a median house price of $550,000, and a median unit price of $450,000. This represents annual (Q3 2023 – Q3 2024) price growth of 7.8% for houses and 25.0% for units. Comparing Q3 2023 and Q3 2024 sales increased, by 3.0% for houses (to 276 sales in Q3 2024) and by 12.5% for units (to 27 sales in Q3 2024). The property market is in high demand; which creates a buffer even with higher interest rates and resulting in price growth. With very little new stand-alone properties planned, further price growth is expected.
CHANGE FROM LAST
YEAR
HALF YEAR
FUTURE DEVELOPMENTS Tamworth is set to see approximately $66.7M of new projects commencing construction in 2024. Mixed-Use Projects $4.8M Residential $11.7M
HOUSE SALE S HOUSE ME DIAN PRICE
Commercial $25.6M
Infrastructure $20.4M
HOUSE RE NTAL PRICE
Industrial $4.1M
UNIT SALE S
These projects will stimulate economic growth and create new job opportunities in Tamworth. This should have a spill-over impact on the real estate market, in the form of higher demand for housing stock.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
The main commercial project over 2024 in the Tamworth* area is the Longyard Golf Course & The Mill Tavern ($15.0M). There are several infrastructure projects planned for construction, which will improve the liveability for residents.
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$550K
$450K
MEDIAN PRICE Q3 2024
$470
SALES
AVERAGE DAYS ON MARKET Q3 2024
50
51
HOUSE
U N I T
RENTALS
$355
AVERAGE DAYS ON MARKET Q3 2024
18
23
HOUSE
U N I T
The only ready-to-go residential development over 2024 is Darling Street Units ($2.2M). This project will add 7 units to the Tamworth* area. With only a limited supply of new ready-to-go residential project, the Tamworth property market can turn into an undersupplied market very quickly within a short time frame. This will result in median sale prices to increase even further, even with a higher interest rate.
7 Units/ Apartments
211 Lots