Tamworth rental property shortage

LJ Hooker real estate agent Sam Spokes said his agency had no rental vacancies at the moment, and any that did come on the market were getting snapped up quickly.

“We’re still getting up to five people a day looking for rentals, so the demand is there,” Mr Spokes said.

He put the shortage down to an influx of new residents to Tamworth, who were choosing to make the city their long-term home.

“A lot of people from outside the region are moving to Tamworth, and buying homes to occupy them,” Mr Spokes said.

“Many of those homes would normally be investment properties and go on to become rentals, but this influx of people to town means there are less on the market.

“We’re getting a lot of people going through our open homes who aren’t from Tamworth. The majority of those are from Sydney and Brisbane, where it is starting to become impossible for the average person to buy a house, so they’re looking inland.”

The Leader recently revealed Tamworth is growing at a rate of about one per cent a year.

Tamworth First National principal David Doherty said his agency’s rental books were practically full as well.

“Tamworth is a hotspot in the NSW market,” he said. 

“Typically speaking, we’re the third overflow bucket for Sydney.

“Sydney overflows to the Central Coast, then to Newcastle, then to regional cities like Tamworth. We’re a very affordable and attractive real estate destination.

“With the number of recent sales, there is a need for fresh listings in the market.”

Mr Spokes said it was the perfect time to buy an investment property, given the rental shortage.

“You’ll be able to fill the house, pay it off quicker and have more money in your pocket at the end of each week,” he said.

Mr Doherty said there was also a new trend developing in the market, with a high demand for small-acreage properties.

“They want bush blocks out of town, they don’t want the cookie-cutter one or two-acre properties,” he said.

“They’re looking for places with water or existing homes on the property.

“We’ve only got one for sale at the moment, and we’re in the process of negotiating a deal on that. Once that’s done we’ll have no more acreage left.”