Tamworth rental price spikes: Domain rental report

Rental prices in the Tamworth local government area rose 6.1 per cent in 2018, according to the latest Domain Rental Report.

It showed the median cost to rent a home in Tamworth is $350 a week, which is up from $330 in the past year.

It’s a significant rise, given five years ago the average weekly price was $320.

While housing rents have gone up, unit prices have dropped slightly, from $250 to $245.

Armidale’s average house price didn’t budge, staying put at $345. It was the city’s apartments that saw growth, with the average unit rental price increasing 6.4 per cent to $250 a week.

Tamworth’s housing rental prices are on par with Bathurst and Dubbo, but more expensive than the regional hubs of Wagga Wagga ($340) and Albury ($315).

Orange was the most expensive of the Evocities, coming in at $370 a week.

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For investors, Tamworth’s house rental yields fell by 1 per cent, while unit yields fell by 0.2 per cent.

While most of the state’s regional hubs experienced a drop in rental yields, Armidale was able to buck the trend with house yields rising by 2.5 per cent.

The rise in Tamworth’s rental prices reflects the general growth in the city’s real estate market. 

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.

While house prices rose, there were fewer houses sold across the region. In 2018, 1068 houses were sold in the 2340 postcode region, compared to the 1234 sold in 2017 – a drop of 166.

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