Rodeo Drive house sells for $2.1 million, breaks Tamworth property record

Boasting a blend of Hamptons and modern interiors, the six-bedroom and four-bathroom home at 16 Rodeo Drive, near the sports dome, sold for $2.1 million last week.

The sale marks a new record for Tamworth which was previously set at $1.85 million for the five bedroom home at 41 Prentice Avenue in East Tamworth.

Partner Now Property licensee and selling agent Jacqui Powell said she expected to see more money being splashed on high end property in Tamworth.

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"I think Tamworth has grown, I think Tamworth has matured and I think Tamworth has become more sophisticated," she said.

"We have wonderful medical schools and we have jobs.

"I just think we've finally hit the radar that we're a pretty amazing place to live."

The Rodeo Drive house, which features open plan living, a media room, pool, butlers kitchen and mountain views was on the market for just two weeks before it was sold to a local family.

Despite an asking price of $2.2 million there was no scarcity of interest for the property with Ms Powell believing there is "definitely a market" for houses above the $1 million mark.

"I believe our market will continue with that trend," she said.

"If I had more, I could sell more."

In the New England North West, dwelling values increased by 1.2 per cent in July with the median price sitting at $399,553, according to data released by CoreLogic.

It bucks the trend of most major cities like Sydney which are seeing prices drop.

CoreLogic's director of research Tim Lawless said regional housing markets have been somewhat insulated from the slowdown witnessed in other markets.

"They tend to be a little bit more disconnected from the capital city and commutable markets from both a demographic and an economic perspective as well," he said.

"So chances are they will be a little bit more insulated from the speed of decline or the balance sheet of decline that we've seen in some of the other areas.

Ms Powell said the Rodeo Drive price was not a trend that will happen overnight.

She said it had taken the vendors more than three years to completely transform the property into a $2 million home.

More people taking an interest in design, interior decorating and building is what she believes would continue to prop up property prices.

"This is just the beginning," Ms Powell said.

"I do think people are now putting in more effort to their homes, there's much more attention to detail.

"And with a little bit of COVID time people have discovered it's fun to renovate."

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