Tamworth property market: Short supply keeps prices red hot as city bucks national downturn

While most regional areas have seen a decline in the last three months, Tamworth's market has remained the same - good news for sellers, but not so good for buyers.

It all comes down to one thing: lack of supply, First National Real Estate Tamworth principal Margo Taggart told the Leader.

"We haven't got the volume of the stock coming onto the market which is making our prices hold at the moment, which is good," she said.

"The disadvantage to that, is that there's just not a lot of homes coming onto the market."

Regional home values were down 1.5 per cent in August, according to CoreLogic, following a period of soaring prices during the pandemic, as more people than ever opted for a tree change.

Ms Taggart said while Tamworth usually lags behind national trends, it doesn't see the highs and lows of other areas.

"Our market will level out, we just may not be getting the cream on top of it with house prices," she said.

"But I don't see a 30 per cent drop like we're seeing in some metropolitan areas."

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LG Hooker principal Sam Spokes said Tamworth has historically been a level market, except for in 2019 when properties fell during the drought.

"But in the last two years, we've seen a 30 per cent growth in prices, but I think we will head back to a more normal market over the next six to 12 months," he said.

"I really can't see house prices going backwards just because we have so many buyers looking at each property."

With spring upon us, the market is set to get even more competitive with an influx of new property listings and buyer activity.

"In spring the vendors become a bit more motivated to list their homes. Buyers need to buy real estate because of circumstances - they're upsizing, downsizing or relocating," Ms Taggart said.

"Buyers have more choices in spring, because vendors decide to list because their homes are presented better at that time of the year."

Ms Taggart said buyers can get ahead by touching base with individual real estate offices first to get the inside knowledge on listings.

In the last few weeks leading up to spring a lot more people have been looking at getting houses appraised and ready to hit the market, Mr Spokes added.

"We've seen general enquiry for sales and listings go up, which usually signals that spring is in the air," he said.

Making sure your finances are in order, that you've got a solicitor or conveyancer in mind and a pest and building report lined up will all put you ahead of the market, Mr Spokes said.

"If you can get those things sorted, then once you've found the property that you like and you put in a successful offer, you've got a good chance of securing it," he said.

"Don't be afraid to give your agent an actual phone call and have a chat because a lot of the time they might have properties that aren't online that might suit you."

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