Regional NSW home prices rose to a record high in June 2024, going up 0.08 percent month-on-month to be 4.7pc higher than a year ago, according to the latest PropTrack report.
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The report notes, that since March 2020 "the rest of NSW" has seen a 53.7 per cent increase in property prices, with a median value $729,000.
While Tamworth real estate agents say local prices are not quite as marked as that, confidence remains strong.
Director of Ray White Rural, Riley Gibson, said property assets had increased significantly since the COVID-inspired boom.
"We've seen some incredible prices in the past four years, but the market is starting to stabilise," he said.
Mr Gibson said the boom had helped contribute to the 53.7pc [rise in property sales across regional areas] but the market had "settled down" since then.
"It's not a bad market [locally], it's very good but not as good as it was," he said.
Mr Gibson said the Tamworth housing market was in a very "stable" period at present.
"We're not expecting any immediate significant growth, but we think the market will return to Tamworth's good general year-on-year growth level, which has been so positive for long term investment for a long time," he said.
Mr Gibson said 30pc of Ray White's buyers were from "out of town", predominantly from the Central Coast, Newcastle and western regions.
"Tamworth as a destination is attracting people on the back of quality education, medical facilities, industry, job availability and an overall quality of life," he said.
"You get city convenience and country feel - that's why people come to Tamworth.
"We received the most inquiry for residential homes, family homes.
"Most people appreciate there is value in bricks and mortar in some shape and form.
"We've seen a good number of family homes selling well, and first-home buyers are still quite active in the market place."
Burke and Smyth director, sales manager and selling agent Jason Wherritt said the past 12 months' higher interest rates had come into play.
"That's just starting to settle down a little bit, that said, certain areas have still risen just due to demand for the area, and lifted from five to 10pc," he said.
"We're seeing people come from Sydney, Newcastle and the Central Coast - Tamworth remains a popular location for relocation - as well as some from Queensland, particularly from the Brisbane area."
Mr Wherritt said the most popular homes came from either end of the scale.
"We've seen activity first home buyers back in the market, and they're buying your typical three-bed, one bath, one car accommodation home for between $400,000 to $600,000," he said.
"Investors are also relatively strong in that price level as well.
"Then you jump up to $800,00 and over the $1 million mark - the next popular point - where they are typically retirees or people that aren't borrowing too much money so they are not as held back by interest rates."
PropTrack senior economist Eleanor Creagh said while the number of homes hitting the market this year had lifted, strong population growth, tight rental markets and home equity gains continued to bolster demand.
"Interest rate stability has sustained buyer and seller confidence, while the continuous rise in home prices is motivating many to overcome affordability challenges and transact with the expectation of further growth," she said.
"As a result, demand is outpacing supply, pushing prices and rents higher and offsetting the higher interest rate environment."
Ms Creagh said from July, tax cuts would lift household incomes increasing borrowing capacities and buyers' budgets, further supporting price growth.
