Tamworth Lifestyle Report 2024
Tamworth is in New South Wales, approximately 420km north of Sydney on the western side of the Great Dividing Range. Tamworth, and its surrounding areas, is rich in vast areas of rural acreage. This report encompasses land sales sized between >5 and <50 acres in Armidale, Tamworth, Gunnedah Shire, Uralla Shire, Liverpool Plains Shire, and Walcha local government areas (LGA).
Overview
Historically, the median land price for properties with more than 5 acres has remained relatively stable in the past 5 years to 2024, with some fluctuations in certain LGAs in 2023 (Walcha Council) and 2024 (Liverpool Shire), due to specific high-end large sales. The number of acreage land sold has declined significantly in 2024, due to a shortage of available stock (i.e less turnover) and less rural land being rezoned into residential.
The stability in median land price, alongside lesser number of sales is mostly due to current economic conditions and higher interest rates; which creates a rare opportunity for eager buyers
Property Trends
In 2024, Tamworth LGA recorded 61 sales between 5 acres and 50 acres, a -45.5% decline between 2023 and 2024. Of the 61 sales in 2024, 50.0% is considered a premium, with a final sale price of $750,000 and above. However, 36.1% was considered in the affordable market, sold at less than $599,999.
We can see similar trends in Armidale and Uralla, with the premium market dominating. Liverpool plains recorded 20 sales and showed a different pattern, a balanced market with 42.9.0% in the affordable price range and 42.9% in the premium. Gunnedah showed more affordability, with 60.0% of the market sold at this price range. Walcha was the outlier, due to a very small number of sales. Overall, with the lifestyle that rural living offers, there is a property for every budget in Tamworth and its surrounding areas.
Project Development
This group of councils is set to see approximately $8.7B of new projects commencing construction from 2023 onwards. There is land lots planned in most areas, but they are mostly smaller blocks (<1 acre) for inner/city housing, as opposed to acreage / rural.
With only a limited supply of new ready-to-go residential project, the property market in these LGAs can turn into an undersupplied market very quickly. This will result in median sale prices to increase even further, even with a higher interest rate. This is especially true for LGAs that do not have any new land lots planned, such as Liverpool Shire Council, Uralla Shire Council, and Walcha Council.
