What's happened in East Tamworth?

I've noticed that East Tamworth's median house price has nose-dived over the past year - house.ksou.cn is reporting a fall of 70k from peak to trough i.e. 16% fall.

It also looks as though houses in North Tamworth are a bit cheaper compared to what I remember them being, although this isn't reflected in the stats.

Any news from people on the ground?

 

My uncle lives in Tamworth, he reports strong yield and growth for his unit in Tamworth.

9% growth for East Tamworth according to this mob:

Free Suburb Profile report for East Tamworth NSW (2340)

 

The fancy side of town! Could be some bargains coming perhaps?
Has the Sydney ripple come out yet? May be on the horizon though, @BuyersAgent do you know what's happening in the land of country music (for 10 days of the year )

 

Historically its normally 1 and a half to two years since a major city booms that the regional areas get the ripple effect. Hopefully its happening now, I've got some regionals that need some more growth

 

@bob shovel several indicators are still a little soft imo. Which is ok if you take a long term view and want to hunt for bargains but not if you want immediate market led cg. As @rico2011 said the market is humming along nicely tho.

 

Id caution that there is a lot of building happening and continuing to happen in Tamworth.

Could be an over supply of property there.

 

All running as sky is falling due to your NG and CG changes by your mates.

 

Tamworth has a massive over supply of new houses.

I still believe it is a good option though because the area has diverse industry, a population of approx. 70-75k (that will show in census - Wikipedia says about 50 I think) and it is very cheap for what it is (I believe so). South Tamworth you can get a good 3 bedder for $230.

There will be much better options out there, but for someone with a budget of around 200k then Tamworth is perfect. Another similar one is Albury, which has the addition of a University (and it is cold which seems to drive away the derro's).

One tip for Tamworth - do not buy a new house there.. most are built by the same builder and have major major issues e.g. they weren't built to standards and were built with poor workmanship. Currently the builder has been buying back the land and building a new place to make back a few $$.
Second hot tip for Tamworth - do not buy in the area 'Coledale' OR in Robert street South tamworth.. under no circumstances.

 

I think that must be the standard in a lot areas now! Slap em up and try to get our before the issues come up. Is it just one main builder doing the majority of houses?

 

Strong yield? AND growth? For a unit? In Tamworth?
I've had a bit of a look over the last couple of years, again over Easter.
There are some good buys, but I'm still chicken.

 

I wouldn't be.....however in country towns many like a house and yard.

 

Re comment , not buying in coledale.
I agree

But i would like to know the reality of such a crappy area

Lets assume that no agents will want to manage it

Which means no investors

So only owner occupiers or people who have had it for years

Since most ferals in the area wont be able to see past their bong they wont be buying


So what happens??? Do prices fall to a point where its virtually land value?

Or do they become derilect like Detroit?

Unless the government decide to do what they did in dubbo and clean it up , what actually happens?

 

Without badmouthing Tamworth - what is the capital gains upside on a house worth 400k?

Will it go to 600k??
I highly doubt it

 

Probably gov housing. Can't remember.
If they do sell you'll be paying a premium for ones with a front door! It's probably less than land value due to knock down and clean up

Ripple, just a case of when

 

I guess you would have local investors who manage themselves, or know someone there who can manage it for you.

 

Manage with a big stick out there!!

 

Yep, and have the firies on speed dial.

 

I haven't looked but when you search dept of housing etc, will it also show up community housing or the indigenous organisations?

 

On a particular website or just the google machine?

 

Wherever it is you should do some DD looking for DOH etc??