Overview
Tamworth is located on the Peel River in New South Wales, strategically situated between Sydney and Brisbane. The city is best known as Australia’s country music capital, hosting several country music events, and attracting domestic and international tourists each year.
Tamworth has experienced outstanding capital growth in recent years and Tamworth’s rental market has been under-supplied which has proved beneficial for investors looking for a more affordable entry level investment. The Tamworth property market is strong, with low vacancies and the consistent delivery of high rental yields.
Tamworth offers affordability, a diverse economy and has a strong infrastructure spend by all tiers of government. The regional city is also becoming a transport hub and a growing area for renewable energy projects. The Tamworth Regional Airport has a number of daily returned services between Tamworth ,Sydney and Brisbane, and flights between Mooloolaba and Melbourne will be commencing in mid 2023.
Key market statistics:
• 26.34% of the population live in rental accommodation.
• The median listing price for houses is $489,000.
• The median rent for houses is $395 per week and the median rental yield is 4.2%.
• the median listing price for units is $315,000 and
• the median rent for a unit is $300 per week, producing a rental yield of 4.95%.
• the current vacancy rate is 1.01%.
(Source realestateinvestar.com.au)
The Lifestyle
Not only does Tamworth host a world-class country music festival, but it is also an affordable place to live and a great lifestyle destination. With a diverse range of jobs, affordable homes, proximity to the coast, air travel to major cities, a range of educational choices, it really is a fantastic place to call home. Tamworth is also preparing for the University of New England (UNE) Tamworth central campus, which will be located in the Tamworth CBD in coming years.
Tamworth has beautiful surroundings and enjoyable wining, dining, and café cultures, so it’s easy to see why so many people are moving to the Tamworth region (current population is over 60,000 and it is predicted to reach approx. 80,000 by 2041) (source www.tamworth.nsw.gov.au)
For the cultured, Tamworth has a growing arts and culture scene, with multiple galleries, museums and the Tamworth Performing Arts theatre (Capitol Theatre) showcasing performing arts from around Australia and the world. Tamworth Regional Council has plans to build a larger performing arts theatre in coming years, in order to host larger performances which are typically reserved for the major Australian capital cities.
There are also plans for a new adventure pool in the Tamworth CBD, an indoor Aquatic Centre and to build on the night time visitor economy, Tamworth Regional Council’s strategic plan (Blueprint 100) includes plans for CBD accommodation.
Economic Development
The Tamworth Region has a strong economic position thanks to a diverse and robust local economy. The region’s estimated Gross Regional Product (GRP) is $3.26 billion which represents 0.6% of NSW’s Gross State Product (GSP). Annual GRP has shown steady growth for the past 10 years.
There is a diverse local economy with a focus on agriculture, mining, tourism, aviation and healthcare.
Infrastructure projects such as the Tamworth intermodal freight facility at the Tamworth global gateway park offers businesses the unique ability to transfer freight from truck to train and a direct rail route to vessels docked at Port of Botany and Port of Newcastle.
Summary
Tamworth offers a comfortable regional lifestyle. The city boasts lifestyle, education, and employment opportunities to the envy of its regional city counterparts. A dynamic and progressive city, Tamworth aims to retain more residents and welcome new residents by generating new jobs, improving skill levels, and enhancing liveability. This is an affordable and growing regional town providing great investment opportunities.
Southwell Property has a wide range of residential, rural and commercial investment properties on the market. Call 0488 923 988 to find out more about investing in the Tamworth region.
References:
www.realestateinvestar.com.au
www.tamworth.nsw.gov.au