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There has been a substantial rise in sales activity in the Tamworth vacant land market with transaction numbers almost doubling in the 12-month period to August, according to PRDnationwide.
The latest Property Watch report from PRDnationwide’s research department revealed that vacant land sales were up 46 per cent in the year to August 2013, highlighting strong demand for lifestyle blocks in the $100,000 to $149,999 price range.
PRDnationwide research analyst Oded Reuveni-Etzioni noted that a significant investment in Tamworth’s infrastructure through the $220 million Tamworth Hospital redevelopment, Tamworth Education Centres and Coles Southgate Shopping Centre has heightened demand for housing to accommodate employees of the new facilities.
“We are seeing vacant land sales increase to a level not seen since August 2009,” he said.
“The demand for product has prompted the release of lots in existing and new estates to both the north and south of Tamworth, with north Tamworth accounting for 31 per cent of transactions in the most recent six-month period.”
PRDnationwide Tamworth principal Dean Cummins said many buyers were building their own properties as low interest rates and increased confidence had created a highly competitive environment for existing stock.
“With the tightening market in the resale of existing houses causing an increase in prices, many buyers are seeing more value in buying land and constructing a new home,” he said.