It’s world-famous for a country music festival, but Tamworth offers so much more than toe-tapping tunes. Surrounded by national parks, historic towns and foodie trails, this is a tree-change destination with big city benefits. Government investment towards infrastructure leads the way towards a strong economic position and bright opportunities for investors.
The historic Tamworth Post Office
Projected population growth
Along with Wagga Wagga, Tamworth has been identified as a regional growth centre by the NSW government. Ambitious plans are expected to lead to new real estate openings and significant investment in business opportunities. The Tamworth Regional Council population forecast for 2020 is 63,826 and is predicted to grow to 79,468 by 2041. The figures are up by 24.5% over 21 years.
Strong economic position
Tamworth’s Gross Regional Product is estimated at $2.8 billion. The GRP has shown steady annual growth for the past 10 years and represents 0.6% of the state’s Gross State Product. Tamworth is the centre for processing and supplying beef, lamb and poultry products to NSW, Australia and overseas. Within the region, it’s the major supplier of services and manufacturing for the agricultural, mining, trades, housing, commercial and industrial sectors.
Booming infrastructure
Tamworth residents enjoy rapidly increasing infrastructure across the board, from lifestyle options to business ventures. The city boasts one of the busiest regional airports, with regular direct flights to Brisbane and Sydney. It offers the potential to expand as a logistics hub for the export of processed meat.
The Tamworth Intermodal Rail Line is set to support hundreds of regional jobs, with a government investment of $28 million.
In terms of educational facilities, a range of good schools join Tamworth TAFE and a study centre for the University of New England and the University of Newcastle. The Tamworth Blueprint 100 aims to smooth the way towards population growth with a variety of initiatives, including a new health precinct.
Moving into the future, the Tamworth Intermodal Rail Line is set to support hundreds of regional jobs, with a government investment of $28 million. The rail freight network will increase capacity to meet future demand, with freight volume expected to rise from 482 million to 618 million tonnes by 2036.
The $480 million Dungowan Dam project will create further jobs and improve the water supply to the region. Three new dams will secure water for three different regions, while providing an economic boost to towns affected by bushfires, drought and COVID-19.
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Employment opportunities
Though the local expansion of abattoirs and the poultry industry has encouraged more people to move to Tamworth for work, it’s no longer reliant on agriculture. Health Care and Social Assistance is the largest industry sector, which makes up 15% of the total employed demographic. Retail Trade and Education and Training follow close behind, with the three sectors employing 35.1% of the working population.
Affordability
With a significantly more affordable entry price than the Sydney metro, Tamworth represents an attractive alternative for investors. The median house price in Tamworth is $327,500 compared with $1,104,500 in the Sydney metro. Strong rental yields average 5.9% over the last 10 years, with a low vacancy rate of 2.3% as of June 2020.
Tamworth is surrounded by national parks and scenic lookouts.
Lifestyle opportunities
Along with front row seats to the Tamworth Country Music Festival, the city delivers a wealth of recreational activities. Warrabah National Park is the spot for bushwalking and camping near the Namoi River. Foodie trails serve up award-winning wines, organic produce and international flavours. Galleries and museums join boutique shops and three major entertainment centres that host local and international performing artists.
The regional growth centre of Tamworth offers all the right ingredients for investment opportunities, now and into the city’s bright future.
Sources:
Tamworth Population, Tamworth Employment, Tamworth Regional Council’s Blueprint 100, Residex for house prices for postcode 2340 Tamworth, accessed in June 2020.