Armidale Real Estate

Overview

According to information released by the Department of Lands both residential property prices and rental rates trended down in the Northern Tablelands (of which Armidale is the major centre) in the December quarter 2005. (See note 1 below). See Trends in Armidale Real Estate.

A casual observer may find that hard to believe as Armidale is currently experiencing an obvious boom in commercial property development.  However the softening of the residential real estate market in Armidale at the end of 2005 is a standard seasonal fluctuation.

Armidale is an education city with significant transient population.  As year end approaches university students commence their summer break (continuing to mid February) and people finishing education jobs may leave town.

A reversal of this cycle occurs in the March or June quarter.  New and returning students are back in Armidale and those starting new education positions are looking to purchase property or find accommodation.

Apart from the seasonal fluctuations the are and the high level of commercial development a number of other factors are contributing to the growth in the Armidale economy.  Rainfall has been consistent over the last year given great support to the local primary producers.  Armidale’s education sector is expanding and the impact of technology has enabled a number of locationally independent business to set up and thrive in Armidale.  These are particularly in areas of education, research, technology dependant and areas associated with services to the agricultural sector.

Note 1:  Department of Lands information

These figures are a better guide over the longer run rather than the shorter run.  They work on prices but don’t make distinctions as to the quality of houses sold or rented in each quarter.  Even though Armidale makes up a significant portion of the Northern Tablelands the whole of the Northern Tablelands is far from a homogeneous market.  Prices can go up in Armidale and down in other areas.