House prices across the state are growing at their fastest monthly pace in more than three decades and in Armidale, a limited supply of stock is pushing prices up.

The Parsons Close property went on the market two days ago, and Lachie Sewell of Laing+Simmons says he has already had more than 20 enquiries and will do four inspections next week once the current COVID-19 lockdown restrictions are lifted.

Interest has been shown from buyers in Sydney, Newcastle, and retiring property owners from the west of the state.

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Mr Sewell said the six-bedroom home is expected to fetch $2 million plus.

"The current record price for local properties in the 5 to 10-acre range is $1.32 million, set in June 2017 for 141 Mays Road," Mr Sewell said.

"This property is just over 4 hectares - or just under 10 acres - and comes with a price guide of $2 million to $2.2 million."

Mr Sewell has worked in the real estate industry for more than a decade and returned to Armidale from Newcastle 12 months ago.

"The Armidale market is totally different now with fewer listings and more buyers are competing for homes," Mr Sewell said.

"Sydney investors are coming in quite hard and looking for anything under $400,000.

"We're finding a lot of young families from Newcastle, Port Macquarie, and up to Byron Bay are being priced out of that market and they're coming inland.

"There are also a lot of young people coming to the area from Sydney who can work from home who are buying their first home."

The home on Parson's Close was built by owner-builder Mick Nizik over three years but he says he now wants to move his family to the coast. A builder by trade, this is the second owner-builder project Mr Nizik has completed in Armidale.

"I grew up on the central coast and I miss it," he said.

"I have three daughters and I want them to join Nippers and grow up with the kind of beach lifestyle I enjoyed as a kid."

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Mr Sewell predicts the Parsons Close property will 'reset the local prestige market' and says the home itself is 'worthy of the title'.

"There are only about 20 or 30 prestige homes in this sector in the whole of Armidale," he said..

"A lot of the five-acre prestige homes sit at between $1million and $1.3 million.

"This is a new benchmark we haven't really explored yet, this is a 10 acre home with Mount Duval views.

"There's simply nothing else like it in the region.

"This is once-in-a-generation opportunity to secure an authentic country manor offering rural tranquillity with all the conveniences of modern life nearby."

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