Opportune Time for Property Transactions in Steady Wagga Market

The latest Fitzpatricks Report provides encouraging insights for both buyers and sellers considering entering Wagga Wagga’s property market.

The report reveals Wagga’s housing market has continued strengthening despite wider economic uncertainties, with the median house price up 11.2% to $555,000. Units also saw a 10.3% bump to $361,000. This steady growth comes as some bigger city markets grapple with slowing conditions.

Wagga’s affordable cost of living and population growth forecasts remain key drivers supporting future demand. The population is projected to expand to 77,540 residents by 2036. Ongoing housing needs to support this growth underpins market resilience.

For buyers, Wagga remains one of NSW’s most affordable regional hubs to enter the property ladder. First homebuyer stamp duty concessions coupled with reasonable median prices present opportunities for young families and owner-occupiers.

Sellers also have factors on their side. Moderate median growth allows properties to achieve improved returns over time without pricing out buyers. Over 1,100 houses still changed hands last financial year indicating an active market.

A tight rental vacancy rate around 0.6% bodes well for investors too. Gross rental yields of 6-7% can be achieved on well-located stock. New developments like the One Stop Trade Centre have seen high demand from owner-occupiers and tenants.

In summary, Wagga provides a stable, consistent property market not experiencing the slowdown emerging in major centres. For both buyers and sellers, the area remains an attractive option thanks to its reputation as southern NSW’s leading regional centre.