MARKET CONDITIONS

The Wagga Wagga property market* recorded a median house price of $354,000 and $246,000 for units in Q1 2017, representing an annual price change of -3.0% and -8.9% respectively. Over the same period of time house prices in Wagga Wagga LGA changed by -3.1% to $340,000 and unit prices softened by -8.1% to $239,000. Wagga Wagga* property growth signals increasing affordability, however with median prices above Wagga Wagga LGA it is still a sought after market by buyers and investors. The Wagga Wagga inner suburb has recorded a higher median sale price for houses in Q1 2017 at $416,250, representing 9.5% annual growth. This indicates a premium market within the CBD.

Average days to sell in Wagga Wagga has held relatively steady over the past twelve months, currently at 73 days for houses and 106 for units in Q1 2017. Average vendor discounting have remained in the buyer’s favour over the past twelve months, however has tightened to -4.3% (houses) and -3.6% (units) in Q1 2017. Although sellers’ are willing to negotiate below first asking price, buyers are more aware of market conditions and competitiveness.

Median rents in Wagga Wagga have slightly increased for houses over the past twelve months to Q1 2017, currently at $340 per week. Rental average days on market has improved significantly, sitting at 24 days (houses) and 26 days (units). Astute investors are benefiting from 5.0% (house) and 5.5% (units) rental yield, higher than Sydney’s 3.9% and 3.8% respectively. Wagga Wagga demonstrates conducive indicators for long term investment