In Q3 2022 Wagga Wagga, recorded a median house price of $530,500. This representsannual (Q3 2021-Q3 2022) 17.6% median price growth. That said on a quarter-to-quarter basis (Q2 2022 –Q3 2022), the median house price softened by -0.8%. This is a reflection of interest rate hikes translating into the market. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number of sales (265 sales). The unit market recorded an -4.3% median price softening annually, whilst also recording lower amount of sales. Current market conditions create new opportunities for home buyers.
PRD Wagga Wagga Market Update 2nd Half 2022
Key Findings
1. In Q3 2022 Wagga Wagga, recorded a median house price of $530,500. This represents annual (Q3 2021- Q3 2022) 17.6% median price growth. That said on a quarter-to-quarter basis (Q2 2022 – Q3 2022), median house price softened by -0.8%. This is a reflection of interest rate hikes translating into the market.
2. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number of sales (265 sales). The unit market recorded an -4.3% median price softening annually, whilst also recording lower number of sales. Current market conditions create new opportunities for home buyers.
3. A total of $1.8B in project development is scheduled for the 2nd half of 2022 in Wagga Wagga, with a large focus on infrastructure.
4. n September 2022, house rental yields in Wagga Wagga were recorded at 4.1%, higher than Sydney Metro (2.6%). In the 12 months to Q3 2022, median house rental price increased 12.2% to reach $460 per week, whilst the number of rentals declined by -1.9% (to 252). Average days on the market remain low at 19 days.
5. Wagga Wagga recorded a vacancy rate of 0.6% in September 2022, which is well below Sydney Metro’s 2.6% average. Vacancy rates in Wagga Wagga have held relatively steady over the past 12 months, remaining within the 1.0% range over the past 18 months. This indicated stability in rental demand and quicker occupancy.
