Welcome to this quarterly PM Market Review!
Today we are reviewing the figures from our Mkaret Snapshot for the first quarter of 2021.
Finalising the figures in March 2021, the housing rental yields in Wagga Wagga were recorded at 4.7%. In the 12 months leading up to Q1, the median house rental price increased by 5.7% to reach $370 per week, while the average days on market declined sharply by -39.3% (to just 18 days) Overall Wagga Wagga has proven to be a highly resilient rental market throughout COVID-19 to date.
Vacancy rates in Wagga Wagga continued on a declining trend post-COVID-19 peak in April 2020 now a record low. This confirms there is still a strong ongoing rental demand, suggesting that investors can be confident of a conducive investment environment in Wagga Wagga.
Our leasing numbers for April and leading to May still remain high with demand still heavily outweighing the supply. So what that does that mean for our local investors? There is never a better time to lease out your property or look at that next investment opportunity. Having anywhere from 120-170 tenant enquiries a week with anywhere from 10 to 20 properties up for grab your property sits in a very good position.