Wagga Real Estate Hot Spot

Wagga Real Estate Hot Spot

 

Wagga Wagga has been identified as a real estate Hot Spot.  The city was identified as one of the most affordable places to buy a home in PRD Real Estate’s Housing Affordability Report “Ready Set Go Regional’  released this week. According to PRDnationwide research Wagga is one of the best performing real estate centres in Australia and in the top four in NSW for those looking to fulfil their dream of home ownership.  

The report highlights regional areas in Queensland, Victoria, New South Wales and Tasmania that not only offer house price affordability, but also show promising growth indicators for local jobs and a sustainable economic future. 

PRD Sales Consultant, Ryan Smith’s recent experiences back up the reports findings. “We have seen excellent enquiry from the city over the past 18months. Most city buyers comment on the fact Wagga is provided with everything that the city has at a fraction of the cost. We had a family purchase a lifestyle block in Wagga to allow the kids to enjoy space, be able to have pets like a dog and horses and have the flexibility to be at home longer by not spending hours on a commute. ” he said.

“Another family moved to town and the husband still travels to Sydney for work, Mon-Thurs and spends 3 days at home, which is still more time than they had together when they lived in the city. Wagga is providing great opportunities that the locals already knew about, now the City-siders are realising.” added Ryan.

Top performing areas were assessed on five key criteria:

Affordability

At $345,000 Wagga’s median house price is well below that of its nearest capital city, Sydney at $1179,500.

Source: ‘Ready, Set Go Regional’ PRDnationwide Research Report into Housing Affordability

Positive Property Trends

Wagga Wagga had more than ten times the required 20 sales transactions in 2016 and 2017 to ensure statistical reliability. Between 2006 and 2016, Wagga also demonstrated positive growth in prices with Houses (6.3%) and Units (3.0%) performing well. Consistent capital growth is expected to attract keen first home buyers and clever investors.

Investment

Wagga has demonstrated a consistently positive rental market with yields staying over 4.0% since 2009. December 2017 figures showed investment yields on houses (5.5%) and units (4.9%) were well above Sydney’s houses (2.9%) and units (3.8%) for the same period.

Project Development

Wagga Wagga is set to see major investment in future project developments.  With a higher concentration of commercial ($109.5M in 2018) and infrastructure projects ($1.31.7M) there is a positive economic outlook for the City with an expanding economy and growing employment opportunities

Employment

Wagga’s unemployment rate (5.5%) sits below that of Sydney (6.0%) and the State average (6.3%). Coupled with a growing economy and significant development, conditions for employment in Wagga are very desirable.

 

Vickie van Heuzen, Business Development Manager at PRD Wagga responded to the reports findings “It’s great to have this report support what I have been saying to my Investors for a while, that Wagga remains a top city for real estate investment with strong rental yields compared to other cities.

 

Other NSW regional areas identified in the report along with Wagga Wagga were Tamworth, Goulbourn and Orange.

 

To receive a copy of the full report contact: PRD Wagga info@prdwagga.com.au