Wagga Wagga’s Real Estate Insights – 2nd Half of 2024
As 2024 winds down, the Wagga Wagga real estate market continues to showcase resilience and opportunities for both investors and tenants. Whether you’re managing property or searching for your next home, here’s what you need to know.
House and Unit Market Trends
In Q3 2024, Wagga Wagga recorded a median house price of $595,000 and a median unit price of $375,000. While house prices have remained stable year-on-year, unit prices experienced a remarkable growth of 16.9%. This trend signals strong demand in the unit market, making it an opportune time for investors to capitalize on rising values.
Sales activity also paints a positive picture, with a 2.0% increase in house sales and a 35.5% surge in unit sales compared to the previous year. Such growth highlights Wagga Wagga as a sought-after destination for property seekers across all budgets.
For Landlords: Strong Rental Yields and Low Vacancy Rates
The rental market remains robust. The median weekly rent for houses rose by 4.8% to $505, while units saw an 8.1% increase to $400. House yields are at a competitive 3.7%, significantly higher than Sydney Metro’s 2.8%.
With a vacancy rate of just 0.5%, well below the national benchmark of 3.0%, landlords can expect quick tenant occupancy, reducing potential downtime between leases.
For Tenants: Affordable Options and Rising Competition
Despite strong rental growth, affordability remains accessible. Approximately 18.6% of houses sold under $449,999, and 20.9% of units were priced below $299,999, offering options for those entering the market. However, with tight vacancy rates, tenants should act swiftly to secure their preferred homes.
Future Developments and Opportunities
The local market will benefit from over $1.2 billion in upcoming projects in 2024, including significant infrastructure investments like the Riverina Redevelopment Program. These developments promise to enhance the area’s livability and potentially drive further demand.
Residential supply is also set to expand with projects such as the Harris Road Subdivision (214 lots) and Fernleigh Road (8 dwellings). However, demand is expected to outpace supply in the short term, maintaining upward pressure on prices.
Key Takeaways
- For Investors: The current market offers a chance to leverage strong rental yields and capital appreciation, particularly in the thriving unit sector.
- For Tenants: Plan proactively, as the low vacancy rates mean competition remains fierce.
- For Everyone: With a blend of stability, growth, and significant upcoming developments, Wagga Wagga continues to shine as a property hotspot.
Stay informed and make confident decisions by leveraging the expertise of PRD Wagga Wagga. Contact us today to explore opportunities tailored to your needs!
PRD Wagga Wagga: Your trusted partner in navigating the local property market.
