Did your Wagga property increase in value?

The team from REINSW headed by Leanne Pilkinton and Tim McKibbin are currently on the roadshow train and recently were in Wagga Wagga.  We were also very fortunate enough to have our very own Dr Diaswat Mardiasmo, PRD’s chief economist as one of the guest speakers, where she discussed the market activity and median prices in our region and greater NSW.
Key Findings
Wagga Wagga positive sentiment grew by 50.0% in the 6 months to the 2nd Half 2020. This is much higher compared to NSW and Australian average positive sentiment growth during the same timeframe, of 1.0% and 4.0% respectively. This shows strong market resilience and demand amidst COVID-19 conditions.  We are seeing a high confidence into the market, in early 2021 and with the potential for more.  This suggests real returns in both property markets, as opposed to a price growth due to an undersupply. With a clear upswing in both demand and median sale prices, now is the time to sell your property in Wagga Wagga.
For the first quarter of 2021, Wagga Wagga recorded a vacancy rate of 0.9%, on-par with the wider Wagga Wagga LGA (0.8%) and well below Sydney Metro (3.4%). Vacancy rates in Wagga Wagga continued a declining trend post-COVID-19 peak in April
2020, and are now at a record low with our own Wagga Wagga office seeing at the end of march a vacancy rate of 0.3%.  This of course confirms what we all know in our office and what our very busy Property Management team know first hand, that there is still a strong ongoing rental demand, suggesting that investors can be confident of a conducive investment environment in Wagga Wagga.
Click on the images below for a full-scale market PDF.

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