Wagga Wagga Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
In Q3 2024, Wagga Wagga* recorded a median house price of $595,000, and a median unit price of $375,000. This represents an annual (Q3 2023 – Q3 2024) price growth of 16.9% for units, whilst median house price has remained relatively stable . Comparing Q3 2023 –Q3 2024, sales grew, by 2.0% for houses (to 302 sales in Q3 2024) and by 35.5% for units (to 42 sales in Q3 2024). There is a high demand for houses and units in Wagga Wagga, spurred by a stable cash rate. The units market is seeing price growth, suggesting now is a good time for owners to capitalise on their investment. A stable house price creates a rare opportunity for buyers.
CHANGE FROM LAST
YEAR
Wagga Wagga will see approximately $1.2B of new projects commencing construction in 2024. Residential
Commercial
$19.6M
$58.1M
Mixed-Use Projects
HALF YEAR
$3.6M
HOUSE SALE S HOUSE ME DIAN PRICE Infrastructure
HOUSE RE NTAL PRICE
$1.1B
UNIT SALE S The largest development over 2024 in Wagga Wagga* is the Riverina Redevelopment Program (RRP) ($1.1B, Infrastructure). This development plans to construct the infrastructure facilities for 3 separately funded Projects, including the RAAF Base Wagga Wagga Redevelopment.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
$
There are multiple projects planned that will help boost housing supply:
MARKET CONDITIONS MEDIAN PRICE Q3 2024
$595K
$375K
MEDIAN PRICE Q3 2024
$505
SALES
AVERAGE DAYS ON MARKET Q3 2024
71
58
HOUSE
U N I T
RENTALS
$400
•
Harris Road Subdivision (214 Lots)
•
Fernleigh Road (8 Dwellings)
Although there are several residential projects planned, the amount of new housing stock it brings is not enough to satisfy demand – especially in the short term. This has the potential of pushing up prices sooner than later.
AVERAGE DAYS ON MARKET Q3 2024
18
18
HOUSE
U N I T
18 Units/ Apartments
26 Dwellings
281 Lots