Wa g g a Wa g g a M a r k e t U p d a t e 1 st H a l f 2 0 2 3 OVERVIEW In Q1 2023, Wagga Wagga* recorded a median house price of $569,500, and a median unit price of $337,500. This represents annual (Q1 2022 – Q1 2023) median price growth of 10.3% for houses and 8.5% for units. However, on a quarterly basis (Q4 2022-Q1 2023) median prices softened by -1.0% for houses and -2.2% for units. These trends suggests cash rate hikes translated into the market. Total sales declined between Q1 2022 – Q1 2023, by -31.9% (to 226 sales) for houses, while total sales for units increased by 6.3% over the 12 month period (to 34 sales). New opportunities now exist for buyers. CHANGE FROM LAST
YEAR
FUTURE DEVELOPMENTS Wagga Wagga is set to see approximately $94.3M worth of new projects commencing in the 1st half of 2023.
Residential
HALF YEAR
$29.7M
Commercial
$43.7M
House Sales House Median Price
Infrastructure
$13.9M
House Rental Price Industrial
$7.0M
Unit Sales
These projects will stimulate economic growth and create large employment opportunities in Wagga Wagga, which should have a positive spill-over impact on the real estate market.
Unit Median Price Unit Rental Price
MARKET CONDITIONS SALES AVERAGE DAYS ON MARKET Q1 2023
SALES MEDIAN PRICE Q1 2023
$569K
$337K
RENTAL MEDIAN PRICE Q1 2023
$480
$360
62
90
HOUSE
UNIT
RENTAL AVERAGE DAYS ON MARKET Q1 2023
23
17
HOUSE
UNIT
A main commercial project for the 1st half of 2023 is the Pinaroo Drive Seniors Living Units. The project plans to construct 103 x 1 bedroom units with 18 duplexes. Key residential projects planned for the 1st half of 2023 include: •
Birch Road Residential Subdivision (131 lots)
•
Elizabeth Avenue Residential Subdivision (195 lots)
•
Fernleigh Road Dwellings (8 dwellings).
This will assist in answering housing demand in the near future.
12 Units/ Apartments
14 Dwellings
326 Lots