Wa g g a Wa g g a M a r k e t U p d a t e 2 nd H a l f 2 0 2 2 FUTURE DEVELOPMENTS
OVERVIEW In Q3 2022 Wagga Wagga, recorded a median house price of $530,500. This represents annual (Q3 2021- Q3 2022) 17.6% median price growth. That said on a quarter-to-quarter basis (Q2 2022 – Q3 2022), the median house price softened by -0.8%. This is a reflection of interest rate hikes translating into the market. Total house sales decreased annually and quarterly, with Q3 2022 recording the lowest number of sales (265 sales). The unit market recorded an -4.3% median price softening annually, whilst also recording lower amount of sales. Current market conditions create new opportunities for home buyers. CHANGE FROM LAST
YEAR
Wagga Wagga is set to see approximately $1.9B worth of new projects commencing in the 2nd half of 2022. Residential
$8.7M
Industrial
$6.0M
Infrastructure
$9.5M
HALF YEAR
House Sales House Median Price Commercial
House Rental Price
$1.8B
Unit Sales A focus on commercial projects will stimulate economic growth and create new employment opportunities in Wagga Wagga. This will have a positive spill-over impact on the real estate market, in the form of higher property demand.
Unit Median Price Unit Rental Price
MARKET CONDITIONS SALES AVERAGE DAYS ON MARKET Q3 2022
SALES MEDIAN PRICE Q3 2022
$531K
$304K
RENTAL MEDIAN PRICE Q3 2022
$460
$360
43
45
HOUSE
UNIT
RENTAL AVERAGE DAYS ON MARKET Q3 2022
19
19
HOUSE
UNIT
A major commercial project set to commence in the 2nd half of 2022 is the Energy Connect Project ($1.8B). This project will be 900km long, which would run from Robertstown in South Australia to Wagga Wagga in New South Wales. The industrial market will welcome 63 new industrial subdivision lots ($2.2M) as Byrnes Rd Industrial Subdivision development is planned. A key residential project planes is 80 Lingiari Drive Residential Subdivision ($2.3M), which plans to add 67 lots. Others include: •
Goonigul Avenue Dwellings (5 dwellings)
•
230-238 Kincaid St Dwellings Maslin Homes (5 dwellings)
•
Vincent Rd Subdivision (22 lots)
10 Dwellings
89 Lots