Wagga Wagga Commercial Property Market Update 1st Half of 2022
The median sale price for commercial properties in Wagga Wagga was $2,610 per sqm for Q1 2022. This represents half-yearly (Q3 2021– Q1 2022) price softening of -5.9% and annual (Q1 2021 – Q1 2022) price growth of 46.5%. Market activity remained stable between Q1 2021 – Q1 2022 (with 8 sales in Q1 2022).
With only 4 recorded sales in Q1 2022, the median price per sqm for industrial properties in Wagga Wagga was $1,728 per sqm. This represents half-yearly (Q3 2021– Q1 2022) price growth of 59.3%, and an annual (Q1 2021 – Q1 2022) price growth of 76.3%. Industrial property sales in Wagga Wagga remained limited, with just 1 sale in Q4 2022 and 4 sales in Q1 2022.
The median net lease rate for commercial properties in Wagga Wagga in Q1 2022 was at $348 per sqm. This represents a half-yearly (Q3 2021 – Q1 2022) price increase of 16.0%, and an annual (Q1 2021 – Q1 2022) price softening of -0.6%. Leasing activity slowed over the previous 12 months, with 9 leases recorded in Q1 2022 (compared to 23 leases recorded in Q1 2021).
Wagga Wagga’s median net lease rate for industrial property was $103 per sqm as of Q1 2022. This rate signified a price increase of 4.0% in the six months since Q3 2021 and represents a 5.1% price increase in the 12 months since Q1 2021. Leasing activity continues to trend downward, with 4 leases recorded in Q1 2022.
Wagga Wagga is set to benefit from an estimated $4.4B of planned future project development, scheduled to commence construction between 2021-2023. There are 111 major projects still due to commence, which represents 98.5% of the original development pipeline. Approximately $67.9M (or 1.5%) of projects are either abandoned or deferred by developers.
