Wagga Wagga Property Market Update 1st Half of 2021

In Q1 2021, Wagga Wagga recorded a median house price of $410,000, and a median unit price of $245,000. This represents annual (Q1 2020 – Q1 2021) median price growth of 9.3% for houses and of 2.5% for units. Between Q1 2020 – Q1 2021 total sales in both markets increased, by 1.9% for houses to 326 sales and by 50.0% for units to 36 sales. 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.

Average vendor discounts between Q1 2020 and Q1 2021 have tightened for both property types, to -2.6% for houses and -1.7% for units. Wagga Wagga sellers now have the opportunity for a final sale price that is closer to their first list price. Buyers looking to access a discount should act now, considering current property price growth in the area.

In March 2021, house rental yields in Wagga Wagga were recorded at 4.7%. In the 12 months to Q1 2021, the median house rental price increased by 5.7% to reach $370 per week, while average days on the market declined sharply by -39.3% (to just 18 days). Overall Wagga Wagga has proven to be a highly resilient rental market throughout COVID-19 to date.

2-bedroom houses have provided investors with +7.1% rental growth annually, with a median rent of $300 per week.

In March 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 on a declining trend post-COVID-19 peak in April 2020, now at a record low. This confirms there is still a strong ongoing rental demand, suggesting that investors can be confident of a conducive investment environment in Wagga Wagga.