Wagga Wagga Property Market Update 2nd Half of 2021

In Q3 2021, Wagga Wagga recorded a median house price of $445,000, and a median unit price of $320,000. This represents annual (Q3 2020 – Q3 2021) median price growth of 22.3% for houses and 29.3% for units. Between Q3 2020 – Q3 2021 total sales decreased by -3.3% for houses (to 412 sales) and increased by +65.7% for units to 58 sales. This suggests real returns in the Wagga unit market and a combination of strong demand and undersupply in the housing market. With a clear upswing in both demand and median sale prices, now is the time for homeowners and down-sizers to transact.

Average vendor discounts between Q3 2020 and Q3 2021 have tightened for both property types, to -1.2% for houses and -0.7% 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 the speed in median property price growth in the area.

In September 2021, house rental yields in Wagga Wagga were recorded at 4.9%. In the 12 months to Q3 2021, the median house rental price increased by 12.5% to reach $405 per week, further complemented with a -18.2% decline in average days on the market (to 18 days). Overall, the Wagga Wagga rental market has strengthened over the course of 2021.

3 bedroom houses have provided investors with +9.6% rental growth annually, with a median rent of $375 per week.

Also in September 2021, Wagga Wagga recorded a vacancy rate of 0.5%, on par with the Wagga Wagga LGA and well below the Sydney Metro (2.7%). Vacancy rates in Wagga Wagga are well below the Real Estate Institute of Australia’s healthy benchmark of 3.0% and have continued a declining trend since December 2020, which confirms there is an increasing level of rental demand. Investors can be confident of a conducive investment environment in Wagga Wagga.