Wagga Wagga PRD Market Update 2nd Half of 2019

In Q3 2019, Wagga Wagga recorded a median house price of $372,500, and a median unit price of $261,250. This represents annual (Q3 2018 – Q3 2019) median price growth of 0.4% for houses and a price softening of -3.3% for units. At the same time total house sales increased by 13.4% (297 sales), while units slowed by -3.3% (29 sales). Confidence is returning in the Wagga Wagga house market, while units have become more affordable for first home buyers.

Average vendor discounts between Q3 2018 and Q3 2019 widened to -5.2% for houses, while tightening to -4.2% for units. Market conditions in Wagga Wagga continue to favour buyers, where sellers are willing to negotiate below their initial listing price. Now is the time to enter the market.

Over the past 12 months, house rental yields in Wagga Wagga softened slightly to sit at 4.8% in June 2019; however, is still well above Sydney Metro’s 2.9%. This suggests the house rental market is in a relatively healthy position, as does the low average days to let a house rental in Wagga Wagga, of just 25 days in Q3 2019.

3 and 4+ bedroom houses each provided investors with steady rental returns annually, achieving median rents of $330 and $420 per week respectively.

Wagga Wagga recorded a vacancy rate of 1.7% in June 2019, which is a healthy position when compared to Sydney Metro’s 3.5% average. There has been a declining trend over the past 3 years, indicating a healthier rental demand.