The NSW Valuer General revealed in January that real estate in Wagga Wagga has seen considerable growth, with land value shooting up by 5-6 per cent, while farmland value had increased by 9 per cent and commercial property 6.1 per cent. This increase in farmland value may come from the approximate $34 million being invested in infrastructure improvements to the Riverina Intermodal Freight and Logistics Hub, a vital part of Wagga Wagga’s rural infrastructure.
Housing growth comes after five years of investment into the region’s infrastructure and economy, including the $282.1 million Wagga Wagga Rural Referral Hospital redevelopment, which was officially opened in December 2016, as well as other projects such as retail developments, airport upgrades and a multimillion dollar child care centre built at Charles Sturt University.
This investment has resulted in real growth for property in Wagga Wagga, with median house prices enjoying steady increases over the past three years.
Wagga Wagga property for sale has increasingly slid towards houses rather than units, a reflection of the prevalence of homeowners over renters within the region and a reassurance of the long-term health of Wagga Wagga real estate.
Over three years, the sale volume of units in Wagga Wagga has halved, which has seen an increase in median sale price for units in the same period of over 13 per cent. Meanwhile the median sale price for houses has increased 9.1 per cent.
In other suburbs of Wagga Wagga there has been a mix of steady and significant house value growth. In three years, Bourkelands experienced a 7.3 per cent increase in the median sale price for houses, Mount Austin a 10.4 per cent increase, Tolland a 10.9 per cent increase, Kooringal a 11.6 per cent increase, and Lake Albert a 13.1 per cent increase. Further south, Tatton bucked trends with a staggering 27.5 per cent increase in the median sale price of houses within the area.
Population growth is expected to continue to rise by an annual average of 1.9%, with the announcement of a new primary school being constructed in Wagga Wagga showing that the NSW Government is responding to the news in April that Wagga’s northern suburbs were regional NSW’s second-fastest growing community.