Real estate news has been kind on NSW all year round, and recent data from view.com.au suggests the growth within the Monaro region isn’t set to change.
Real estate within Wagga Wagga had received considerable growth in January 2017, seeing land value rise by 5-6%, with farmland and commercial property increasing by 9% and 6.1% respectively. The rise in farmland value most likely comes from the $34 million that’s been invested into Riverina Intermodal Freight and Logistics Hub infrastructure improvements, which plays a key role in Wagga Wagga’s rural infrastructure.
Housing growth within the area stems from 5 years of investment into the area’s economy and overall infrastructure, including a $282.1 million hospital redevelopment, retail development projects, airport upgrades and a child care centre at the Charles Sturt University.
The above investments have sparked serious property price growth within Wagga Wagga, shown in the last 3 year’s continued median house price increase.
Properties for sale in Wagga Wagga have tilted in favour of houses over units, a reflection of the volume of buyers over renters. This reflects well on the long-term health of the region’s real estate market.
Over the past 3 years, sales of units in Wagga Wagga have halved, alongside a median price increase in excess of 13%. The sale price for houses has increased by 9.1%.
Other suburbs of Wagga Wagga have seen a steady but significant increase in house price growth. Bourkelands has seen a 7.3% rise over 3 years, Mount Austin a 10.4% increase, Tolland 10.9%, Kooringal 11.6%, and Lake Albert rose by 13.1%. The increases didn’t stop further south, with Tatton taking the lead with an astonishing 27.5% increase in median house sale prices.
Population growth is predicted to rise by 1.9% on average per annum, and local governments are addressing it with infrastructure projects such as a new primary school in Wagga Wagga.