Wagga Wagga Property Market Shows Significant Growth Following Continued Infrastructure Investment
Following a $34 million injection into infrastructure improvements to the Riverina Intermodal Freight and Logistics Hub, farmland has also seen a 9 per cent increase in value.
A $282.1 million redevelopment of the Wagga Wagga Rural Referral Hospital, as well as retail developments, airport upgrades and a multimillion dollar child care centre at Chares Sturt University, have all contributed to Wagga Wagga’s accelerated growth, the results of which we are seeing in 2017 median prices.
Sales numbers have increasingly moved towards houses rather than units, reflecting a growth in home ownership over renting within the region and an indication of larger regional towns and cities playing an increasingly important role in the Australian market.
The biggest change was seen in the relatively new suburb of Lloyd, in Wagga Wagga’s south-west, which saw a 15 per cent increase in the median sale price for houses in the area within the past 12 months.
This was followed by Tatton, which saw a 13.3 per cent increase, then Mount Austin, with a 9.6 per cent increase in the median sale price for houses, both within the past 12 months.
Wagga Wagga itself saw an 11.4 per cent increase in the past 12 months for the median sales price of units and 16.9 per cent in three years.
Over these same three years Tatton has experienced the biggest jump in median sale prices for houses, at 25.4 percent, followed by Mount Austin at 14.1 per cent and then Glenfield Park, at 13.6 per cent.
These figures reveal that most of these high performing areas, including Tatton and Mount Austin and Wagga Wagga for units, have experienced much of their growth in the past 12 months.
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