October median sales data for Wagga Wagga real estate reveals a mixed bag of results as far as sales volume for houses is concerned. A select number of suburbs within the regional city have seen an increase in the sales volume of houses since this time last year, while other areas have seen a decrease. With solid growth in the median sale price for houses across Wagga Wagga, these figures suggest that homeowners are increasingly choosing not to sell. This decrease in supply may drive median house prices up further, despite the potential for a cooling housing market.
The most noticeable changes for median house prices was in the following suburbs:
Lloyd properties saw an increase of 15 per cent compared to October 2016.
Tatton properties saw a 13.3 per cent increase compared to October 2016 and a 25.4 per cent increase since October 2014.
Mount Austin properties saw a 9.6 per cent increase compared to October 2016 and a 14.1 per cent increase since October 2014.
Forest Hill properties saw an 8.3 per cent increase compared to October 2016.
Kooringal properties saw a 7.1 per cent increase since October 2016 and a 12.3 per cent increase since October 2014. This comes alongside an 18.3 per cent decrease in the sales volume of houses since October 2016.
Meanwhile, while median house prices only increased by 4.1 per cent in the central suburb of Wagga Wagga since October 2016, the median sales price for units in Wagga Wagga increased by 11.4 per cent in the same time. This occurred most probably as a result of the sales volume for the same period for units decreasing 22.4 per cent.
Over three years, there has been a marked decrease in the volume of houses sold, especially in Boorooma (41.9 per cent), Bourkelands (43.5 per cent), Springvale (42.1 per cent) and Forest Hill (30.2 per cent).
Beyond a diminution in market activity and its effect on house prices, there has also been significant infrastructural investment made to Wagga Wagga following the end of the minerals boom. Investors have sought to invest in regional centres, such as Dubbo, Tamworth and Wagga Wagga that don’t rely on mines for their local economies. With this has come a $34 million investment to the Riverina Intermodal Freight and Logistics Hub, with the aim to cater to an increasing traffic demand and attract investment from Sydney businesses that are being pushed out by rising prices.
The agricultural performance in Wagga Wagga also plays a large part in the confidence of the Wagga Wagga community in the outlook for their economy. Beef prices have nearly doubled in the past three years.
Strengthening investor sentiment is the decision to upgrade and raise the Murrumbidgee River levee system, currently in construction, following a 2012 flood that forced the city to be evacuated and insurance premiums for homes and businesses increase up to 400 per cent.