When considering purchasing a home for your family, or an investment property for your finances, it’s important to have all the facts – that’s why today we’re exploring the Wagga real estate market. We’ll go over things such as pricing, whether it’s a buyer’s or seller’s market at present and the availability of schooling and employment as well as other important things to consider before purchasing your own piece of Wagga real estate. Read on to learn more:
Wagga Real Estate Pricing
The first thing you need to consider when looking to buy property is whether it is within your budget. The benefits that a community can offer are no good to you if you can’t afford the local price point. Within the Wagga real estate market, homes generally sell for a median price of just over $372K. If this sounds management, read on to learn more about the area and Wagga real estate.
Expected Growth Of Wagga Real Estate
In terms of median price growth, your best bet is to purchase a unit which should provide just under 14% annual growth. Standalone houses are lagging majorly in this department with a median annual growth of just 0.9%. This suggests that the Wagga real estate market favours units in terms of capital growth, however, as we will see below, standalone homes are quite probably still a better option for those looking to invest.
Is It A Buyer’s Or Seller’s Market?
At the time of writing, the Wagga real estate market strongly favours buyers. This makes it a good time to enter the market, however, you may face strong competition due to the favourable conditions.
Wagga real estate rental yields are performing well at the present point in time, with investors able to expect a yield of approximately 4.6% on a standalone house. This translates to a median weekly rental price of $360.
Like all economies, the local job market has suffered a hit from the pandemic, however, the general consensus is that it will bounce back. Agribusiness and healthcare continue to flourish in the region and a freight logistics hub is on its way. While we still suggest that you check availability in your specific field of work, we do not foresee any issues.
Owning Wagga real estate provides access to local educational facilities and with over 20 schools to choose from at a primary level (and just under 10 high school options available) you’re sure to be able to find the right educational facility for your children. In terms of tertiary education, it is the home of the largest TAFE campus in the Riverina region. Your new Wagga real estate will also expose you to a host of early education centres operating in the area meaning little ones will be able to get off to a great start. This is particularly beneficial to young families meaning that wagga real estate investors should be able to see a better yield from this section of society.
Although considered NSW’s biggest inland city, the culture leans further towards country living than city dwelling. The area features plenty of parks and green space and those with aspiring sports stars at home will be pleased to know that the area is renowned for its sporting prowess. You can also easily access the local theatre and art gallery and the Livingstone National Park and State Conservation Area is just 30km away.
The seven factors outlined in this article are some of the most common aspects that need to be considered when buying a property. Now you have a better understanding of Wagga real estate, all that’s left to do is decide where you’re buying – happy house hunting.