Wagga in box seat to take advantage of Asian demand for food, expert predicts

In another bullish prediction, Propertyology’s Simon Pressley forecasts that Wagga will outperform Sydney and Melbourne for job growth from this year onwards.

It bodes well for homeowners, and investors, with the potential for “superior return” over those in capital cities.

“Late this year, or early next year, Melbourne could be in some pain,” Mr Pressley said. “And when you understand the economic profile of places such as Wagga, the employment outlook is looking a lot more positive – I just don’t see that positive outlook for Melbourne and Sydney. Wagga is in a very good position.”

Mr Pressley said Wagga is well-placed to take advantage of the rising Chinese middle-class, who will turn to the region as demand for food grows. He said the signing of free-trade agreements with South Korea, Japan and China paved the way for “huge” opportunities.

“Wagga is in a very strong agricultural precinct,” Mr Pressley said. “It is arguably Australia’s best agricultural precinct … we think there’s going to be some exciting times ahead there.”

According to Propertyology’s latest data, Wagga has enjoyed a 7.1 per cent annual price growth over the last 15 years – ranking slightly higher than greater Sydney’s price growth of 6.3 per cent.

Industry experts frequently point to job growth as inherently linked to house price growth. 

And, significantly, Mr Pressley highlighted the Riverina Intermodal Freight Hub as an enabler of the next big jobs boom.

Council has nominated a new partner for the project in Genesee and Wyoming after the collapse of Traxion, but is still yet to finalise a project plan.

“I understand there is some controversy with that project, but we are confident it is going to go ahead,” Mr Pressley said. “It’s going to provide jobs, not only during the construction phase, but long after it’s completed. Both direct and indirect.”