WAGGA’S rental market has been dubbed a “tale of two cities” with weekly leases varying from $150 to $800.
The most expensive property available to rent, a penthouse in the newly-opened The Mill Residence, lifted the city’s average rent price with a staggering $800 per week lease.
In contrast, a one-bedroom unit on Trail Street is on the market for just $155 per week.
It comes as prices fluctuate heavily across the board with Tatton and Lake Albert ranking among the top tier of the region’s real estate values.
Sydney median rental rates continue to soar, with property experts estimating as much as 40 per cent of residents may be locked out of the market.
Meanwhile, prices in Wagga remain relatively static following two years of significant growth, according to commercial property managers.
Booming development in estates like Boorooma, Estella and Lloyd have forged a new avenue of housing availability for aspiring investors and thrifty renters.
But Salvation Army Wagga captain Bindy Lupis stressed that many residents are still struggling to make ends meet.
“It’s fantastic for people to have more housing options available, but it’s only any use if they’re actually affordable,” she said. “We’re all for anything that gives people more alternatives and reduces the pressure they go providing they can comfortably live.”
The Riverina’s vacancy rate has meanwhile dropped since the region saw a record-high figure of 4.3 per cent in March.