More and more homes around Wagga’s CBD are fast on track to breaking the coveted million dollar sale mark.
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There has been more than “10 one-million dollar sales within the market in the last 12 months,” according to Fitzpatricks Real Estate director Andrew McLeod.
It comes as a home sold on Simmons Street for $940,000 and another sold at Thorne Street for the same price.
The city is set to boom, according to an independent demographic mapping provider that forecast Wagga’s real estate market to grow by more than 300 homes per year by 2036.
“The homes range from residential properties to small acreages,” Mr McLeod said.
“That’s new ground for Wagga and it’s a reflection of the investments that people are making here.”
The price rises are a direct response to “quality renovations,” Mr McLeod said. Land value and the fact that some homes are located in “premium streets” also help set a precedent for the prices.
“I think (Wagga) will continue to see more million-dollar-plus sales,” Mr McLeod said.
“That central (business district) market is still being seen as that go-to place.
“There are a huge variety of properties that are available in Wagga within 15 minutes of the CBD and that’s the beauty of the city.”
The investor market is what attracts some of the sales in Wagga, according to Professionals Real Estate director Paul Irvine. But first home buyers have burst on the scene in light of recent changes to NSW stamp duty legislation.
“I’ve seen a big shift in the last two-to-three years with a very strong investor market,” he said.
“(Wagga) is in high demand for investors because of the return they can get from some of these properties.
“Since the first of July, we’ve seen a big influx of first home buyers back in the market due to the changes made with stamp duty.”
Changes to the stamp duty rate came into effect July 1 and saw the stamp duty tax completely axed for existing and new properties valued at up to $650,000.
“I think Wagga has always been a very strong market for first home buyers,” Mr McLeod said.
“We’ve had a lot of sales that pushed off settlement into July to benefit from the stamp duty updates.”
One house in the CBD on Gurwood Street broke the price mark and sold for more than one million dollars in 2014.