HOMEOWNERS betting on a surge in Wagga house prices based on the Sydney property boom are likely to have their hopes dashed, a property expert says.
Chris Egan, of Egan Valuers, agrees Wagga is “overdue” for a house price kick, but said “level” house prices would persist into the near future despite continued strong growth in Sydney.
The city’s median house price of $302,500 lags well behind Sydney’s record average price of $1,324,250.
Mr Egan said the circumstances of the Sydney property boom were unusual because it was being driven by mainly Chinese investors, who were unlikely to invest in regional areas, which would ordinarily drive up prices.
Simon Freemantle, of PRDnationwide Wagga, said house price growth “opened up options” for homeowners. He argued growth needed to be supported by new jobs.
