Local property experts argued Wagga should not lose confidence in the regional market when comparing falling house prices in the cities.
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According to latest Australian Bureau of Statistics, national house price falls in major cities have fallen 0.7 per cent in the last year, equating to a combined $13 billion in value in the three months to July.
An LJ Hooker September property report revealed Wagga has had good growth from the decline in the capital cities.
Forest Hill has the strongest growth rate over the past 12 months, which has seen its median sales price grow by 15.5 per cent.
The most traded suburb for houses has been Kooringal with 178 homes sold over the past 12 months and the fastest selling suburb in the city is Estella, with homes on average selling within 35 days.
Jason Pearce from LJ Hooker said Wagga didn’t see the over inflated growth that capital cities did, so therefore there is still sustained growth in the market.
“Due to there being less properties on the market than normal for this time of year and still strong buyer enquiry, we could see this growth continue,” Mr Pearce said.
Real estate agent Colin McGill from One Agency said the growth of Wagga’s primary industries including, education, defence and health care have had a positive effect on the property market.
“Wagga is not like the cities, our market certainly hasn’t cooled off and therefore people should not lose confidence,” he said.
“Wagga’s market will always be OK, because of our positioning between both Melbourne and Sydney and our defence industry, the university and the new hospital.
“I recently sold a place to a young doctor and this hospital is attracting doctors, nurses and a variety of specialists into the community.”
Mr McGill said the hardest thing is for people to get into the property market and urged people not to wait.
“We have a completely different market to the metro prices and a lot of the prices in Sydney have been inflated so it’s really just adjustments we’re witnessing, bringing them back closer to the market,” he said.
“We’re still getting plenty of inquiry from investors and it’s having a good effect for us here as there’s pretty good return with investments.
“We have a good mix with investors, some people only come to Wagga for a few years and then move on an invest, it’s a healthy market with adversity.”
