Last week's interest rate cut to a record low proves it is the best time to enter the housing market, but experts advise people need to ensure they can afford this type of investment.
Almost two decades ago interest rates were sitting at 17.5 per cent, but on July 3 the rate dropped to just 1 per cent.
Independent property valuer Chris Egan said the current market conditions in Wagga are firmly in favour of the buyer.
"We're just lucky in Wagga as we have a stable real estate market, with good returns and low vacancy rates and we don't get the fluctuations of the major cities," he said.
"Low interest rates put the money back into borrowers' pockets, which will inevitably go back into the local economy and lead to people spending money in the local shops.
"If I was in the market to buy a house, I would buy one now.
"You could potentially buy in these economic conditions, but it's really important to have enough equity or re-loan ability in case rates increase in the future."
For primary school teachers Sophie Hawkins, 25, and Josh Malone, 26, the decision to build a home came down to what was going to give them the best bang for their buck.
"We were looking at existing homes and cheaper options but when we added up all the updates we would need to do, this ended up a better option in the whole build cost," Ms Hawkins said.
"We thought the first home buyers grant of $10,000 was a good option ... and only the stamp duty being waived for existing homes, that was definitely something that pushed us into choosing to build.
"From the beginning ... we worked out how much each we would need to pay per week and so it still feels like we are paying some form of rent but it's just been all going to this house that we wanted."
The pair were able to save much quicker for a deposit on their Lloyd home by living with their parents.
Mr Malone said along with the incentives to build a home, choosing a bank with the lowest interest rates was a pivotal decision.
"Hume had a fixed rate for the first two years for home buyers at 3.5 per cent," he said.
"It was also good timing in both of our lives as we had both finished uni and got permanent jobs.
"Price, location and time were all factors and we didn't want to rent and thought if we were going to make payments, we wanted to make payments to our house."
Finance broker, at Mainland Finance, Brad Bland said the $10,000 first home buyers grant and the waived stamp duty have seen more people choose to build rather than buy an existing property.
"This is probably a mixture of reduction in interest rates as well as it still being affordable to build a house in Wagga," he said.
"The grant to build a first house is quite attractive, whereas if they're buying an existing house they're just getting the stamp duty waived."
Finance broker Bill Beehag said changes to the services at the major banks have also become an incentive to buy a home.
"ANZ [yesterday] released their reduction in the new affordability calculator meaning that their calculation of loan repayments is now more in line with reality than what was previously imposed by regulators," he said.
"In the past, for a $100,000 loan, banks would've assessed you at 7.25 per cent to build in a buffer for them and now that the rates have gone down, there's no point in assessing a first home buyer at 7.25 per cent when they're getting 3.5 per cent, so the affordability rate has come down in line."
Mr Bland said this has brought assessment rates to a more realistic situation and to what it would actually cost people.
While lending and home loan rates have dropped, it is now harder for buyers to get mortgage finance as banks have tightened their lending criteria following the royal commission.
"Home loan rates are from 2.99 per cent and monthly repayments are as low as you can get," Mr Bland said.
"However, people have to get a handle on their desires and be able to match up their abilities with what they can actually afford.
"That has been a real eye opener for a lot of people, particularly for self-employed people as it's probably harder to get investment home loans or refinancing existing home loans."
However, Mr Egan said tampering with the market can have damaging effects on the country's economy.
"Generally, whenever you have a government that is artificially playing around with the market it can always lead to problems," he said.
"We've got good tax incentives in residential, tax free capital gains and negative gearing which are one of the prime drivers in increased residential values in Australia.
"Lower interest rates from a person borrowing is a positive thing, but from a country's economic health it is not very positive."
Retirees lose with low interest rates
While borrowers celebrate the Reserve Bank of Australia's decision to lower the interest rates, Australia's 3.8 million retirees are set to take another hit to the back pocket.
This has meant the interest on deposits will fall and often by as much or more than mortgage rates.
John Harding, former president of the Association of Independent Retirees Wagga branch, said these interest rates are "hurting" those who rely on that income.
"I'm on a part pension and a concern I've had for quite some time is seeing the steady reduction in interest rates," he said.
"The pensions are not really enough for people if that is all that they're depending on, because the income is nowhere near as high as the cost of living.
"The current 1 per cent rate is almost meaningless; you get almost nothing for your term deposits now and it's interesting to me that they're now talking about reviewing the deeming rates."
Deeming affects the way income is calculated in deciding the pension.
"Your asset is devalued by the amount of the deeming rate regardless of whether or not you can earn that amount on your money and if you invest your money, you usually can't earn as much as the deeming rate," Mr Harding said.
"The deeming rate is currently 3.5 per cent and you don't get that in your banking account or term deposit, so it reduces the amount of pension that you earn.
"That in effect means the people who should be benefiting from the pension, because they've contributed tax all their working lives, are in fact getting less than what they should be."
Mr Harding said he welcomes the proposal to review these rates.
"I think the nearest thing to good news is the government does appear they will review the deeming rate and if they do that, it's almost got to be better because it can't get worse," he said.