Potential buyers are continuing to flood the Wagga housing market, with one open inspection drawing nearly 100 attendees over the weekend.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
About 33 groups headed to Oura to inspect 8 Wagga Wagga Street on Saturday, a four bedroom, two bathroom home on just over 2000 square metres of land.
Raine and Horne Wagga co-director Mathew Longmore said the weekend's attendance was a standout, with an open inspection in normal times seen as a success if it attracted five or six groups.
He said the high turnout was a sign of strong demand "across the board" with houses priced at around $300,000-$400,000 highly sought after.
Your good locations, your Kooringal, Lake Albert, with sought after schooling, they seem to be really popular," he said.
"Then if you've got something of a similar price in one of the villages, bigger blocks, maybe one more bedroom and a bit of space around you, they seem to be quite appealing."
Mr Longmore said many of the buyers inspecting the Oura property were travelling long distances to have a look.
First home buyers and those heading out of the big city were in the mix.
With low interest rates caused by the pandemic, he said it was a great time to secure finance and Wagga presented an attractive option.
"There's a lot to love isn't there, you've got that metro feel without the huge population and your commute and lifestyle options are really good," Mr Longmore said.
READ MORE:
Professionals Wagga managing director Paul Irvine said he was seeing strong turnouts at open inspections but many homes were being snapped up beforehand.
"Because the market's so strong, it's so hot, they're wanting to inspect the property prior to the weekend," he said.
Mr Irvine said one recent unit for sale near the Wagga Base Hospital showed how quickly things were moving.
"It went live on a Monday, there were nine inspections Wednesday and it sold for over asking price on Thursday," he said.
The speed at which homes were selling was a reflection of prospective buyers continuing to outnumber available homes, Mr Irvine said.
"The number of buyers is outweighing the stock that's coming on."
Mr Irvine said he was also seeing strong interest from those out of town looking to either bring forward plans for a move out of the city, or secure an investment property with plans to relocate later.
"I think the general consensus is, 'if we're going to make a tree change, let's bring it forward'," he said.
Mr Irvine said "every pocket" of the market was seeing high activity, with Professionals seeing homes of all prices sold in recent weeks across Wagga.
He said properties around the the $250,000-$350,000 mark were proving the most popular as first-home-buyers take the plunge and investors look at properties that will provide a good return on rent.
With the low interest rates likely to stay low for years to come, he said buying in Wagga had the benefits without the instability.
"It's a pretty safe environment for people to buy in, especially in Wagga, we're not a volatile market like Sydney or Melbourne, we're quite stable," he said.