Wagga properties are selling within hours of being listed and agents are seeing prices rise by $10,000 a month as the city's median house price continues to skyrocket.
New data shows that Wagga's median house price rose by 8.6 per cent in just 12 months, from $385,000 in March 2020 to $418,250 in March 2021.
Raine and Horne director Grant Harris said houses in the affordable $300,000 to $400,000 bracket have been in hot demand, and doesn't imagine the interest will slow down anytime soon.
"I think this growth is even more likely to continue because there's a shortage of land and rental accommodation," Mr Harris said.
"Our vacancy rate is at 0.16 per cent which is unheralded, historically we sit between 2 and 4 per cent."
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Wagga's rental market has squeezed even tighter, with renters struggling to find homes despite lodging dozens of applications.
Anglicare's annual rental affordability snapshot recently revealed the city's rental options are squeezing out people on minimum wages.
The study found just one listed property was deemed "affordable" for an unemployed couple with children.
Meanwhile, buying has been pushed further out of reach for wishful homeowners over the last five years, with a 19.5 per cent increase in the city's median house price, the Domain data study shows.
In March 2016 prices sat at $350,000 and have since jumped by more than $68,000.
However Greg Chamberlain of Wagga Real Estate said the real growth has come in recent months, with properties "exploding" in value.
He saw the enormous demand first hand on Thursday when he listed a three bedroom home at on Mitchelmore Street, Turvey Park for $489,000 at 9:30am and had a full price offer by 3pm.
He said this kind of demand and pricing is now standard fare.
"The general rule of thumb right now is that Wagga prices are going up $10,000 per month," he said.
"Since the start of January I've listed houses and a similar house one month later will sell for $10,000 more."
Turvey Park is the new Central, with the increasingly popular suburb showing the biggest value changes.
"After 30 years of selling in Wagga I've seen it shift from the 'highway mentality', back then you wouldn't shop past there, to now Turvey Park being as popular as Central Wagga," The Professionals' Paul Irvine said.
"Turvey Park is highly sought after," Mr Chamberlain agreed.
"Maybe even more than Central as properties are about three-quarters of the price."
Mr Irvine said Wagga is still a major player despite areas like Orange and Albury - where 12-month growth was higher - having the advantage of being closer to major cities, as well as the draw of great infrastructure and dining options.
"Everyone is talking about real estate in Wagga," Mr Irvine said.
Albury real estate has seen growth of 9.9 per cent over the past year and a five-year hike of 32.9 per cent.
Up north, Orange saw a staggering 21.8 per cent 12-month jump while over five years values were up 55.7 per cent.
Within the Riverina, however, Wagga was a leading boom spot, with Griffith properties up just 3.8 per cent over 12 months, though they've jumped 36.3 per cent in five years.
Leeton was one of few regional centers to drop, with prices down by 6.9 per cent in the past 12 months.
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