The complex of apartments at 12 and 14 Edney Street sold after just one week on the market, securing its multi-million dollar asking price on the back of multiple inquiries.

Sitting on a 1012 square metre block, the property includes 16 flats, a small garden and a car park.

The Professionals' Paul Irvine, who brokered the deal, said interest was almost exclusively driven by interstate investors eager to capitalise on Wagga's tight housing market.

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"The buyer originates from Sydney and, like most, has identified Wagga as a sound solid place to invest," Mr Irvine said.

The complex is made up of two-bedroom apartments with a combined bathroom and laundry, and one car space.

Each unit was renovated in 2015 and features air conditioning and proximity to local shops, with rents estimated at an average of $190 per week.

The property's annual return is listed at approximately $158,000, something Mr Irvine said was a big drawcard for buyers, as was the prospect of rising rent prices in the next five years.

The interest in higher-density living options bodes well for renters and buyers in Wagga as an increasingly tight rental market pushed vacancy rates to historic lows this year.

The most recent figures estimated a 7.9 per cent increase in property value in April 2021 compared with the same period the year before, while vacancy rates sit between 0.6 and 0.9 per cent.

With a lack of stock available and high demand, Mr Irvine said the Edney Street sale points to increasing interest in essential multi-dwelling properties in all areas of the city.

"With Wagga's growing population I think there's a great opportunity for developers or investors to look into this type of investment as there is demand for it and would help with accommodation," Mr Irvine said.

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