Data from the NSW Valuer General revealed more than 30 homes in the city's dominant suburbs sold over $1 million in a historical year for the city's real estate.

The sale period between July 4, 2020 and July 10, 2021 shows a total of 32 residential properties in the Wagga area fetched in excess of $1 million.

The suburb with the highest number of sales over the one-million mark was Central Wagga, where 12 homes sold between $1 million and $2.2 million in 12 months.

Springvale and Lake Albert were tied for the second most affluent sales, both seeing eight homes respectively sell for over one million in the past year.

The highest residential property sale was in Springvale where a six bedroom, four bathroom home at 10 Mallee Road sold for $2.8 million by private tender.

The city's second most expensive house last year was at 6 Vincent Road Lake Albert where a four bedroom, two bathroom home on a huge 12 acre block went for $2.4 million.

The third highest sale could be found in Central Wagga where a modest-looking home at 53 Crampton Street in Central Wagga fetched $2.2 million thanks to the development opportunity afforded by a huge 5,650 square metre block

Other suburbs who made the list of million-dollar sales included Turvey Park where the Velladaroo property at 38 Coleman Street sold for $1.3 million. Tatton saw one home make the list, a property on Menindee Place fetching $1.13 million.

Suburbs that didn't make the list included the northern suburbs of Gobbagombalin, Boorooma and Estella as well as Mount Austin, Ashmont and Lloyd.

The most lucrative sales were of large blocks with big homes, something The Professionals director Paul Irvine said was unsurprising.

"I think it is indicative of land value," Mr Irvine said. "Predominately in Springvale - a small acreage block in that area, with the costs of land and building, would be $1 million to build [so] you need a resale over $1 million just to recoup what you've spent."

Fitzpatricks' Paul Gooden said what used to be a rarity has become commonplace in Wagga's rapidly growing market.

"I think there's been a rapid increase in the mean price over that short period," he said. "[These days] getting a million dollars for a property is not a rarity at all, it is quite commonplace."

He added that there is plenty of appetite for the high-priced homes as well, with competition still fierce on homes priced at $1 or $2 million.

Mr Irvine said this amount of homes selling over the million-dollar mark would have been unfathomable 10 years ago, and didn't predict the growth would be levelling out anytime soon.

He pointed to the well-documented lack of stock on the market to suggest more sales were on the horizon.

"This will definitely continue for some time," he said. "I think there would have been more Central Wagga homes sold for over $1 million if there was more on the market."

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