The approval of a $3.3 million townhouse development at 114 Trail Street could be the beginning of a spike in the higher-density housing option, and a welcome addition to the notoriously tight Wagga market.
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Earlier this month, the property at 114 Trail Street was given the green light for a residential development that will see the former one-home block transformed into an eight-home townhouse complex.
First submitted in April, the development application for the site went out to public exhibition in June and attracted commentary from neighbours, most of whom were in favour of the development.
Documents submitted to council show the five bedroom home with spacious back garden, pool and granny flat willbe knocked down to make way for eight attached townhouses.
Each home to be built on the 2193 square metre block, will be a sizeable three-bedroom, two-bathroom, with a double garage. Each home will have a near-identical layout and design.
The project is predicted to cost the applicant, a new company called the Riverina Consortium, a total of $3,366,550. The property was purchased in February this year for a total of $1,140,000 according to information on the Valuer General website.
Long-time Wagga real estate insider, MacArthur's Dave Skow predicted the townhouses would be extremely popular, and a welcome addition to the market amid an ongoing shortage of available housing stock.
"When it comes to stock levels, every month I think to myself surely this is the peak and every month I'm proven wrong," Mr Skow said. "Between the level of buyer enquiry and stock on the market, there's still a real disparity."
He predicted each three-bedroom home could sell as high as in the mid-$600,000 range, based on the performance of similar townhouses in recent months.
"We've seen the prices of some of the more established townhouse developments go through the roof," he said.
A similar complex on Kincaid Street recently saw a townhouse that initially sold in the $400,000 range resell for $575,000, a market value Mr Skow predicts will be similar in the Trail Street development.
"Trail Street will see that same level of demand, I imagine those new town houses would sell similarly,' he said.
With ongoing concerns over the lack of housing opportunities available in Wagga, town planners have previously tipped townhouse developments like the Trail Street project to be a popular choice moving forward in order to maximise properties in the central suburbs.
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