Insiders are divided on where the market is headed however. Wagga's real estate insiders are convinced the real growth is yet to come, while researchers say a slow down in quarterly growth indicates the boom is starting to end.

CoreLogic data shows the Riverina's home values rose 5.7 per cent over the past three months. In Wagga, the increase was slightly lower with a 12-month change of 15.8 per cent and a three month change of 5.2 per cent.

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CoreLogic's head of research Eliza Owen says the numbers indicate the phenomenal growth rate of the past 12 months is beginning to slow down.

"Growth rates across the Riverina have proven a little volatile month-to-month, but over all, we are seeing the growth trend gradually cooling," Ms Owen said. "In the three months to August, property values rose 5.7%, down from a recent peak quarterly growth rate of 8.2% through the June quarter."

On the ground in Wagga however, Raine and Horne's Grant Harris disagrees.

"I don't think we'll slow down for a while yet, I believe the real growth is yet to come," Mr Harris said. "The reason I think that is because the people we're talking to still believe Wagga is comparatively cheap compared to other regional cities."

From the current 15.8 per cent growth in 12 months in the city, he believes we will see as high as 30 per cent growth before the boom ends.

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He says the scarcity of stock on the market is driving growth and will continue to do so.

"Historically we normally run between 650 or 700 properties on the market in the 2650 postcode and there are 215 listed today," he said. "So we have a third of the supply and our demand is at, or above normal. Even if nothing else changes, our demand is outstripping supply and that's why we're seeing the growth."

Adam Humbert of Kitson Property agreed the growth isn't over quite yet. He is observing price growth slowing down in the higher-priced areas, but ramping up in lower-priced areas that are only now catching the housing wave.

"Some of the areas that initially reacted to the boom are beginning to quiet like Kooringal and Lake Albert," he said. "But I'm seeing the opposite in Mount Austin and Glenfield, they are storming ahead."

Wagga's median home price has jumped by just over $10,000 in two months, from $357,110 in July to $369,945 in August.

Mr Humbert said the monetary increase he has observed for some properties over the past year has been staggering.

"I recently sold a house in Glenfield for $500,000 that sold for $408,000 11 months ago," he said. "That's a $92,000 increase in 11 months."

He said with no serious upgrades, lower priced homes have increased by around $30,000 year on year, the median market home is up between $50,000 and $60,000 and the strongest performing properties have increased by $100,000 in 12 months.

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