Released last week, PRD's Roaring Region's report identified Wagga as an attractive location for people seeking affordability, liveability and strong job prospects.

Other regional centres to make the list included Griffith and the Upper Hunter in NSW; Wodonga, Bendigo and Northern Grampians in Victoria; Central Highlands in Tasmania and Toowoomba, Mackay and Whitsunday in Queensland.

"An affordable entry price and superior returns highlight the comparative strength of Wagga Wagga LGA as an alternative market," the report stated.

"There are real returns in capital investment, which will be sustained due to Wagga Wagga LGA being a major transport hub and increased movement to regional areas."

IN OTHER NEWS:

PRD Real Estate Wagga director Simon Freemantle said those looking to buy in the Wagga market are getting more "bang for your buck".

"Wagga's pricing, whilst it is [in the] top five most affordable places in the country at the moment, we're significantly less than other major regional or metropolitan areas, and as a result, there is room to grow," Mr Freemantle said.

"To have us as one of the most affordable centres at the moment means that we can comfortably say that the demand is going to continue to increase and we're going to see the current level of the market probably continue into 2022 and hopefully well into 2023."

The Roaring Region's report stated there were 1674 property transactions in Wagga in 2021 - representing "the strongest year for house sales in the past decade".

"Throughout 2021 Wagga real estate was extremely buoyant and in very high demand," Mr Freemantle said.

"Our office recorded a vacancy factor of 0.3 per cent over a considerable part of last year which is extremely low in regards to rental properties, but in regards to properties on the market for sale, Wagga's traditional markets got about 850 properties.

"Last month we had as little as 450 properties on the market, which is a huge reduction [from 850] in choices for people."

Mr Freemantle said this means people are quick to snap up the limited stock hitting the market.

"It also means people have to act faster and be completely ready to buy when the opportunity comes up," he said.

As the demand for housing across the city grows, it is likely prices will continue to follow.

"[Demand] does stimulate price growth," Mr Freemantle said. "The cost to produce property throughout Australia has increased dramatically over the last 12 months with pressure on supply lines.

"It may [make prices go up] but it may not take us out of this affordability bracket; it's relative to how fast [demand] does grow and availability."

Mr Freemantle said if supply chains "kick into gear", the city gets more land availability and prices stop increasing at the growth they currently are, then properties could be classed as very affordable going forward.

Wagga-based independent property valuer Chris Egan said the city's status as one of the most affordable regional centres was particularly "good news for first home buyers".

According to the report, the median house price in Wagga in 2021 was $436,250 compared to $1,499,000 in Sydney and $1,037,000 in Melbourne.

Our journalists work hard to provide local, up-to-date news to the community. This is how you can continue to access our trusted content: