Wagga's housing crisis will continue to worsen unless radical action is taken, according to a new report.
The 2022-23 Land Monitor Report - commissioned by Regional Development Australia Riverina, Housing Industry Association Wagga and Committee 4 Wagga - catalogues property development and land releases in the local area.
It has revealed the pace of residential development in Wagga was not on track to meet development goals or population projections.
The availability, and price, to develop new or "greenfield" sites has been cited by local property developers as a core reason for the housing crisis.
Committee 4 Wagga's chief executive, Scott Sanbrook, said the report armed local organisations with the knowledge they needed to lobby governments to create a more construction-friendly policy regime.
"Based on this report, [we plan to] get the conversation started with councillors, the state government with Dr Joe," he said.
"We're in the process of getting these conversations lined up early in 2024.
"Those conversations have to be more than talk around the table. They have to be an alignment that sees incentive for developers to move to town and build with confidence."
Accompanying the land monitor document was an economic report showing the wider effects of a lack of housing development.
The report estimates residential construction brought $256.8 million to the local economy in the last financial year.
RDA Riverina research officer Melanie Renkin said if development numbers had remained at their peak from 2015-16, the figure could have increased by 74.6 per cent to $448.3 million.
"The number of new vacant lots we're producing is trending downwards, but consumption is remaining stable," she said.
"The flow-on affects are not just in relation to the housing industry, but it also impacts people coming into town to fill workforce shortages.
"The cost of living is increasing, not just for housing but for everything at the moment. The shortfalls are coming in every area of people's lives."
The report revealed land releases have slowed over the last five years, establishing a trend that worries developers.
Population projections suggest the city needs to build 267 new homes every year for the next five years to meet demand.
Last financial year, only 189 dwellings were built. None were medium or high-density.
Housing Industry Association spokesperson Tony Balding said local and state governments needed to take action to prevent the crisis from worsening.
"We have some serious work to do. We have to get behind this, at least get back up to the average then shoot for something higher," he said.
"[We need to] accelerate planning, accelerate subdivisions. We cannot wait seven or eight years for these projects to come through.
"We have to find a pathway through state governments and local councils. We're at a point at the moment where in 2026 we're going to be in a real land crisis."