The CoreLogic RP Data Research team has just released a snapshot of the current real estate market around Australia. Fitzpatricks Real Estate can also reveal how the market is traveling in our own backyard.

National snapshot

• Combined capital city home values increased by 0.9% in January, with values rising in Sydney, Melbourne, Hobart and Canberra. They were unchanged in Adelaide and fell elsewhere.
• Over the 12 months to November 2015 there were 357,192 houses and 137,373 units sold nationally.
• National house sales are 2.1% higher over the year, while unit sales are -7.3% lower.
• Over the past 28 days there were 45,333 new homes listed for sale which is 22.8% higher than a year ago.
• In December 2015, the total value of housing finance commitments was recorded at $33.5 billion.
• The typical capital city home is currently selling after 41 days on the market compared to 39 days a year ago.
• New lending to investors has eased sharply over recent months with new lending to owner occupiers now the biggest source of mortgage demand.

Local snapshot

• Wagga Wagga has experienced a slower start to the year in terms of sales than this time last year. February 2015 experienced the most activity with 118 house sales taking place.
• Over the last 28 days, Wagga has seen 58 house and unit sales. 36% of these were sold by Fitzpatricks Real Estate.
• Popular suburbs include Kooringal with 10 sales, followed by Central Wagga with 7 sales.
• For the same time period last year (27 January 2015 – 23 February 2015) there were 123 house and unit sales.
• Wagga’s average days on market for 12 months to December 2015 is 147 days for houses. Units are longer at 178 days.
• Houses in Wagga have experienced strong capital growth in:
  • Kooringal – 7%
  • Central Wagga – 6%
  • Bourkelands – 4.2%
  • Lake Albert – 3.4%

What this signifies is that there is continuing confidence to build, buy and invest in Wagga. Our stable market gives confidence to families and investors alike, which is good reason to have faith in the strength of Wagga as a vibrant regional centre that continues to prosper in trying times.