What a year 2015 was for Fitzpatricks and the Wagga Wagga real estate market. 2016 is likely to start with a bang and February will be a busy month for house and unit sales as it has been in previous years. Those choosing to re-locate to Wagga Wagga for the new year will finalise their purchases.

– The median house price is expected to experience a moderate increase. The median house price is currently $320,000.

– Buyer confidence will continue to be relatively strong as interest rates remain at record lows. We will see interest rates rise slightly; some banks have already passed on an increase to their clients; but these rates will still be at record low levels and this won’t deter owner occupiers and investors from purchasing property.

– In Wagga Wagga there were 381 residential building approvals by Wagga Wagga City Council in the financial year 2014-15. We expect this will increase this year. Even though the first home owners grant for new homes has been reduced by $5000, we will still see first home buyers building new homes and also second and third time buyers opting to build a new home. We also expect to see growth in land prices in the next 12 months.

– Fitzpatricks Real Estate will release more land in Stage 6 in Lloyd, as well as another 50+ blocks in Boorooma Stage 5 this year. We have also just released 10 blocks of land in Uranquinty (Rockview Estate) that all are affordably priced at $95,000.

– We are expecting to see some record sales for Wagga Wagga this year. Seven properties sold in the 2014-15 financial year for over $1 million. We expect there will be more home homes this year selling for over $1 million than ever before.

For more information on Wagga’s real estate market – view our Fitzpatricks Report