NSW Riverina prices rise with Wagga Wagga at record high

Record low interest rates and growing confidence has spurred an increase in sales activity and transactions in the Riverina.  

This is illustrated by a surge in home prices, particularly in Wagga Wagga, where the median house price rose to a record high of $315,000 in March after an 18 month plateau.  

PRDnationwide Research Department has found the median price of houses in other Riverina towns, too, such as Junee and Tumbarumba, all firmed significantly.

Research analyst Oded Reuveni-Etzioni says the figures are encouraging for the city.

‘‘Data shows that in the past six months there has been a 5.9% increase in house transactions in Wagga Wagga,’’ he said.  

‘‘Median house prices are at an all-time high and, interestingly, 10% of total sales in that six-month period to March 2013 have been for properties priced over $500,000.  

‘‘This clearly indicates an increase in confidence at the top-end of the housing market.’’  

PRDnationwide Wagga Wagga Principal, Simon Freemantle, agreed that the housing market was picking up again, as a result of low borrowing costs, the affordability of product and overall improvement in buyers' confidence, with increased sales recorded in all price brackets.

‘‘We are finding that, despite less listings on the market at this time of year, buyers are still active in the market. As a result, appropriately priced houses are selling quite well at the moment."