New figures show Wagga Wagga is in the State’s top 10 suburbs for first home buyers. Sales and conveyancing data recorded by InfoTrack for last quarter confirms the 2650 postcode is a property hot spot.
InfoTrack’s Head of Property Australia, Lee Bailie said Wagga Wagga came in at number seven for the highest volume of sales for first home buyers between 1 July and 30 September.
“We’ve seen more and more first home buyers looking to purchase outside of the central Sydney metropolitan area, and the lifestyle on offer around Wagga Wagga is enticing with its fresh food, wine and produce on the banks of the Murrumbidgee River,” Mr Bailie said. “The 2650 postcode encompasses 54 suburbs in and around Wagga, including Lake Albert, Moorong and Boorooma. It was one of only two postcodes named in the State’s bestselling suburbs for first home buyers located outside of Western Sydney – the other being Wollongong in the Illawarra. The number one spot for sales volume was postcode 2762, Schofields and Tallawang, while Liverpool, Parramatta and Campbelltown also made the list.”
InfoTrack’s Q3 2022 Property Market Update found units continue to be the top choice for first home buyers in New South Wales.
“Strata properties remain the greatest portion of sales for this buying cohort, at 49.5 per cent (%) of all purchases,” Mr Bailie said. “Last quarter also saw a slight increase in first home buyer owner occupiers, up 2% to 43%.”
Mr Bailie said while interest rates were rising, purchase prices had fallen.
“Following a peak in August, purchase prices have now decreased, dropping 10% for first home buyers,” he said. “Interestingly, our data shows experienced buyers spent 15 times more than first home buyers for properties across the State last quarter, but those prices have now also dropped, down 17%.”
The full report can be viewed here.
