Luxury unit and retiree communities emerging in Wagga Wagga as local economic grows
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A two-tier unit and townhouse market is set to emerge in the NSW Riverina town of Wagga Wagga, with a number of new developments under construction aimed at the upwardly mobile and retiree end of the market, as the region benefits from economic growth and resource-related activity.
Located 450 kilometres from both Sydney and Melbourne, Wagga Wagga is NSW’s largest inland city, with a population of 63,500 people.
A recent Sydney Morning Herald report notes the development of a strong restaurant culture in Wagga Wagga, the launch of the National Art Glass Gallery and the city becoming a conferences hosting hub, with accommodation offerings such as Carlyle Suites featuring 21 upmarket suites and apartments.
In his column on Property Observer today, Terry Ryder names Wagga Wagga alongside Dubbo, Tamworth, Gunnedah, Mudgee, Orange, Goulburn and Albury as regional locations in NSW that he expects to outperform capital city markets.
"NSW is blessed with many strong regional centres that are a lot more affordable than Sydney and have provided much better capital growth over recent years," says Ryder.
Two of the biggest developments under construction in Wagga Wagga are the Mill Residence and The Grange Village, which will add 282 units and townhouses to the Wagga market by 2014- 2015.
The Mill Residence is being built on the historic Murrumbidgee Flour Mill site (pictured above), with the first stage consisting of 52 apartments ranging from modern two-bedroom apartments through to luxury penthouse apartments.
Two-bedroom units in The Mill Residences, being developed by Interlink Wagga Central, are priced from $360,000, with a three bedroom selling from $470,000.
“The higher prices asked by the developer of this project are a show of confidence in the Wagga market. Sales levels in this unique development will determine the strength of demand for luxury strata-titled product in this regional market," says PRDnationwide NSW analyst Oded Reuveni-Etzioni.
The Grange Village (pictured below) is being developed by Nash Bros Constructions and set within 22 hectares of landscaped gardens and is aimed at over-55 retirees featuring two- and three-bedroom villas.
The Mark at Sydney's Central Park
Now, all signs point south for this market. A year ago vacancies were near zero but today they’re approaching 5%. Price growth has stopped and, according to Australian Property Monitors’ price graph, has started to dip below the red line.
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