Forest Hill Prime Investment Hotspot
Did you know? Forest Hill is the only suburb to have recorded increases in sale prices each year for the last five years.
Wagga’s outlying suburbs are shaping as the key areas for future residential and commercial development.
It comes after a new study found almost 70 per cent of vacant lots produced in Wagga last year were located in the two outlier suburbs of Gobbagombalin and Lloyd
A 2016/17 residential land report conducted by Housing Industry Australia’s Wagga branch has estimated 69 per cent of Wagga’s 330 new houses developed in the financial year were built in Gobbagombalin (139) and Lloyd (88).
The figures listed in the residential land report also show increases to the average mean and median sale price of a Wagga home.
The average sale price across Wagga increased from $147,253 to $150,285, a 2% increase, in the last financial year.
Meanwhile, Wagga’s median sale price of $135,000 has increased for the second consecutive year.
Swelling residential developments in Wagga’s north nevertheless remain a major talking point and HIA affiliate Glen Sewell believes the boom will continue.
“Lloyd is a big contributor to future land releases … but I think that pushing further north is the true direction for the city,” he said.
“You only have to drive out to places like Estella rise to see it booming.”
Lloyd will continue to play a key role in Wagga’s growth, albeit under strict environmental conditions set by council in the Lloyd Urban Release Area.
One of the special conditions applying to the Lloyd Urban Release Area is that developers must ensure that a minimum of 80% of the suburb is covered by impervious surfaces, a consequence of the area’s high salinity.
Proposed upgrades to Glenfield Road also shape to improve access to and from Lloyd, however, another outlier suburb listed in the report has attracted even greater interest.
Forest Hill is the only suburb to have recorded increases in sale prices each year for the last five years.
“We’re not exactly sure why that is, but it’s certainly a positive sign for the area,” Mr Sewell said.
“Wagga’s population is growing and growing and we’re attracting more and more people.”
The building designer said there was more than enough space to cater for growth.
“Council has plans in place to accommodate for this growth … and if you put a telescope out into the future, much will be in the north.”
Written by Lachlan Grey, as previously posted here on The Daily Advertiser: https://www.dailyadvertiser.com.au/story/5303865/new-reports-lists-key-developing-suburbs-and-house-values/