Wagga Wagga is the largest inland city in New South Wales. Compared to other parts of the state, property prices in the city remain relatively affordable, with an average three-bedroom property costing around $370,000. However, the new Riverina Intermodal Freight and Logistics Hub could spell good news for property investors. Find out why here.
The appeal of Wagga Wagga
As property prices spiral out of control in Sydney city centre, Wagga Wagga is an increasingly popular choice for investors and buyers. With direct daily flights to Sydney and Melbourne from Wagga Wagga airport, the city is a good choice for people who want an urban lifestyle without the price tag other locations require.
Major industries in Wagga Wagga include Cargill and Heinz, but the area also boasts thriving retail districts. Nonetheless, new investment in the area means that Wagga could become a more attractive proposition for investors.
About the rail hub
Wagga Wagga is on the main railway line between Melbourne and Sydney. The Riverina Intermodal Freight and Logistics Hub will bring millions of dollars of federal, state and private investment to the region, improving the rail and road infrastructure and creating new jobs.
95 hectares of land at Bomen Business Park will allow the project to create a new freight terminal for the region, including a new 5km master siding. The development will allow freight trains to pull off the main line to load and unload. In turn, this will allow more businesses to use the freight route without disruption to passenger services, improving Wagga Wagga's role as a central hub.
How the hub could help property investors
The new rail hub at Wagga Wagga could see a future increase in property prices. Demand for homes in Wagga is likely to increase as people move to the area to take advantage of new jobs created at the hub. These new jobs won't just include rail and freight workers. The development includes around 300 hectares of heavy and light industrial land, which will lead to a further increase in job opportunities for local people.
The new infrastructure will bring with it increased demand for property, especially in key suburbs within commuting distance of the new hub. This demand may increase across several property types, although demand for apartments will almost certainly grow as younger, single people move to the area, during the construction project and beyond.
Wagga already has comparatively low unemployment, with a skilled workforce. The rail hub development would almost certainly fuel growth in the region. While state and federal governments continue to finalise plans, shrewd property investors should carefully consider Wagga as a viable investment proposition.
For more information, contact a real estate expert in the Wagga Wagga area.