Ryan Smith, director at PRD Wagga discusses the market conditions of one of Wagga’s newest suburbs, Gobbagombalin.
Gobbagombalin, situated in the northern suburbs of Wagga, has been experiencing a unique set of challenges in recent months compared with other suburbs around the city.
According to Ryan Smith, director and sales agent at PRD Nationwide in Wagga, the market has seen a surge in both buyer and seller activity, with a noticeable influx of newly constructed homes. But despite the aesthetic appeal of these properties, pricing has reached a plateau, making it a challenging environment for transactions.
“Similar types of properties flooding the market have led to a lack of responsiveness compared to other suburbs in Wagga. This stagnation in pricing and extended time on the market has posed a challenge for both buyers and sellers,” Ryan says.
When asked about the average number of days a property spends on the market in Gobbagombalin compared with the rest of Wagga, Ryan says other Wagga areas hover between 31 to 42 days, roughly four to six weeks. In contrast, Gobbagombalin’s properties have an average of around 52 days on the market.
This indicates that pricing is crucial in this market, and properties must be accurately priced, to attract qualified buyers to make an offer.
Ryan says one of the primary reasons for the oversupply of properties in Gobbagombalin is the impact of rising interest rates. The RBA cash rate is sitting at 4.1 per cent, the highest level since May 2012.
“The demographic in this area, primarily young families with children, is particularly sensitive to mortgage rates and the cost of living. Selling their homes has become an appealing option for many residents facing financial pressures,” he says.
For Gobbagombalin homeowners looking to stand out in a crowded market, Ryan offers some valuable advice.
“First and foremost, selecting a reputable real estate agent with a proven track record is essential. Experienced agents can provide guidance on pricing and offer the confidence buyers need to make a purchase,” Ryan says.
“Investing in home improvements to enhance the property’s appeal and presentation can make it stand out in marketing materials, attracting more potential buyers.”
Ryan says that while interest rates have remained stable for several months, this has led to a gradual shift in the broader market.
“The market has transitioned from its previous strong growth phase, with prices beginning to stabilise. Investors are returning to the market, and higher-end properties over a million dollars appear less affected by interest rate fluctuations.”
For those who have purchased property in the past two years and are considering selling, Ryan advises that sellers should not expect the same astronomical growth seen in 2020-2021. However, well-maintained properties or those with improvements can still achieve strong sale prices.
On the other hand, neglecting a property or leaving it unchanged for a couple of years may result in a lower sale price. Ryan’s insights suggest that investing in one’s property and pricing it correctly are essential strategies for sellers in Gobbagombalin’s current real estate climate.
Gobbagombalin’s real estate market presents a challenging landscape for both buyers and sellers due to oversupply and stagnant pricing. But by working with experienced agents, pricing competitively, and enhancing property presentation, homeowners in this northern Wagga suburb can increase their chances of success in this unique market.
As the broader real estate market continues to evolve, strategic decisions and expert guidance become even more critical in achieving successful property transactions.
Gobba at a glance in the past 30 days:
New sale listings 19 (down 13 per cent on previous 30 days)
Average days on market 52.25
Average vendor discount -0.53 per cent (down 59 per cent on previous 30 days)
Recently advised sales 12 (up 100 per cent since last 30 days)
Recently withdrawn listings 4
Total rental listings 36 (up 2.9 per cent on previous 30 days)
* Statistics provided by PRD Nationwide from RP Data September to October period
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