12 October 2025

What can half a million dollars buy you in the Riverina housing market?

| By Oliver Jacques
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Outside of house

The two-bedroom unit on West Parade is the cheapest on offer in Wagga at $389,000 as at mid-October. Photo: Kitson Property.

The Riverina was once the place tree changers would relocate to afford a comfortable three- or four-bedroom home with a big backyard for less than half a million.

Those properties are now few and far between in the region’s two biggest markets Wagga and Griffith, with all dwellings in that price range either apartments, in need of renovation or a long way from the CBD.

If $500,000 is your maximum budget, you’re better off venturing to nearby Narrandera or Leeton, but skyrocketing price trends suggest you need to get in quick even in those towns.

Let’s have a look at how the state of the housing market in the large Riverina towns is in mid-October, using data from Zango, Domain and realestate.com.au.

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Wagga

Average price: $720,000

Properties for sale under $500,000: 20

Properties for sale under $400,000: Five

Cheapest buy: Two-bedroom flat on West Parade for $389,000

House prices have grown by 56 per cent in Wagga in the past five years, pushing the average price above $700,000. There are only 15 houses and five flats available for sale in Wagga for under half a million, most of which look in need of renovation. Sadly, saving up for a deposit is not going to be easy in a town where the average rent is $530 a week.

Griffith

Average Price: $595,000

Properties for sale under $500,000: Nine

Properties for sale under $400,000: Five

Cheapest buy: Two-bedroom weatherboard house for $375,000 on Doongara Street.

Affordable properties are even scarcer in Griffith, where prices have jumped 41 per cent since 2020. There are only nine properties under the half a million dollar mark in Griffith and none are located within walking distance of the CBD. The only four-bedroom house in this price range is on Ortella Street, to be auctioned off with a price range of $390,000 to $430,000. The average rent in town is $500.

Narrandera

Average price: $318,000

Properties for sale under $500,000: 48

Properties for sale under $400,000: 32

Properties for sale under $300,000: 16

Cheapest buy: Two-bedroom weatherboard house for $195,000 on Ferrier Street that needs a lot of renovation.

It’s common in Sydney to live an hour-plus from where you work, and we might start seeing that in the Riverina. Narrandera is about an hour from Wagga and Griffith and offers a lot more housing stock at affordable prices.

There are almost 50 houses for under $500,000 and you can still buy a place for under $200,000. But if you want something in a nice area close to the CBD that doesn’t need much work, you’re looking at at least $400,000. The average price of $318,000 is somewhat misleading as there are few appealing options in that range.

This solid brick three bedroom house at Japonica Place is going for $429,000. Photo: McGrath Real Estate.

Leeton

Average price: $426,000

Properties under $500,000: 41

Properties under $400,000: 26

Properties under $300,000: 12

Cheapest buy: Two-bedroom unit for $289,000 on Coolibah Street.

Leeton has less range and fewer quality offerings compared to Narrandera, but there’s a lot more on offer than in Griffith, which is 45 minutes away. Much like Narrandera, you’ll generally need to pay at least $400,000 if you want a good location and can’t be bothered with renovations. It’s a struggle to find brick houses here. Prices have risen 40 per cent in the past five years, so it will be difficult to find anything affordable if that trend continues.

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Albury

Average price: $923,000

Properties under $500,000: 18

Properties under $400,000: 11

Cheapest buy: Tired looking two-bedroom unit for $389,000 on David Street.

Albury is less affordable than anywhere in the Riverina, with the average price approaching the seven figure mark after a dramatic 75 per cent surge in prices since 2020. A scan of the few available properties suggests that if half a million is your budget, it’s best not to move there.

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