LAND MONITOR REPORT

2017-2018
Wagga Wagga Land Monitor Report 2017-2018
 Contents
Introduction 3
Housing Industry Association Wagga Branch 3
Definitions 4
Accuracy & Data Interpretation 5
Disclaimer 5
Opteon Southern Inland NSW 5
Residential Land— Key Findings 7
Residential Land Graphs 8
Potential Residential Supply 15
Construction Statistics 20
Forecast Population and Dwellings 21
Lot & Dwelling Requirement Projections 22
Commercial Land - Key Findings 24
Commercial Land - Graphs 25
Wagga Wagga Land Monitor Report 2017-2018 2
 The Wagga Wagga Land Monitor Report
has been developed by the Housing Industry Association Wagga
Branch and provides an overview of the vacant land supply in Wagga
Wagga.

The statistical information relates to historical take-up rates, current

production and consumption together with future supply of vacant
residential, rural residential, commercial and industrial land. This
report also includes information regarding commercial and retail floor
space together with demographics and development applications
reported by financial years.

It is hoped this information will enable stakeholders to make better

informed decisions relating to market demand and future economic
growth. The ultimate aim is to ensure that there is a sufficient supply
and choice of vacant land going forward.

THE HOUSING INDUSTRY ASSOCIATION

WAGGA BRANCH

The Housing Industry Association (HIA) is the official body of Australia’s

home building industry. HIA is divided in nine geographic regions that
provide a state or local focus, ensuing members needs and ideas are
heard at the highest level. Our policy areas cover economics, industry,
building, planning, industrial relations, legal, environment, training and
skills. We advocate the views and policies of our members by contributing
to enquiries and forums that impact on the residential building sector.

For information on the local branch phone 1300 650 620 or email
enquiry@hia.com.au

Wagga Wagga Land Monitor Report 2017-2018 3

DEFINITIONS
The following definitions have Redevelopment sites for the Commercial Use Units Use
been adopted throughout this construction of residential units
are considered produced once a Land in the Wagga Wagga central Land suitable for the construction
report: business district and in the vicinity
Construction Certificate (CC) or of Community Title and/or Strata
Complying Development of suburban shopping centres. Title units, duplexes, multiple
Certificate (CDC) has been dwellings on one title and flat
Vacant Land
issued. developments.
A lot that is vacant and is suitable Industrial Use
for either residential or non—
residential development. Land suitable for industrial and
Lots Consumed Median
business uses outside the CBD
Lots produced for the purpose of and removed from suburban
A vacant lot on which construction The median is the middle point of
public reserves, road reserves shopping centres.
of a dwelling or unit has a number set, in which half the
and boundary adjustments etc.
commenced in the financial year. numbers are above the median
have been excluded from this
and half are below.
report.
Dwelling Use
Lots Sold Land suitable for the construction Average
Lots Produced A vacant lot for which a Contract of a single residential dwelling.
of Sale was exchanged during the The average is obtained by
Lots produced for either
financial year and that sale dividing the sum of a set of
residential or non—residential use
registered with the LTO. Rural Residential Use values by the number of values
that have been registered with the
Settlement of the sale may have in the set.
New South Wales Land Titles
occurred after the end of the Land suitable for the construction
Office (LTO). Also includes lots of a single dwelling with a site
that have become vacant due to financial year. We have attempted
to exclude any sales that are area generally larger than 1,200
demolition and removal of
square metres.
Population
previous improvements and between related parties.
remained vacant till the end of The population statistics quoted in
the financial year. this report relate to the whole
Local Government Area of Wagga
Wagga.

Wagga Wagga Land Monitor Report 2017-2018 4

ACCURACY & DATA INTERPRETATION DATA SOURCE

As with any statistical calculation, a margin of error will result. In this report such errors
are minor and typical due to a small percentage of lots which may not comply with the
above definitions or a delay in information becoming publicly available.
This report should not be used as an indication of a change in market value or the
performance of our economy. Property market growth or decline is the result of various
factors not limited to:
 The strength of the economy.
 Decreasing household sizes resulting in more houses being required for the
same population.
 Housing affordability as result of various factors such as interest rates and rising
construction costs.
 Temporary housing demand as result of major building projects.
 Government decisions and grants that affect homebuilders.
 A shortage of supply of land.
 The availability of large in globo parcels that attract larger property developers to
the market.
The information in this report has been researched, collated and produced by
Craig Barrett, a real estate valuer employed by Opteon Pty Ltd. Craig has over 18
years’ experience practicing in the Riverina and South West Slope’s regions of
New South Wales and recently relocated to the Head Office based in Sydney.
Opteon is the largest valuation firm by geographic coverage in Australia. Our
offices in Wagga Wagga and Griffith combine local knowledge and experience
together with our national network to provide the highest quality advice regardless
of your needs.
In formulating this report our research included physically identifying vacant
blocks, reviewing property and sales databases, aerial imagery and collating the
data to produce independent information that is supported by lot addresses and
title information. Questions can be emailed to Craig.Barrett@opteonsolutions.com

DISCLAIMER

Copyright in the report and the information is owned by the HIA Wagga Branch.
Reproduction is not permitted without the prior written consent of the HIA. While the
information contained in this report has been prepared with all due care for the benefit
of the user, the HIA Wagga Branch, its officers, employees and agents do not warrant
or make representations in relation to its accuracy. The information is made available on
the understanding that the HIA shall not have a liability for any loss whatsoever that
might arise as a result of use of the information by the reader or by third parties who
receive information directly or indirectly. It is the user’s responsibility to make his or her
own investigations, decisions and enquiries about the accuracy and completeness of
the information.

Wagga Wagga Land Monitor Report 2017-2018 5

 Residential
2017-2018 SNAPSHOT
 711 vacant residential lots - 15% fewer blocks than the year
before
 255 new vacant lots produced - 25% fewer blocks than the
year before
 362 lots in the city have been vacant for over 4 years - a 15%
increase
 377 lots were built on - an 8% increase on the previous year.
 197 of sold lots were between 600 & 1,500 sqm in size
Wagga Wagga Land Monitor Report 2017-2018
 Average price of vacant lots increased $5,716 - being a 4%
increase. This is almost double the June 2017-18 CPI of 2.1%
 268 vacant lots were sold - a 35% decrease on the previous
year
 Approximately 2,405 potential future lots zoned residential
 Updated population growth estimates following Wagga Wagga
City Council Annual Report indicates 550 new lots are required
next year.
6
 2017-2018 KEY FINDINGS RESIDENTIAL LAND

 As at 30 June 2018, there were 711 vacant more than 4 years at 93 sites.  Central Wagga Wagga remains our most
residential lots in Wagga Wagga a decrease of expensive suburb per square metre due to a
 The majority of the cities developing suburban
15% from the previous year. limited supply of land.
estates recorded increases in average sale
 255 new vacant lots were produced in the city. price this year.  Excluding central Wagga Wagga, the highest
This is 25% fewer lots compared to the year average vacant lot price per square metre was
 Forest Hill, Lloyd and Springvale have recorded
before. recorded in the new release at Lloyd, being
increases in sale prices each year for the last
$243 per square metre, followed by Turvey
 The number of blocks that have been vacant four years.
Park at $230 per square metre.
for more than 4 years increased by 15% from
 Average sale price across Wagga Wagga
316 to 362.  Overall sale prices are increasing, however
increased from $150,285 to 156,001, a 4%
some suburbs are showing a reduction in price
 New land releases occurred in only 6 suburbs increase this last financial year.
per square metre, this is mostly due to larger
this year.
 Wagga Wagga’s median sale price of size lots compared to those sold last year.
 Of the 255 vacant lots produced in $140,000 has increased for the fourth
 To achieve the population target of 100,000
2017-18, 63% were located in 2 suburbs being consecutive year.
residence by 2038 Wagga Wagga is required
Gobbagombalin (93 lots) and Boorooma
 77% of the 255 vacant lots sold in 2017-18 to grow the population by 2% per annum for the
(68 lots).
were between 600 and 1,500 square metres. next 20 years.
 377 vacant lots were built on in the city, an 8%
 The sale of rural residential lots accounted for  The current supply of residential zoned englobo
increase on the previous record year.
about 7% of the market and recorded an land is estimated at 2,405 potential lots which
 Wagga Wagga has the highest number of increase in average lot price. is approximately 4 years supply.
potential unit sites that have been vacant for

Wagga Wagga Land Monitor Report 2017-2018 7

 VACANT LOT STATUS OVERVIEW
The following totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties

Total Vacant Lots at Start of Year Vacant Lots Produced Lots Built On During Year

1000

900 878
835 842 833
808
800
719 711
Number of Vacant Lots

700

600

500 448
416
400 378 380 377
321 339 348
292
300 265 255
205
200

100

0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

Wagga Wagga Land Monitor Report 2017-2018 8

 VACANT LOT STATUS BY USE
600

506 505
500
476

405 409
400 392
378
Number of Vacant Lots

347
340 337
315
294 300
300 285 282 279
265
250 253
245
232
220
216

200 181 181

154
140

112 109
100 90 92
84
75 77 74
63 69 63 67 65
32 55
43 46 43
26 32 29 28
19 25 19
16 17
2 2
0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
Dwellings Units Rural-Residential
Total Vacant Lots at Start of Year Vacant Lots Produced Lots Built On During Year

Wagga Wagga Land Monitor Report 2017-2018 9

 VACANT LOTS PRODUCED BY SUBURB
The following totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties

180
Existing stock 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

160 157

146
144
140

120

107
Number of Vacant Lots

103
99
100
93 91
88 86

80
72
69 68 68
62 60
60 55 57 55

44
41 40
40 37 35 3534
32 30 31 30 3129 32 31
29
26
22 21 19 21
20 17
13
8 9 10 8
6 4
00 0 00
3
0
3 2 0 0 0 0 000 0 02 0 000 0 020 00 0 1110 24
0

Wagga Wagga Land Monitor Report 2017-2018 10

 VACANT LOTS CONSUMED BY SUBURB
The following totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties
140

121
120

100 97
90
Number of Vacant Lots

84

80 77 76
73

64
62
60 57
54 55 55

46
44 43
40
37 38
40 36 36 35
33 33 32 31
26 27
25
21 22
18 19
20 14 15 14
1616
12 12 13
1112 1212 11 10 9 11
7 7 8 8
5 4 5 6 6
2 2 3 3 3 3
1
3
0 0 0 0 0 0
0

2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Wagga Wagga Land Monitor Report 2017-2018 11

 TOTAL VACANT LOTS BY SUBURB AT 30 JUNE 2018
Ashmont 19

Boorooma 58

Wagga Wagga 154

Bourkelands 30

Estella 32

Uranquinty 3
Turvey Park 16 Forest Hill 59

Glenfield Park 4
Tolland 60

Gobbagombalin 84
Tatton 31

Springvale 25
Mount Austin 4
Moorong 6 Lloyd 31 Gumly Gumly 20
Lake Albert 17 Kooringal 48

Wagga Wagga Land Monitor Report 2017-2018 12

 LAND THAT HAS BEEN VACANT FOR MORE THAN 4 YEARS BY
SUBURB AT 30 JUNE 2018
Ashmont 19
Boorooma 4
Bourkelands 5
Estella 19
Wagga Wagga 93

Forest Hill 25

Glenfield Park 4

Gumly Gumly 1

Uranquinty 1

Turvey Park 4 Kooringal 48

Total lots that have been

Tolland 60 vacant for more than 4

Lake Albert 29 years at 30 June 2018

362
Lloyd 5

Tatton 29 Moorong 6
Springvale 6 Mount Austin 4

Wagga Wagga Land Monitor Report 2017-2018 13

 RESIDENTIAL LOTS BUILT ON BY SUBURB

0 7
21 21 22 27 9 28
1 2
5
9 7 4
2 1
2
5 16 8
1
1
50 92 39 6 34
125 114
70
29 33
170
100 27
7 29
15 30
93
150 47 19 14
22
Number of Lots

345 13
25 379 38
200 27
5 17
7
5
250

300

350
32
12 10
12 1
0
400 4

450
in 1 Year or Less Within 2 Years Within 3 Years 4 Years or More Vacant for more than 4 years

The above totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties

Wagga Wagga Land Monitor Report 2017-2018 14

 ESTIMATED POTENTIAL LOTS ZONED RESIDENTIAL NOT SUBDIVIDED AT 30 JUNE 2018

White = Yellow =
Multiple Single
Developers Boorooma Developer
145 Lots
Gobbagombalin Estella
400 Lots 330 Lots

Turvey Park
50 Lots
Gumly Gumly
Wagga Wagga
115 Lots
95 Lots

Forest Hill

2405 160 Lots

Lloyd
1,040 Lots

Lake Albert
70 Lots

This information was supplied by active land developers and represents the majority of potential greenfield residential subdivisions.
Other developable parcels are located throughout the city although may not be zoned residential or DA approved.
Wagga Wagga Land Monitor Report 2017-2018 15
 VACANT LOT SALES AND PRICE OVERVIEW
600

Sale Price
550 $150,000

500

450 15 $125,000

34
10
400
36
$100,000
Number of Sales

350 14 120
29
300 131
12
32 $75,000
98 9
250 16

12
200 18 92 84
213 $50,000

150 74
184
163

100 113
129 $25,000
97
50
75
51 52 46
19 30
0 $0
2013 2014 2015 2016 2017 2018
Lots <600m2 Lots >600m2 <800m2 Lots >800m2 <1,500m2 Lots >1,500m2 <10,000m2 Lots >10,000m2 Average Median

The above totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties

Wagga Wagga Land Monitor Report 2017-2018 16

 AVERAGE VACANT LOT PRICE BY SIZE
$335,333

$320,000
$303,467

$282,000

$264,821 $264,000
$270,000 $254,957

$235,792 $235,425
$230,241

$211,722 $215,206
$220,000 $210,517

$162,777
$170,000
$147,526
$141,811 $141,439 $142,943
$134,211 $134,128

$116,958 $120,061
$137,293
$120,000 $116,600 $127,814
$120,794
$109,689
$111,808 $112,544 $109,015
$95,667

$70,000
2013 2014 2015 2016 2017 2018
Lots <600m2 Lots >600m2 <800m2 Lots >800m2 <1,500m2 Lots >1,500m2 <10,000m2 Lots >10,000m2

Wagga Wagga Land Monitor Report 2017-2018 17

 AVERAGE VACANT LOT PRICE BY SUBURB
The following totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties
$450,000

$405,000
$400,000

$320,000
$350,000

$306,667
$291,750

$264,230
$300,000

$257,700

$249,083
$239,385
$231,400

$222,627
$218,333
$215,773
$250,000
Sale Price

$182,833
$176,000

$171,219
$200,000
$158,875

$158,833
$153,451

$150,846
$148,271

$147,563

$147,500
$142,167

$138,656
$138,267

$138,102
$137,000

$131,857
$129,750

$128,486
$127,869

$127,191
$126,765

$126,658
$122,673
$110,100

$150,000

$109,125

$82,250
$100,000

$65,000
$50,000

$0

$0

$0
$0

2013 2014 2015 2016 2017 2018

Wagga Wagga Land Monitor Report 2017-2018 18

 AVERAGE VACANT LOT PRICE PER SQUARE METRE
The following totals include vacant sites suitable for the construction of single residential dwellings, unit developments and rural-residential properties
$600

$540
$500

$450
$400
Rate Per Square Metre

$300

$243

$230
$199

$199

$198
$195
$190
$185
$181

$179
$175

$200

$174
$173

$172

$171

$169
$166
$165

$163

$158

$157

$151
$144
$140
$130

$125

$123

$94
$100

$64
$52
$44

$39
$34
$30

$27
$17
$15
$0

$0

$0
$0

2013 2014 2015 2016 2017 2018

Wagga Wagga Land Monitor Report 2017-2018 19

 CONSTRUCTION STATISTICS

Construction Statistics - Number of applications each year

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Residential Dwellings 294 284 231 170 227 243 340 448 277 343
Other Residential 45 134 64 52 29 110 41 46 74 47
Total Residential Approvals 339 418 295 222 256 353 381 494 351 390

The above residential building approvals are compiled by the Australian Bureau of Statistics from permits issued by local government authorities and other principal certifying
authorities. Alterations or additions to existing dwellings are not included.
> A 'Residential Dwelling' is a stand-alone residential structure, separated on all sides from other dwellings by at least half a metre.
> 'Other Residential' is a building other than a house primarily used for long-term residential purposes. It contains more than one dwelling
unit within the same structure.

Construction Statistics - Construction cost of applications each year

2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
Residential $94,664,000 $117,368,000 $87,444,000 $71,965,000 $82,157,000 $116,235,000 $114,947,000 $143,397,000 $114,587,000 $130,783,000
Non-Residential $92,852,000 $188,558,000 $114,630,000 $104,107,000 $54,333,000 $221,302,000 $114,409,000 $60,297,000 $38,690,000 $75,012,000
Total $187,516,000 $305,926,000 $202,074,000 $176,072,000 $136,490,000 $337,537,000 $229,356,000 $203,694,000 $153,277,000 $205,795,000

Value of building approval data are sourced from the Australian Bureau of Statistics, Catalogue number 8731.0 – Building Approvals, Australia.
The value of approval data includes all approved residential building valued at $10,000 or more and all approved non-residential building valued at $50,000 or more. Value of
building work excludes the value of land, and also excludes landscaping, but includes site preparation costs. Both new dwellings and alterations and additions to existing
dwellings are included in the residential approvals.

Wagga Wagga Land Monitor Report 2017-2018 20

 FORECAST POPULATION AND DWELLINGS

WAGGA WAGGA LGA POPULATION AND DEWLLING STATISTICS

Summary 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17

Population 61,781 62,163 62,509 62,924 63,520 63,906 64,265

Change in population 382 346 415 596 386 359
Average annual change (%) 0.62 0.56 0.66 0.95 0.61 0.56
Average household size 2.53 2.52 2.51 2.49 2.50 2.50 2.51
New Dwellings Per Year 0 152 138 167 238 154 143
Source: Australian Bureau of Statistics, Regional Population Growth, Australia (3218.0). Compiled and presented in profile.id by .id , the
population experts.
10 YEAR DWELLING REQUIREMENT PROJECTIONS FOR THE CITY OF WAGGA WAGGA

Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Population Growth Rate P/A 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Population 66,635 67,968 69,327 70,714 72,128 73,570 75,042 76,543 78,074 79,635
Population Growth 1,333 1,359 1,387 1,414 1,443 1,471 1,501 1,531 1,561 1,593
Total Population 67,968 69,327 70,714 72,128 73,570 75,042 76,543 78,074 79,635 81,228
Occupants per Dwelling 2.46 2.46 2.46 2.46 2.46 2.46 2.46 2.46 2.46 2.46
Dwellings Required 542 553 564 575 586 598 610 622 635 647

References
2018 Population WWCC Ecomonic Snapshot & ID Forecast
Population Growth Rate WWCC Strategy Meeting & NSW Regional Decentralisation Plan
Occupants per Dwelling ID Forecast 2016 Population of 64,084 Divided by Total Dwellings 2016 of 26,094

Wagga Wagga Land Monitor Report 2017-2018 21

In July 2018 the NSW Government released A 20-Year
Economic Vision for Regional NSW, the report is an
Total Vacant Lots at 1 July 2019: 711
outline for strategic investment to accelerate economic
Less Total Aged Lots at 30 June 2018: 362
growth by combining existing transport and infrastructure
strategies and regional plans. Existing Lots excluding Aged Lots at 30 June 2018: 349
To achieve the vision co-operation is required from all
three tiers of government at Commonwealth, State and Projected Population 2038
Local levels.
Source: NSW Department of Premier and Cabinet One of the key factors
The Vision for the Wagga Wagga Local Government Area
in achieving population
is to increase the population to 100,000 by 2038. At 30
June 2017 Wagga Wagga’s population was just over growth is affordable
64,000. To achieve growth of 36,000 people on average,
accommodation
an extra 1,800 per year is required for the next 20 years.
HIA endorses Wagga Wagga City Council’s vision by
adopting and projecting the population target of 100,000
residents by 2038 within this report.
Estimated Potential
The first table on the previous page of this Future Lots
report shows population growth has been
running between 0.5% and 1.0% for the 2,405
last six years. To achieve the 100,000
population target by 2038 annual growth
of 2% or more is required.
The HIA Wagga Wagga branch will work To achieve the 100,000 population target
alongside Local Government where adopted by the NSW Government and Wagga
required and necessary to assist in Based on the projections in the second table on the previous Wagga City Council approximately
achieving and supporting the visionary page the current supply of 2,405 residential zoned englobo 550 new dwellings are
2038 population target lots equates to approximately
The following are key statistics to ensure
required each year for the
the Wagga Wagga community stays on
course to achieve this target. 4 Years Supply next 3 years

Wagga Wagga Land Monitor Report 2017-2018 22

Commercial
2016-2017 SNAPSHOT

 Non-Residential Construction increased by about

94% from the previous year
 Construction of a large format bulky goods retailer
on Edward Street was the most prominent
commercial development this year
 7 industrial lots had been built on during the year
 70 vacant industrial lots remain, a 9% decrease
 The majority (64%) of vacant industrial lots are at
East Wagga Wagga
 26 vacant commercial lots exist in Wagga Wagga
 Residential Development Applications accounted
for approximately 64% of constructions costs this
financial year.

Wagga Wagga Land Monitor Report 2017-2018 23

 2017-2018 KEY FINDINGS COMMERCIAL LAND
 The cost of non-residential  The only commercial lot produced this  At 30 June 2018, of the 70 vacant
construction has fluctuated year was a large format bulky goods industrial lots 65% were located in the
significantly over the last 9 years. This outlet on Edward Street East Wagga Wagga area.
year Non-Residential Construction
increased by about 94% from the  At 30 June 2018 there were 26 vacant  Infrastructure works currently
previous year. commercial land parcels in the city, underway at Bomen are likely to
one less than last year. increase development activity in this
 Residential Development Applications area in the future years.
accounted for approximately 64% of  7 industrial lots were built on in
constructions costs this financial year 2017-18.

Wagga Wagga Land Monitor Report 2017-2018 24

 VACANT LOTS BY USE
100
94

90
84 85
80
80 77
75
70
70
Number of Vacant Lots

60

50

40
33
30 29
30 27 27 26
21
20
14
10 11
9
10 6 7
4
2 1 2 3 1
3
1 1
3
0 1 1 1 0 1 0 0
0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19
Commercial Industrial

Total Lots at Start of Year Vacant Lots Produced Lots Built On During Year

Wagga Wagga Land Monitor Report 2017-2018 25

 VACANT INDUSTRIAL LOTS BY SUBURB AT
30 JUNE 2018
Wagga Wagga 4 Ashmont 3

Kooringal 3
Bomen 8

Gumly Gumly 7

East Wagga Wagga 45

Wagga Wagga Land Monitor Report 2017-2018 26

 VACANT LOTS BY USE AT 30 JUNE 2018
Commercial 26
Rural-Residential 74
Industrial 70

Units 245

Dwellings 392

Wagga Wagga Land Monitor Report 2017-2018 27

 you’re in good hands

Wagga Wagga Land Monitor Report 2017-2018 28