Wagga Land Monitor Report

Wagga Wagga Land Monitor Report 2013-2014

LAND MONITOR REPORT2013-2014-

Wagga Wagga Land Monitor Report 2013-2014 22

CONTENTS

Introduction 3Housing Industry Association Wagga Branch 3Denitions 4Accuracy & Data Interpretation 5Disclaimer 5Opteon Southern Inland NSW 5Residential Land Key Findings 7Residential Land Graphs 8Potential Residential Supply 15Construction Statistics 20Forecast Population and Dwellings 21Commercial Land - Key Findings 23Commercial Land - Graphs 24Retail & Commercial Floorspace 27


The Wagga Wagga Land Monitor Reporthas been developed by the Housing Industry Association WaggaBranch and provides an overview of the vacant land supply in WaggaWagga.

The statistical information relates to historical take-up rates, currentproduction and consumption together with future supply of vacantresidential, rural residential, commercial and industrial land. Thisreport also includes information regarding commercial and retail oorspace together with demographics and development applicationsreported by nancial years.

It is hoped this information will enable stakeholders to make betterinformed decisions relating to market demand and future economicgrowth. The ultimate aim is to ensure that there is a sucient supplyand choice of vacant land going forward.

THE HOUSING INDUSTRY ASSOCIATION WAGGA BRANCHThe Housing Industry Association (HIA) is the ocial body ofAustralias home building industry. HIA is divided in nine geographicregions that provide a state or local focus, ensuing members needsand ideas are heard at the highest level. Our policy areas covereconomics, industry, building, planning, industrial relations, legal,environment, training and skills. We advocate the views and policies ofour members by contributing to enquiries and forums that impact onthe residential building sector.

For information on the local branch phone 1300 650 620 or [email protected]

We thank The City of Wagga Wagga for providing statistical data andcontributing nancially to the production of this report.


DEFINITIONSThe following denitions havebeen adopted throughout thisreport:

Vacant LandA lot that is vacant and issuitable for either residential ornonresidential use. Lotsproduced for the purpose ofpublic reserves, road reservesand boundary adjustments etc.have been excluded from thevacant lot count.

Lots Produced

Lots produced for eitherresidential or nonresidentialuse that have been registeredwith the New South Wales LandTitles Oce (LTO). Lotsproduced for the purpose ofpublic reserves, road reservesand boundary adjustments arenot included in the lotsproduced count.

Lots Consumed

A vacant lot for which aConstruction Certicate (CC) orComplying DevelopmentCerticate (CDC) has beenissued. A CC or CDC providesconsent for construction to takeplace on a lot.

Lots Sold

A vacant lot for which aContract of Sale was exchangedduring the nancial year andthat sale registered with theLTO. Settlement of the sale mayhave occurred after the end ofthe nancial year. We haveattempted to exclude any salesthat are not arms length ie thosebetween related parties.

Commercial Use

Land in the Wagga Waggacentral business district and inthe vicinity of suburbanshopping centres.

Industrial Use

Land suitable for industrial andbusiness uses outside the CBDand removed from suburbanshopping centres.

Dwelling Use

Land suitable for theconstruction of a singleresidential dwelling.

Rural Residential Use

Land suitable for theconstruction of a single dwellingwith a site area generally largerthan 1,200 square metres.

Units Use

Land suitable for theconstruction of Community Titleand/or Strata Title units,duplexes, multiple dwellings onone title and at developments.

Median

The median is the middle pointof a number set, in which halfthe numbers are above themedian and half are below.

Average

The average is obtained bydividing the sum of a set ofvalues by the number of valuesin the set.

Population

The population statistics quotedin this report relate to the wholeLocal Government Area ofWagga Wagga.


ACCURACY & DATA INTERPRETATIONAs with any statistical calculation, a margin of error will result. In this report sucherrors are minor and typical due to a small percentage of lots for which aconstruction certicate or complying development certicate has been issued butdoes not result in construction in the short term.This report should not be used as an indication of a change in market value or theperformance of our economy. Property market growth or decline is the result ofvarious factors not limited to:

The strength of the economy. Decreasing household sizes resulting in more houses being required for the

same population. Housing aordability 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 aect homebuilders. A shortage of supply of land. The availability of large in globo parcels that attract larger property

developers to the market.

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. Whilethe information contained in this report has been prepared with all due care for thebenet of the user, the HIA Wagga Branch, its ocers, employees and agents do notwarrant or make representations in relation to its accuracy. The information is madeavailable on the understanding that the HIA shall not have a liability for any losswhatsoever that might arise as a result of use of the information by the reader or bythird parties who receive information directly or indirectly. It is the usersresponsibility to make his or her own investigations, decisions and enquiries aboutthe accuracy and completeness of the information.

OPTEON SOUTHERN INLAND NSW

The information in this report has been researched, collated and produced byOpteon Southern Inland New South Wales. Formerly Bolton Connolly, we arethe largest real estate valuation and advisory rm in Wagga Wagga.Established in the late 1970s we have over 35 years experience in the Riverinaand South West Slopes regions of New South Wales.Through the Opteon Property Group our Wagga Wagga and Grith ocesare part of the largest valuation rm in Australia. Our local knowledge andexperience together with our network around Australia ensures we canprovide the highest quality advice regardless of your needs.

When you next require professional property advice contact us [email protected]


2013-2014 SNAPSHOT 775 vacant residential lots. 257 new vacant lots produced - a 20% decrease. 421 lots in the city have been vacant for over 4 years. 299 lots were built on - a 50% increase. Average price of vacant lots remains static. 295 vacant lots were sold. 221 of sold lots were between 600 & 1,500 sqm. Approx. 4,025 potential future lots zoned residential.

Residential


As at 30 June 2014, there were 775 vacantresidential lots in Wagga Wagga and 421 ofthem had been vacant for more than 4 years.

Tatton had the highest number of existingvacant land at 100 lots.

Of the 107 lots produced in 2012-13 inCentral Wagga Wagga, 97 are in onedevelopment.

257 new vacant lots were produced in thecity. This is a 20% decrease compared to theyear before which is largely due to a CentralWagga Wagga unit development in 2012-13.The number of vacant dwelling lotsproduced increased by 29% .

Of the 257 vacant lots produced in2013-14 91% were located in four suburbsbeing Bourkelands, Gobbagombalin (EstellaRise), Estella and Boorooma.

299 vacant lots were built on in the city, a50% increase on the year before. 60% werelocated in four suburbs, being Boorooma,Tatton, Lloyd and Bourkelands.

Wagga Waggas established suburbs had thehighest proportion of land that had beenvacant for more than 4 years.

Both the average ($139,000) and median($125,000) lot prices remained static over thelast two years.

The highest demand was for vacant lotsbetween 600 and 1,500 square metresaccounting for 75% of the 295 lots sold in2013-14.

Demand for rural residential lots hasremained constant over the last two years atabout 15% of sales.

The average vacant lot price per squaremetre is relatively consistent across themajority of suburbs at $140 to $180 persquare metre. (The small sample size in somesuburbs is causing distortion, particularly inTolland).

Central Wagga Wagga remains our mostexpensive suburb per square metre due to alimited supply of land.

In 2011 the population of the Wagga WaggaLocal Government Area (LGA) was61,781.

Between 2015-16 the population is estimatedto increase by 1.4% to 64,748.

This equates to an increase of 897 people,which divided by the average household sizeof 2.52 people results in an estimate of 356new homes or units required in 2015-16.

2013-2014 KEY FINDINGSRESIDENTIAL LAND


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


Total lots that have beenvacant for more than 4years at 30 June 2014

421


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


ESTIMATED POTENTIAL LOTS CURRENTLY ZONED RESIDENTIAL NOT SUBDIVIDED

Gobbagombalin1,250 Lots

Estella380 Lots

Boorooma350 Lots

Governors Hill135 Lots

Turvey Park60 Lots

Lloyd1,200 Lots

Forest Hill650 Lots

Estimated potentialgreeneld lots

4,025

This information was supplied by active land developers and represents the majority of potential greeneld residential subdivisions,other smaller developable parcels are located throughout the city.



(rhs)

(rhs)


Source: id.com 2015

CONSTRUCTION STATISTICS


FORECAST POPULATION AND DWELLINGS

New dwellingsrequired per year

2014-15 4182015-16 356

Potential future lots 4,025

10-12 years supplyExisting Lots(excluding aged)At 30 June 2014

354


2013-2014 SNAPSHOT 11 industrial lots produced. 89 vacant industrial lots. The majority, (74%) of vacant industrial lots are at East

Wagga Wagga. 30 vacant commercial lots. Non-residential construction was 50% lower than the

year before and below the long term average. Fitzmaurice Street is the commercial/services sector

and Baylis Street is the main retail precinct.

commercial


As of 30 June 2014 therewere 30 vacantcommercial land parcels inthe city, four had beendeveloped during 2013-14.

Over the last 2 yearsindustrial land had beenrelatively consistent with10 lots produced in 2012-12, 11 lots produced in2013-14 and 1 lot built oneach year.

At 30 June 2014, of the 89vacant industrial lots 74%were located in the EastWagga Wagga area.

Non-residentialconstruction cost hasuctuated over the last 6years. 2013-14 was 50%below the previous yearand about 30% below the6 year average.

The Fitzmaurice Streetarea is the commercial/services sector of the CBDwhile Baylis Street is themain retail precinct.

There are 8 shoppingmalls and arcades in theCBD.

2013-2014 KEY FINDINGSCOMMERCIAL LAND


RETAIL & COMMERCIAL FLOORSPACEEXISTING AT 30 JUNE 2014

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