The light industrial property market in the regional city of Wagga Wagga in south-western NSW, is at a five year high, according to Craig Tait, Director of Raine & Horne Commercial Wagga Wagga.
Demand is strongest for light industrial assets priced from $700,000 - $1.8 million such as an industrial warehouse at 72-76 Hammond Avenue that recently sold off-market. “Light industrial property demand is growing at a steady pace, especially where there are secure tenants and good investment returns available.”
The trades and construction industries are leading the charge for light industrial property in Wagga. “We have a good strong building sector in Wagga and it is growing at a steady pace.
“For example, Estella, a northern suburb of Wagga, is the second fastest growing suburb in NSW. Businesses in the building industry are benefiting from the development of Estella and have subsequently bought up some light industrial space to support their commercial expansions.”
Meanwhile, the rollout of the National Disability Insurance Scheme (NDIS) has increased demand for office space in Wagga. Craig adds, “The NDIS has also impacted demand for light industrial with providers to the NDIS such as wheelchair manufacturers buying and leasing space in Wagga.”
The market for vacant industrial blocks in Wagga has also collected pace, with developers leading the charge.