Land sales moving in upwards direction

Wangaratta land sales are on track to be the best in four years following a slide in transactions since 2021 due to economic uncertainty, supply barriers, and price restraints. There have been 49 land sales in the rural city in 2026, compared to 62 for the whole of 2025, 50 in 2024, 39 in 2023, and 48 in 2022. Multiple economic and supply factors have affected the number of sales since the 128 sold in 2021, including interest rate hikes, cost of living restraints, and infrastructure impacts. The average sale price for land this year has been $284,551, up from $280,713 in 2025 but less than the preceding three years, including a peak in 2023 of $296,872 average for a 653sqm block. Mike Noble from Garry Nash and Co Real Estate said the 49 sales is on track to surpass the previous annual totals since 2021. "The average land sale price in 2021 was $206k and due to a lack of titled properties that jumped right up to $300k in 2023," he said. "This sort of price point forced first home buyers out of the market because they can't buy land and build a house to avail themselves of the first home buyer benefits." Over the last 12 months Mr Noble has noticed slight price adjustment on the subdivisions they have been involved with and this caused a whole lot of activity. "Worland Gardens and Worland Park estates have all but sold out but what we've found that the blocks close to $300k tend to sit around unless they have a special feature," he said. "When properties are priced around that $270k-$275 mark that tends to be where we see really good activity with first home buyers and investors. "Investors are also now looking more to new builds as there are several standards that have to be met with older homes so they comply with the Residential Tenancies Act." "They can build it for $600-$650k and rent it out for $500 a week." Government projections have Wangaratta needing 240 new dwellings a year to provide for population growth, however, at the current rate, Mr Noble said reaching the total projection looks unachievable considering the accumulative shortfall in previous years. In terms of residential planning permit approvals in the Rural City of Wangaratta, data for 2026 YTD shows there have been 84 new permit applications for residential accommodation received with 69 issued and four not issued.

Land sales moving in upwards direction

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