According to data from Price Finder, Wagga sales slumped in October and November after peaking in September. While prices were on the rise across the city, auction clearance rates – where houses were sold at auction – remained low.

Property valuer Chris Egan said spring was traditionally a strong selling season, but the cold spring had a chilling effect on activity.

“We’re overdue for an increase in the market now,” Mr Egan said. “There are a number of factors, a lack of listings, properties selling above asking price, they’re a precursor for a strengthening in the market.”

In September, 183 Wagga homes were sold at a median price of $300,000, but in October 153 homes were sold slightly cheaper at $299,000 while in November, 122 homes went for a median price of $347,500.

Auction clearance rates in central Wagga for the September quarter were about 55 per cent, while other suburbs were much worse, suggesting a “buyers market”. According to Domain, this type of market means vendors are likely pricing homes above market expectation resulting in an unsuccessful auction campaign. This offers a golden opportunity for buyers to negotiate.

Fitzpatricks Real Estate director Helen Woodhouse – identified by Price Finder as the city’s top selling agent – said the clearance rate for her agency was closer to 70 per cent, closer to “sellers market” conditions.

“Not every agency specialises in running an auction campaign, but we don’t go to auction unless it’s a unique property or there’s high demand,” Ms Woodhouse said.“If there’s massive demand and hardly any supply, that’s when you do it.”

According to Ms Woodhouse, a big defence posting to Wagga was keeping investors busy and low interest rates were attracting buyer enquiries.

“Last weekend we had an average of six groups through every property despite the 100mm of rain,” she said. “I got soaked a few times, but we were absolutely flat out.”

When asked where he would buy, Mr Egan said Kooringal.

“Some suburbs are hot and others aren’t, but if I was buying I’d go for an original house in Kooringal,” he said. “A good house with a good superstructure that maybe needs a bit of maintenance, you can really value-add there.”