Kingsgrove Property Factsheet 1st Half of 2019
Kingsgrove recorded a median house price of $1,126,500 in Q1 2019, representing an annual (Q1 2018-Q1 2019) softening of -12.0%. Median unit price was $628,500; which represented a relatively stable growth. Compared to the Kingsgrove Research Factsheet 2nd half 2018, which reported an annual (Q3 2017-Q3 2018) price growth of -12.1% (house) and 4.7% (units), houses have maintained its value whereas units have become more affordable. This is a comfort to house owners and an opportunity for those wanting to enter the unit market.
Georges River, Canterbury-Bankstown, and Bayside Local Government Area (LGA) recorded a combined median house price of $955,000 and median unit price of $630,000 in Q1 2019, an annual (Q1 2018-Q1 2019) softening of -17.0% (house) and -6.7% (units). Compared to the LGA Kingsgrove provides higher capital growth to owners, with on-par price entry point for units and a premium price for houses.
The Kingsgrove rental market has grown in volume, with the number of properties rented increasing by 34.9% (house) and 84.3% (units) between Q1 2018 – Q1 2019. However the market is showing signs of saturation, with median rental price declining by -6.1% (to $620 per week) for house and -6.3% (to $450 per week) for units. That said, given the softening in sales price, rental yield in Kingsgrove has increased over the past 5 months to December 2018, from 2.6% to 2.9% (house) and from 3.5% to 4.1% (units); confirming Kingsgrove as a viable investment opportunity.Kingsgrove is set to invest approximately $118.1M in the 1st half of 2019, with the majority dedicated to mixed-use projects (85.8%) and the rest in residential (8.2%) and commercial (6.0%).