Kingsgrove Research Factsheet 2nd Half 2017
The Kingsgrove property market recorded a house median price of $1,345,000 and $675,000 for units in Q3 2017, representing an annual price change of 9.3% and 10.7% respectively. Over the same period of time house prices in the wider council area grew by 13.2% to $1,200,000 and unit prices grew by 5.6% to $665,000. Kingsgrove unit market proves to provide a unique combination of being more affordable yet with higher capital growth when compared to the wider council area, whilst the house market is a premium market with substantial return potential for buyers.
The Kingsgrove property market recorded a house median price of $1,345,000 and $675,000 for units in Q3 2017, representing an annual price change of 9.3% and 10.7% respectively. Over the same period of time house prices in the wider council area grew by 13.2% to $1,200,000 and unit prices grew by 5.6% to $665,000. Kingsgrove unit market proves to provide a unique combination of being more affordable yet with higher capital growth when compared to the wider council area, whilst the house market is a premium market with substantial return potential for buyers.
Median rents in Kingsgrove has increased for both houses and units over the past twelve months to Q3 2017, by 5.0% for houses (to $630 per week) and by 14.6% for units (to $470 per week). Low vacancy rates of 1.4% continue to demonstrate the strong rental demand in the area. With high rental demand and increasing rent prices Kingsgrove’s astute investors are able to take advantage of conducive conditions for solid investment returns.
Kingsgrove is set to see approx. $59.5M of new projects commencing in the 2nd half 2017. Mixed use projects accounted for 77.6%, totaling an estimated $46.2M of projects.
This is followed by residential at approx. $8.2M (13.8%), commercial ($3.9M, or 6.6%), industrial ($800.0K or 0.9%), and infrastructure which accounted for $400.0K or 0.7% of total projects. A balanced future development portfolio leads to sustainable growth.
A key project over the 2nd half of 2017 is Canterbury Road Mixed Development – Roselands Garden. The project is estimated at $21.0M and is set to add 117 units to the market as well as commercial and retail spaces. In total the Kingsgrove area will see 211 units, 4 townhouses, and 5 villas commencing construction in 2nd half 2017, spread over 7 projects. This will answer growing demand.
