Kingsgrove Property Market Update 2nd Half of 2019
In Q3 2019, Kingsgrove recorded a median house price of $1,090,000, and a median unit price of $625,000. This represents annual (Q3 2018 – Q3 2019) median price softening of -5.2% for houses whilst units remained stable. At the same time, total sales in both markets accelerated for Q3 2019, up by 9.3% for houses (to 141 sales) and by 1.5% for units (to 68 sales). Local confidence is returning in Kingsgrove, making now an ideal time to transact in the market.
Average vendor discount between Q3 2018 and Q3 2019 has tightened to -4.6% for units and swung to a 0.9% premium for houses. The house market has now shifted to favour sellers, whilst unit sellers are still willing to negotiate below their initial listing price. Now is the time for first time unit buyers to enter the market, while discounts are available.
Over the past 12 months, house rental yields in Kingsgrove has remained steady, sitting at 3.0% in June 2019. This suggests the Kingsgrove house rental market is in a relatively healthy position, especially when compared to Sydney Metro’s average house rental yield of 2.9% during the same time frame.
4+ bedroom houses have provided investors with stable rental growth annually, achieving a median rent of $750 per week.Kingsgrove recorded a vacancy rate of 3.5% in June 2019, on-par with Sydney Metro’s 3.5% in the same period. Kingsgrove vacancy rate have increased over the past 12 months; thus landlords should seek out long term tenants.