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PRD Bexley North  →  Research Hub  →  Kingsgrove Property Market Update 1st Half of 2022

Kingsgrove Property Market Update 1st Half of 2022

In Q1 2022, Kingsgrove recorded a median house price of $1,580,000, and a median unit price of $695,000. This represents annual (Q1 2021 – Q1 2022) median price growth of 6.9% for houses and 12.1% for units. Between Q1 2021 – Q1 2022 total sales slowed, by -25.4% (to 144 sales) and by -34.2% for units (to 75 sales). The Kingsgrove market is undersupplied, as price growth is alongside lower sales, particularly in the unit market. Now is the time for owner-occupiers and downsizers to capitalise on their investments, and for developers offering ready-to-sell stock to enter the market.

Average vendor discounts between Q1 2021 and Q1 2022 have further swung towards a higher premium of 3.9% for houses. Unit average vendor discount remain stable at -0.9% in Q2 2022. Kingsgrove market heavily favour vendors, as buyers have to offer closer or above the first list price. There is still a marginal discount for units however time is limited.

In March 2022 house rental yields in Kingsgrove were recorded at 2.0%, This is on par with Canterbury-Bankstown LGA (2.4%) and Sydney Metro (2.3%). In the 12 months to Q1 2022 median house rental price increased, by 5.0% to reach $625 per week, while average days on the market declined by -11.5% (to 23 days). Overall, this represents a resilient rental market throughout COVID-19, with an increasing demand in the past 12 months.

4+ bedroom houses have provided investors with +7.1% rental growth annually, achieving a median rent of $750 per week.

Also in March 2022, Kingsgrove recorded a vacancy rate of 1.7%, below that of Canterbury-Bankstown LGA (1.9%) however marginally above Sydney Metro (1.6%). Vacancy rates in Kingsgrove currently represent 3 years historical low, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. These key indicators create a conducive and sustainable environment for investors, despite the current increase in median sale prices of property in the past 12 months.