Kyneton Property Factsheet 1st Half of 2019
Kyneton recorded a median house price of $562,500 and a median vacant land price of $334,000 in Q4 2018. This represents annual (Q4 2017 – Q4 2018) price growth of 6.6% and 51.8% respectively. Such a large spike in vacant land price is attributed to a very low land sales volume, with just 4 sales recorded during Q4 2018. The Kyneton 2nd Half 2018 Property Factsheet recorded annual (Q2 2017 – Q2 2018) price growth of 9.8% and 0.0% for houses and vacant land respectively. This means that by comparison, houses have grown at a more affordable level, whilst land has seen a strong increase in median price. Again, a sharp increase in vacant land price growth is in part reflective of a low sales volume for land in Kyneton.
In the 12 months to Q4 2018, vendor discounting for houses in Kyneton remained in the buyer’s favour, widening from -2.7% in Q4 2017 to -5.1% in Q4 2018. This means that buyers were able to achieve greater discounts off the initial list price than the previous 12 months. Now is an ideal time for buyers to act and secure their property.
The median house rental price in Kyneton in Q4 2018 was $470 per week, whilst units recorded a median of $340 per week. This represented rental price growth of 17.5% for houses and -1.4% for units. A vacancy rate of just 1.3% (as of December 2018) was below the wider LGA (1.4%), as well as Melbourne Metro (2.2%). Kyneton thus presents an ideal opportunity for investors seeking out stable regional returns.