Kyneton Property Factsheet 2nd Half 2018
Compared to the Macedon Ranges Local Government Area (LGA), both houses and land could be secured at a more affordable price in the Kyneton property market. Furthermore, Kyneton’s positive upwardly trend in capital growth provide a conducive environment for both owner-occupiers and investors seeking sustainable market opportunities.
The Kyneton property market continues to experience attractive annual price growth recording 2.9% for house and 13.1% for land. The annual (Q2 2017 to Q2 2018) recorded median house price was $535,000 and land was $237,500. Over the same period of time (Q2 2017 to Q2 2018), house prices in the LGA grew by 12.1% to $650,000 and land prices grew by 28.4% to $305,000.
Average vendor discounting for houses tightened to -0.5% over the past 12 months to Q2 2018, suggesting sellers achieved closer to their first list asking price. This was the tightest average vendor discount recorded over the past 18 months, suggesting now is the time to sell. Over the same period of time (Q2 2017 to Q2 2018), the time to sell houses declined from 76 days to 46 days. Buyers need to act fast in order to secure attractive opportunities in this investment hotbed.
Median rent in Kyneton increased for both house and units over the past 12 months to Q2 2018, currently at $404 per week (house) and $320 per week (units). This represents a price increase of 1.0% and 16.4%, respectively. Investors are benefiting from rental yields of 3.6% (house) and 5.1% (units), well-above that of Melbourne Metro’s 2.7% (house) and 3.9% (unit).
Now is the time for investors to enter the Kyneton property market, while prices are still affordable in this lucrative and upwardly growth market.