Kyogle Research Factsheet 1st Half 2018
The Kyogle property market experienced exponential growth over the past 12 months to Q4 2017, recording a median house price of $277,250 – which represents an annual price change of 15.5%. Over the same period of time house prices in postcode 2474 grew by 10.6% to $293,000. With house prices below those postcode 2474, Kyogle is beckoning buyers and investors with great entry price points whilst also offering higher positive capital growth.
The house market has slowly turned into a buyers’ market, with average vendor discounting widening to -5.5% in Q4 2017. This suggests that there is more room for buyers to negotiate on first list price. That said due to the growth in median price over the same period of time, sellers are still benefitting from capital growth; providing a happy medium between sellers and buyers.
Median rents for houses in Kyogle continued its upward trend over the past twelve months to Q4 2017, currently at $300 per week. Low vacancy rates of 2.2% continue to demonstrate consistently solid rental demand in the area, which suggest that Kyogle is conducive for investment. Astute investors are benefiting from house rental yields of 3.5%, providing investors with great conditions for profitable returns, especially when compared to returns of 2.9% in the Sydney Metro region.