Kyogle Property Factsheet 1st Half of 2019
Q4 2018 saw Kyogle record a median house price of $270,000. This represents an annual (Q4 2017 – Q4 2018) price softening of -2.7%. The 2nd Half 2018 Kyogle Property Factsheet reported an annual (Q2 2017 – Q2 2018) media price growth of 5.2% for houses. Thus, the last 6 months has resulted in improved affordability within the area. In the 12 months to Q4 2018, the number of house sales recorded in Kyogle softened by 54.7% to sit at 10 sales for the quarter. This suggests there is limited supply in Kyogle, meaning buyers should act quickly to secure property.
Average vendor discounting for houses in Kyogle widened slightly from -4.6% to reach -5.5% in Q4 2018. This means that buyers have been able to successfully negotiate further discounts on the first list price of a property. Buyers should use this knowledge to act now and secure property in Kyogle.
The median rental price for houses in Kyogle softened by -1.7% between Q4 2017 – Q4 2018 to $295 per week. Average house rental yields for the area were 3.2% in December 2018, which is above Sydney Metro’s 2.9%. Healthy vacancy rates of just 1.6% in Kyogle is a positive indicator for investors who may be seeking for affordable alternative investment opportunities outside of the Sydney Metro area.
Kyogle LGA saw 44 farm/rural sales worth a combined $24.0M in 2018. By comparison, 49 properties worth $33.0M were sold in 2017. An analysis of stock reveals that this was attributed to a greater number of smaller-sized rural sales occurring across 2018, with 36.4% of all sales falling below $350K. The number of sales priced $950K+ also fell notably, from 28.6% to 13.6% in 2018.