Kyogle Property Factsheet 2nd Half 2018
Compared to the wider Kyogle Local Government Area (LGA), houses are secured at a premium price in the Kyogle property market, and with stronger annual growth. This is good news for owner-occupiers and investors who are seeking a property market with reliable growth.
The Kyogle property market continued to demonstrate positive price growth in 2018, with median house values increasing by 5.4% between Q2 2017 and Q2 2018 to sit at $295,000 in Q2 2018. Over the past 12 months, Q2 2017-Q2 2018, median house prices in the Kyogle Local Government Area (LGA) grew by 0.8% to $281,250. The number of houses sold remained the same between Q2 2017 and Q2 2018, which suggests real capital growth.
Over the past 12 months to Q2 2018, average vendor discounting for houses tightened to -2.2%, suggesting increased market competition whereby sellers achieved prices closer to their first asking price. Buyers will need to act fast in this high demand market, especially with time to sell decreasing from 82 days to 72 days between Q2 2017 and Q2 2018.
Median rent in Kyogle increased by 3.6% over the past 12 months and was at $290 per week in Q2 2018. Over the same period of time (Q2 2017-Q4 2018) the number of rental stock increased by 45.5%, which suggested a real increase in rental value. Average days on the market tightened to 7 days in Q2 2018 and confirms Kyogle as having an increasingly strong rental demand. Astute investors are benefiting from rental yields of 5.1% for houses, well-above that of Sydney Metro (at 2.9%).
Now is the time to invest in Kyogle before prices move beyond levels of affordability.