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PRD Northern Rivers  →  Research Hub  →  Kyogle Property Market Report 2nd Half of 2019

Kyogle Property Market Report 2nd Half of 2019

In Q2 2019, Kyogle recorded a median house price of $300,000, and a median vacant land price of $165,000. This represents annual (Q2 2018 – Q2 2019) median price softening of -11.8% for house and -1.5% for land. During this time total sales slowed, by -35.7% for house (to 18 sales) and by -62.5% for vacant land (to 3 sales). Limited sales makes the market seem more volatile. Higher affordability and less competition creates an ideal environment for buyers to act.

In Q2 2019, Kyogle recorded a median house price of $300,000, and a median vacant land price of $165,000. This represents annual (Q2 2018 – Q2 2019) median price softening of -11.8% for house and -1.5% for land. During this time total sales slowed, by -35.7% for house (to 18 sales) and by -62.5% for vacant land (to 3 sales). Limited sales makes the market seem more volatile. Higher affordability and less competition creates an ideal environment for buyers to act.

Average house vendor discount between Q2 2018 and Q2 2019 has widened from -4.8% to -7.7% for houses. Market conditions in Kyogle continue to favour buyers, as sellers are willing to negotiate far below their initial listing price. Now is an ideal time to purchase a property at a discounted rate.

In the 12 months to Q2 2019 house median rental price strengthened by 3.3%, to $310 per week. During this time frame average days on the market decreased to a low 21 days, which confirms there is an increased preference for renting.

2 bedroom houses provided investors with the highest rental growth annually, at 16.7%. House rental yield was 2.9% in June 2019, which when combined with a more affordable housing market provide investors with an ideal opportunity.

Kyogle recorded a low vacancy rate of 0.8% in June 2019, which represents a declining trend over the past 12 months. Vacancy rates in Kyogle is well below Gold Coast Main (2.7%) and North Coast NSW (2.1%). This confirms there is a healthier rental demand for properties in Kyogle.

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