Kyogle Property Market Update 1st Half of 2023

In Q4 2022, Kyogle recorded a median house price of $545,000, which is a 5.0% annual growth (Q4 2021 – Q4 2022). House sales declined by -48.9% in this timeframe, to only 24 sales. On a quarter-by-quarter basis (Q3-Q4 2022) median house price grew at a slower rate, of 3.3%, reflective of higher interest rates.

Median land sales in Kyogle were very limited in Q4 2022, thus a more reliable measure for median land price was Q3 2022, of $310,000. This is a 26.5% growth on an annual basis. Houses and land remain undersupplied in Kyogle.

Kyogle Council is highly committed to improving infrastructure, through its once-in-a generation bridge building program. With investments from all three levels of Government, $50.8M is allocated to replacing a total of 95 ageing timber bridges in the next two years. That said there is still an absence in residential projects, in particular ready-to-sell houses.

Median house rental price in Kyogle increased by 12.5% (to $450 per week) in the 12 months to Q4 2022, and the number of houses rented increased significantly to 24 rentals. This suggests a resilient rental market, and a more affordable investment option compared to Gold Coast or Sydney Metro.

Kyogle recorded a vacancy rate of 1.1% in December 2022, which is significantly below the 3.0% healthy benchmark set by the Real Estate Institute of Australia. Vacancy rates in Kyogle saw a slight uptick in late 2022, due to investors capitalising on a tight rental market.