Kyogle Property Market Update 2nd Half of 2021

In Q2 2021, Kyogle recorded a median house price of $465,000, and a median vacant land price of $220,000. This represents annual (Q2 2020 – Q2 2021) median price growth of 6.9% for houses and a softening of -11.3% for vacant land. Between Q2 2020 and Q2 2021 total sales for houses increased, by 43.3% (to 43 sales), however vacant land sales slowed by -40.0% (to 6 sales). Homeowners can benefit from real returns in investment, as house price growth is accompanied by higher transaction volumes. Astute investors and first home buyers are encouraged to tap into the affordable land market.

Average vendor discounts between Q2 2020 and Q2 2021 have tightened to -1.4% for houses. The Kyogle market has shifted to favour vendors, where buyers must offer closer to the first listing price. Buyers can still benefit from a discount, however for a limited time.

In June 2021, house rental yields in Kyogle were recorded at 3.0%. In the 12 months to Q2 2021, the median house rental price increased by 20.7% to reach $350 per week, while average days on the market declined by -51.7% (to 14 days). Overall, this represents a strong rental market throughout COVID-19, one that is inviting to astute investors.

2 bedroom houses have provided investors with +16.0% rental growth annually, with a median rent of $290 per week.

Also, in June 2021, Kyogle recorded a significantly low vacancy rate of 0.1%, well below that of Gold Coast Main (0.7%) and North Coast New South Wales (0.8%). Vacancy rates in Kyogle have remained well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, continuing the pattern even from pre-COVID-19 conditions. This further indicates that there is a healthy rental demand and investors can be confident of a conducive investment environment in Kyogle.