Kyogle Property Market Update 2nd Half of 2022
In Q2 2022, Kyogle recorded a median house price of $580,000, and a median land price of $309,000. This represents annual (Q2 2021 – Q2 2022) median price growth of 24.1% for houses and 28.8% for land. Between Q2 2021 – Q2 2022 total house sales decreased, by -2.2% (to 45 sales). Only 1 land sale was recorded, a significant decline from the 12 land sales recorded 12 months prior (Q1 2021). Both the housing and land market is undersupplied, as median price growth has been fuelled by high demand and lower stock levels. This creates an opportunity for owner occupiers, downsizers, investors, and for developers.
Average vendor discounts between Q2 2021 and Q2 2022 have rapidly shifted, widening to larger discounts of -4.4% for houses. Market conditions in Kyogle have further shifted to favour buyers, as sellers are willing to accept below the initial listing price.
House rental yields in Kyogle was 2.5% in June 2022, slightly lower than the average for North Coast NSW. However, the median house rental price increased by 28.6% (to $450 per week) in the 12 months to Q2 2022, and the number of houses rented increased by 50.0% (to 21 rentals). This is an expected dynamic shift in the market, as there has been a decrease in house sales. Average days to let remain at a low 19 days in Q2 2022. Overall, this suggests a resilient rental market.
3 bedroom houses have provided investors with +28.6% rental growth annually, achieving a median rent of $450 per week.
Kyogle recorded a vacancy rate of 0.0% in June 2022, below Gold Coast’s 0.6% and North Coast’s 0.9% average. This is significant, as it suggests only a very small number of properties are available for rent. Vacancy rates in Kyogle remained within 1.0% during COVID-19 and trended within 0.5% in the past 12 months. This indicates a high level of rental demand, thus a conducive environment for investors, despite an increase in median property sale prices in the past 12 months.
