Kyogle Property Market Update 1st Half of 2021

In Q4 2020, Kyogle recorded a median house price of $342,500, and a median vacant land price of $170,000. This represents annual (Q4 2019 – Q4 2020) median price growth of 12.5% for houses, however a slight softening of -1.2% for vacant land. Between Q4 2019 – Q4 2020 total sales increased, by 84.4% for house (to 59 sales) and by 220.0% for vacant land (to 16 sales). The Kyogle house market is in a growth phase, with positive price growth and increased sales, indicating compounding returns on capital investment. Now is an ideal time to transact, with opportunities for both sellers and buyers.

Average vendor discounts between Q4 2019 and Q4 2020 have tightened for houses from -4.2% to -3.4%. Kyogle offers unique opportunities, as sellers can now achieve a final sale price closer to their first list price, however buyers still have some room to negotiate.  Now is an opportune time to transact.

In December 2020, house rental yields in Kyogle were recorded at 3.0%. In the 12 months to Q4 2020 the median house rental price grew by 1.7%, to $305 per week. Furthermore, average days on the market declined by -48.1% (to 14 days). This establishes Kyogle as a resilient and highly demanded rental market.

2 bedroom houses have provided investors with +31.0% rental growth annually, with a median rent of $275 per week.

In December 2020, Kyogle recorded a record low vacancy rate of 0.0%, well below that of Gold Coast Main (0.7%) and North Coast NSW (0.7%). Vacancy rates in Kyogle have seen a declining trend since September 2019 and is well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. This confirms there is highly resilient rental market demand despite COVID-19, thus investors can be confident in their decision to enter the Kyogle area.