Kyogle Property Market Update 1st Half of 2022

In Q4 2021, Kyogle recorded a median house price of $490,000 and a median land price of $204,000. This represents annual (Q4 2020 – Q4 2021) median price growth of 23.4% for houses and 20.0% for land. Between Q4 2020 – Q4 2021 total sales slowed, by -17.2% (to 48 sales) for houses, however sales for land increased by +50.0% (to 18 sales). Owner occupiers can benefit from real returns on capital investment, as median price growth has been fuelled by high demand and lower stock levels. The market is still undersupplied, creating an opportunity for developers to enter the market.

Average vendor discounts between Q4 2020 and Q4 2021 have tightened to -2.4% for houses. Market conditions in Kyogle offers a unique opportunity. Sellers can achieve a final sale price that is closer to their first list asking price, thus maximising their investment, however buyers can still negotiate.

In December 2021, house rental yields in Kyogle were recorded at 2.7%. In the 12 months to Q4 2021, the median house rental price increased by 33.3% to reach $400 per week, while average days to let on the market remained at 24 days. A strong annual increase in median rental price, higher than median sale price (25.9%), suggests Kyogle remains a strong rental market that provides high rental returns for investors.

4+ bedroom houses have provided investors with +25.0% rental growth annually, with a median rent of $450 per week.

Also in December 2021, Kyogle recorded a vacancy rate of 0.4%, below that of Gold Coast Main (0.6%) and North Coast (0.6%). Vacancy rates in Kyogle has trended below 1.0% for the past 27 months, remaining well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%. Continuous low vacancy rates confirm there is a healthy level of rental demand and investors can be confident of a conducive investment environment.