Kyogle Property Market Update 2nd Half of 2020
Kyogle recorded a median house price of $335,000 and a median land price of $142,000 in Q2 2020. This represents annual (Q2 2019 – Q2 2020) stable growth for houses, however land softened by -33.6%. Between Q2 2019 - Q2 2020 demand increased significantly, by 84.2% for houses (to 35 sales), and by 140.0% for land (to 12 sales). Stable house prices and an increase in demand for both property types amidst COVID-19 conditions indicate a resilient market. This instils confidence for current property owners and those looking to purchase in Kyogle. Now is the time to transact.
Over the 12 months to Q2 2020, average vendor discounting has widened in Kyogle, to -7.9% for houses. This indicates that buyers are still benefiting from great discounts and negotiating below first list asking prices.
In the 12 months to June 2020, house rental yields in Kyogle slightly softened to 2.9%. However, during this time there was high unit rental demand, up by +133.3%, and a lower unit average days on the market to 20 days. Overall, this represents a confident unit rental demand throughout COVID-19.
2 bedroom houses have provided investors with +8.0% rental growth annually, with a median rent of $410 per week.Over the June 2020 Quarter, Kyogle recorded a low vacancy rate of 0.5%, outperforming Gold Coast Main (4.0%) and North Coast NSW (1.5%). Vacancy rates in Kyogle have continued to be on a declining trend since June and December 2019, even amidst COVID-19 conditions. This confirms there is a healthy rental demand and investors can be confident of conducive investment environment in Kyogle .
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