Kingsgrove Property Market Update 1st Half 2024
In Q1 2024, Kingsgrove recorded a median house price of $1,792,500 and a median unit price of $637,250. This represents annual (Q1 2023 – Q1 2024) median price growth of 20.3% for houses and a minor price softening of -0.4% for units. During this time total sales increased, by 0.7% (to 150 sales) for houses and by 30.4% (to 90 sales) for units. The market shows a return in confidence, with properties in high demand. Houses suggest real returns on investment, with price growth making now an ideal time to sell. Comparatively, the unit market is now slightly more affordable, thus an ideal time for buyers to enter the market.
Between Q1 2023 and Q1 2024 average vendor house discount have remained at a premium, although lower, of 3.5%. Average vendor discount for units have remained relatively stable, at -3.3%. House market conditions in Kingsgrove continue to favour sellers, where must offer above the first list price. Unit buyers can still benefit from further discounts, thus an ideal opportunity to act.
House rental yields in Kingsgrove was 3.1% in April 2024, slightly higher than Sydney Metro (2.9%). This was paired with a 9.0% increase in median house rental price in the past 12 months to Q1 2024, at $850 per week. During this time the number of houses rented declined by -5.9% to 159 rentals, which indicates an undersupply. This is beneficial for investors, as Kingsgrove is a premium market when compared to Sydney Metro.
2-bedroom houses have provided investors with +23.6% rental growth annually, achieving a median rent of $655 per week.
Kingsgrove recorded a vacancy rate of 1.0% in April 2024, slightly below Sydney Metro’s 1.1% average. Vacancy rates in Kingsgrove fluctuated in the past 12 months, due to investors entering/exiting the market alongside cash rate changes. That said a 1.0% vacancy rates is still significantly below the Real Estate Institute of Australia’s ‘Healthy’ Benchmark of 3.0%, indicating quicker occupancy of rental properties. Overall, this creates a conducive market for investors, especially with a more affordable unit market in the past 12 months to Q1 2024.
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