Kingsgrove Property Market Update 2nd Half 2024
Kingsgrove is a suburb located 13 kilometres southwest of Sydney CBD. It sits in the council areas of City of Canterbury-Bankstown, Bayside and Georges River. Kingsgrove is home to vibrant shops, cafés and restaurants and is well connected by public transport, this makes Kingsgrove an idea place to live.
Property Trends
In Q3 2024, Kingsgrove recorded a median house price of $1,771,000, and a median unit price of $680,000. This represents annual (Q3 2023 – Q3 2024) median price growth of 10.7% for houses and 2.6% for units. Comparing Q3 2023 and Q3 2024, house sales declined by -15.6% (to 146 sales in Q3 2024), whilst unit sales increased by 30.1% (to 108 sales in Q3 2024). This suggests there is an undersupply in the house market and a return in confidence for the unit market, which combined has created a buffer against higher interest rates. Now is an ideal time for owners to capitalise on their investment, and for unit buyers to enter the market.
Project Development
Kingsgrove will see approximately $101.1M of new projects commencing construction in 2024. Most of these developments are mixed-use projects, including Homer Street & Wardell Road Mixed Use Development ($20M); which will add 64 units, and Canterbury Road Units and Shops ($15M); which will add 42 units to Kingsgrove. With no new ready-to-go stand-alone houses planned, an undersupply in houses is expected.Kingsgrove will see approximately $101.1M of new projects commencing construction in 2024. Most of these developments are mixed-use projects, including Homer Street & Wardell Road Mixed Use Development ($20M); which will add 64 units, and Canterbury Road Units and Shops ($15M); which will add 42 units to Kingsgrove. With no new ready-to-go stand-alone houses planned, an undersupply in houses is expected.
Rental Market & Growth
House rental yields in Kingsgrove was 3.1% in September 2024, slightly above Sydney Metro yield (2.8%). This was paired with a 5.0% increase in median rent price in the past 12 months to Q3 2024, at $840 per week. The number of houses rented increased by 15.5% in the past 12 months, to 194 rentals in Q3 2024. These trends are also reflected in the unit's market, which confirms there is strong demand for rental properties in Kingsgrove.House rental yields in Kingsgrove was 3.1% in September 2024, slightly above Sydney Metro yield (2.8%). This was paired with a 5.0% increase in median rent price in the past 12 months to Q3 2024, at $840 per week. The number of houses rented increased by 15.5% in the past 12 months, to 194 rentals in Q3 2024. These trends are also reflected in the unit's market, which confirms there is strong demand for rental properties in Kingsgrove.
Vacancy Rates & Property Investment
Kingsgrove recorded a vacancy rate of 1.0% in September 2024, on par with the Canterbury-Bankstown LGA’s 1.0% average, but below Sydney Metro’s 1.6% average. Vacancy rates in Kingsgrove have trended upwards in the past 12 months, due to investors returning to market as cash rates stabilised. That said, a 1.0% vacancy rate is still significantly below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes in Kingsgrove. This creates a conductive environment for investors.Kingsgrove recorded a vacancy rate of 1.0% in September 2024, on par with the Canterbury-Bankstown LGA’s 1.0% average, but below Sydney Metro’s 1.6% average. Vacancy rates in Kingsgrove have trended upwards in the past 12 months, due to investors returning to market as cash rates stabilised. That said, a 1.0% vacancy rate is still significantly below the Real Estate Institution of Australia’s healthy benchmark of 3.0%, suggesting quicker occupancy of rental homes in Kingsgrove. This creates a conductive environment for investors.
