Kyogle Property Market Update 1st Half of 2024
In Q4 2023, Kyogle recorded a median house price of $468,000, and a median unit price of $235,000. This represents annual (Q4 2022 – Q4 2023) softening of -2.2% for houses and -2.1% for land. That said, on a quarterly basis (Q3 – Q4 2023), median price grew by 4.1% for houses and 7.8% for land. The number of sales surged by 50.0% for houses and doubled for vacant lands in the past 12 months to Q4 2023. Quarterly data suggests high demand for both property types, which resulted in a market recovery. With little new stock planned in the next two years, now is the time for buyers to act, before further price growth occurs.
Average vendor discounts between Q4 2022 and Q4 2023 have widened to -7.9% for houses. This is the peak discount recorded for houses in the past 18 months. The market in Kyogle still favours buyers, as vendors are willing to accept below the first list price. With little new supply planned, now is the ideal time to buy.
House rental yields in Kyogle were 3.3% as of December 2023, lower than NSW North Coast (3.8%) and Gold Coast Main (4.0%). That said median houses rental price increased by 17.2% in the past 12 months to Q4 2023, to $498 per week, and the number of houses rented declined by -44.4% (to 5 rentals). This suggests the Kyogle house rental market is undersupplied, thus a much more affordable market compared with Gold Coast and Sydney Metro.
2- and 3- bedroom houses have provided investors with +12.5% and +11.1% rental growth annually, achieving a median rent of $450 and $600 per week, respectively.
Kyogle recorded a vacancy rate of 1.5% in December 2023, slightly above the NSW North Coast (1.3%) and Gold Coast Main (1.1%). Vacancy rates in Kyogle saw a slight spike in the past 12 months, due to investors coming back to the market and capitalising on a tight rental market. However, it is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of rental properties. This confirms there is still a healthy rental demand, and investors can be confident of a conducive investment environment in Kyogle.
