Kyogle Property Market Update 2nd Half of 2023
In Q2 2023 Kyogle* recorded a median house price of $530,000 , representing a 3.1% annual softening (Q2 2022 Q2 2023). That said, on a quarterly basis (Q1 Q2 2023) median house price grew at a significant rate, of 14.0%, which is reflective of restricted supply as Q2 2023 recorded the lowest number of houses sold (15 houses).
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Median land price was $230,000 as of Q2 2023, but there was only 1 sale for the quarter. Like houses this is the lowest number of vacant land sold, in contrast to 11 sales 12 months ago. Houses and land are undersupplied in Kyogle*, thus an opportunity for buyers and developers.
Average vendor house discounts between Q2 2022 and Q2 2023 have widened slightly, higher at 5.4%. House market conditions in Kyogle continue to favour buyers. That said, average vendor house discount in Q2 2023 is a little tighter than Q1 2023. This suggests that buyers wanting a more affordable option must act fast.
House rental yields in Kyogle was 3.3 % in June 2023, slightly lower than Gold Coast Main and North Coast NSW (3.8%). Median house rental price has remained relatively stable at $430 per week, however the number of houses rented increased by +5.0% (to 21 rentals) in the 12 months to Q2 2023. This suggests a resilient rental market, with a much more affordable median house sale price compared to Gold Coast Main and Sydney Metro.
4+ bedroom houses have provided investors with +161.5% rental growth annually, with a median rent of $550 per week. Kyogle recorded a vacancy rate of 0.6% in June 2023, well below Gold Coast Main’s and North Coast NSW averages (1.6% and 1.8% respectively). Vacancy rates in Kyogle have fluctuated in the past 12 months, declining sharply in the past 3 months. Vacancy rates in Kyogle have remained under the Real Estate Institute of Australia’s healthy benchmark of 3.0% in the past 3 years, thus creating a conducive and sustainable environment for investors.
