Kyogle Property Market Update 2nd Half 2024
Kyogle is surrounded by breathtaking national parks, perfect for nature lovers seeking tranquillity. Its relaxed country charm and warm community atmosphere make it an inviting place to call home.
Property Trends
In Q2 2024, Kyogle recorded a median house price of $465,000 and a median vacant land price of $310,000. This represents annual (Q2 2023 – Q2 2024) growth of 3.3% for houses and 34.8% for land. Comparing Q2 2023 and Q2 2024, total sales surged by 72.7% for houses, to 19 sales in Q2 2024. This suggests a highly demanded house market, which has created a buffer against higher interest rates – thus, a price growth. The vacant land market remains small, with 1 sale in Q2 2024 and 3 sales in Q1 2024. Now is an ideal time for homeowners to capitalise on their investments. With minimal new housing stock planned in the next few years, buyers need to act fast before further price growth occurs.
Project Development
Kyogle plans to see approximately $24.6M of new projects commencing between 2021 to 2027. Although there is some new housing stock planned, of 5 dwellings and 3 apartments, this is not enough to answer current demand. Thus, the undersupply in housing stock will continue and is expected to drive up house prices even further.
Rental Market & Growth
House rental yields in Kyogle were 2.5% as of July 2024, lower than NSW North Coast (3.9%) and Gold Coast Main (3.2%). That said, median house rental price held stable in the past 12 months, currently at $450 per week in Q2 2024. The number of houses rented declined by -28.6% during this time, to 15 rentals in Q2 2024. This suggests an undersupplied rental market in Kyogle, which is beneficial to investors – especially with a more affordable median house price than Gold Coast and Sydney Metro.
Vacancy Rates & Property Investment
Kyogle recorded a vacancy rate of 1.2% in July 2024, slightly below the NSW North Coast (1.3%) and Gold Coast Main (1.7%). Vacancy rates in Kyogle saw a slight spike in the past 12 months, due to investors returning to the market and capitalising on an already tight rental market. However, a 1.2% vacancy rate is still well below the Real Estate Institute of Australia’s healthy benchmark of 3.0%, which suggests quicker occupancy of rental properties. This will benefit investors in Kyogle.
Large Dwellings and Rural Lands
In the past 12 months to 2024, Kyogle continued to see median house price growth in large dwellings, up by 0.9% to $877,500. However, rural land median price declined by -2.7% to $450,000. During this period, sales decreased by -19.2% for large dwellings (to 21 sales in 2024) and -66.7% for rural lands (to only 3 sales in 2024). This suggests an undersupplied market, more so for large rural residential dwellings, providing a buffer against the current cash rate hikes.
