Kingsgrove Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW
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.
CHANGE FROM LAST
YEAR
Kingsgrove is set to see approximately $101.1M of new projects commencing construction in 2024. Residential $7.3M
HALF YEAR
HOUSE SALE S
Mixed-Use Projects $53.1M
HOUSE ME DIAN PRICE
Commercial $30.6M Industrial $5.3M
HOUSE RE NTAL PRICE
Infrastructure $4.8M
UNIT SALE S
These projects will stimulate economic growth and create new local jobs in Kingsgrove. This will have a spill-over impact on the real estate market, in the form of more demand for housing.
UNIT ME DIAN PRICE UNIT RE NTAL PRICE
There are multiple mixed-use projects in Kingsgrove* planned for 2024. These include:
$ MARKET CONDITIONS MEDIAN PRICE Q3 2024
$1.77M
$680K
MEDIAN PRICE Q3 2024
$840
SALES
AVERAGE DAYS ON MARKET Q3 2024
37
44
HOUSE
U N I T
RENTALS
$595
AVERAGE DAYS ON MARKET Q3 2024
22
20
HOUSE
U N I T
•
Homer Street & Wardell Road Mixed Use Development (64 Units)
•
Canterbury Road Units & Shops (50 Units)
The two residential projects planned for 2024 in Kingsgrove* are: •
Chapel Street (10 Townhouses)
•
Riverview Road (11 Units)
The incoming supply of ready-to-go units and townhouses will answer some of the current demand, and potentially stabilise unit prices slightly. However there is still no new stand-alone houses being built, which will push up house prices even further.
167 Units/ Apartments
10 Townhouses