Kyogle Market Update 2 nd H a l f 2 0 2 4
FUTURE DEVELOPMENTS
OVERVIEW 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 home-owners 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.
CHANGE FROM LAST
YEAR
Kyogle plans to see approximately $24.6M of new projects commencing between 2021 to 2027. Commercial
$120.0K Residential
$2.3M
HALF YEAR Infrastructure
HOUSE SALE S
$22.1M
HOUSE ME DIAN PRICE HOUSE RE NTAL PRICE A focus on infrastructure projects improves liveability for residents, whilst also creating local jobs in the construction phase. This can attract more people to live in the area, potentially increasing demand for housing.
LAND SALE S LAND ME DIAN PRICE
There are only two residential project planned from 2021 to 2027.
$ MARKET CONDITIONS MEDIAN PRICE Q2 2024
$465K
$310K
MEDIAN PRICE Q2 2024
$450
SALES
$310
14-16 Roxy Lane Dwellings ($1.4M, 5 Dwellings)
•
40 Howard Court Units ($870K, 3 Units)
Key infrastructure projects include:
AVERAGE DAYS ON MARKET Q2 2024
95
78
HOUSE
L A N D
RENTALS
•
AVERAGE DAYS ON MARKET Q2 2024
26
25
HOUSE
U N I T
•
Mahoneys Lane No.1 Bridge (Local Government, $1.82M)
•
Fawcetts Creek Aerial Sewer Crossing (State Government, $750K)
Although there is some new housing stock planned, 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.
5 3 Units/ Apartments
Dwellings