Kyneton property market returns steady growth: PRDnationwide
The Kyneton property market has returned steady price growth for both house and vacant land leading up to the final quarter of 2016, whilst still presenting itself as a more affordable market, PRDnationwide has found.
The median house price is currently held at $495,000 and $235,000 for vacant land, representing an annual price change of 5.4 percent and 15.2 percent respectively.
Over the same period of time, the median house price in the surrounding Shire of Macedon Ranges grew by 12.2 percent to $575,000 and vacant land median price grew by 14.3 percent to $240,000.
The average amount of days to sell in Kyneton has improved since the beginning of 2016 and at the end of the final quarter sits at 70 days for houses. The average time spent on the market for rental properties are currently 40 days for houses and 39 day for units.
Positively, investors in the Kyneton market are benefiting from higher house and rental returns than properties in Melbourne, with returns of 3.8 percent and 5.9 percent, respectively. Median rents in Kyneton have remained stable for house and units over the past twelve months, currently at $368 and $290 per week respectively.
The vacancy rate is recorded at a low 1.6 percent which continues to demonstrate the high demand for rental property in the area, especially when compared to Melbourne (2.0 percent). The Kyneton Structure Plan introduced in June 2013 estimated that the Kyneton township will grow by an additional 2,900 residents by 2036.
A two bedroom unit (below) at 110 Piper Street sold for $439,000 in May 2017.
Kyneton can expect approximately $16.7M worth of new development projects commencing in late 2015, through to the end of 2017.
Of these new developments, residential projects accounted for the majority, with an estimated value of $15.5M.
This is followed by industrial projects valued at $1,000,000 and infrastructure which accounted for $200,000 worth of development. A main residential project in 2017 is the Simpson Street Residential Development. The project is estimated at $14.5M and plans to construct 69 dwellings. The project is due to commence in November, with anticipated completion in 2019.
A four bedroom home (below) at 121 Lauriston Reservoir Road sold for $1.065 million in May 2017.
