New study finds no significant cost increase for properties in Kingsland
A new study by Property Insight, a leading property consultancy, has found no significant impact from a change in the way properties are valued.
The study, released on Monday, found no increase in the average cost of a property in the Kingsland area.
“The results show no impact on the average value of properties,” Property Insight’s chief executive, James Meehan, said.
“Property values are already significantly cheaper in the area compared to other parts of the country.
The Kingsland market is relatively cheap, but the market is very competitive.”
The Kingsland property market is a dynamic market and the average property in Kingswood is worth around $2.3 million, which is significantly lower than the average price in the rest of the county.
“Our analysis indicates that if you factor in the price of land, which the market generally believes to be the most important factor in property prices, the Kingswood property market does not see any significant cost increases.”
We believe that the current valuation approach of comparing a property’s value to the average of nearby properties is not working for the Kingslades area.
“The Kingslade property market was already among the cheapest in the country, with average sales prices of $1.7 million in 2016.
The Kingslam property market in South Australia has also been among the lowest priced, with an average sale price of $2 million in 2017.
Property Insight is part of the Property Group which is owned by the State Government.