Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
3rd of March 2023
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Daniel - 0424 585 391
daniel@onepercentproperty.com.au
Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Market Update for Kedron, Gordon Park and the surrounding suburbs. It's Friday, the 3rd of March 2023.
In Queensland this week we had 1228 sales. That is about 20 to 30% higher than we've seen in recent weeks, which is quite positive. Auction clearance rate of 44%. Again, that is quite positive. In the north we have 26 sales which is a reasonable number. Shows a lot of properties moving hands, which is good.
8 Sturt Street in Kedron is probably the best sale of the week. Sturt Street is traditionally, probably, one of Kedron’s most expensive streets because it backs onto the park there. This property is three beds backing onto the Kedron Brook, 607 square meter block of land, $1,335,000. So, very good price for three-beder.
22 Huet Street in Wavell Heights, that's on the other side of the brook. Very similar sort of proximity to the brook though so similar sort of location as to Wavell Heights. That's a beautiful five-bed, architecturally designed home on 569 square meters. That's over 2.3 million. So, definitely still some good prices happening. Around the local area, just taking a lot longer to sell properties.
In the media this week, the economy is continuing to slow down. It's taking a bit of a sharp downturn this week. From the articles that I'm reading, household-saving levels also dropping quite a bit. It's almost zero at the moment, so people are saving about 3 or 4% a week on their income. In the middle of 2020, it was it was 20-23% that people were saving. So, the difference is fairly significant. Quite expected during Covid, obviously, we didn't have anything else to do. So, people were saving lots of money. They were putting money into things that they wouldn't do, normally because, obviously, they've got other expenses, travel and all that sort of thing. We are starting to see signs on the ground that the market is getting near to the bottom. I'm hoping that these are signs and it's not just a few weeks off, but I believe we're starting to see signs that we're getting near to the market. For the last two weeks locally, prices have been flat. If that continues, obviously, as a trend over the next 2 to 3 weeks, 2 to 3 months, then we can clearly and evidently say that we're probably at the bottom of the market and things are gonna start to look better. Two factors that are going to affect that a lot—rates, what's going to happen over the next few months with rates, also the fixed rate cliff that everyone's talking about. There's been a lot of people that are on a fixed rate, around 1 to 2 percent, that are going to be transitioning into around 800,000 mortgages are going to be transitioning into a variable rate rate—their rate will go from 1.5% to 7%. So, that may have an effect on the market. There may be some people that have to sell when that happens. Something that I've noticed in the current climate is contracts seem to be a little bit more flaky and a little bit more uneasy both around finance with the bank, also around by sentiment—sometimes people being a little more fussy around building pests and things like that. So, it's really important that you talk to your agent if you are selling about making your contract as bulletproof as possible. So, things that we're starting to talk to people about potentially getting valuations prior to go to the market, definitely looking at building and pests as well. So, you get your own building and pest done so, you know what's going on and you don't get any surprises. And if you're a buyer looking at pre-approval before you go in to look at properties and put offers down just to make sure that that's all going to be acceptable. It's all going to work with the bank. Definitely ways we can work around it to make sure contracts go forward, but it is something to be aware of.
At One Percent Property, it's been another fantastic week. Lots and lots happening in the local market.
So, 95 Brook Street in Windsor—we listed the property back in November. I've been working on it non-stop, tirelessly for a very long time, almost four months and we are finally unconditional. It was a long process. We had a couple of contracts on it that didn't come through, but very, very happy to have been able to deliver results for our owners. That one sold just under $800,000. Very low price for Windsor, obviously, but very sort of realistic for what the house was. Lots and lots of work to be done on that property which the new owner is really looking forward to taking on.
Had a price adjustment this week at 134 Leckie Road in Kedron. It is now priced It offers over 799,000. It's a 559 square meter block of land just across the road from the Avenues near the school, near the park, low-medium res, potential for development, postwar home. Lots and lots of potential for that property. I believe it is very well priced now I believe that there's lots of potential to either, obviously, knock it down and have it as your home or do a variety of other things as far as development goes. If you're interested, please give me a call.
Also new listings this week:
5/53 Seventh Avenue in Kedron—it's a very, very well-appointed and quite spacious, two-bedroom apartment, one renovated bathroom. It's got a large car park. It's a stone's throw from Kedron Brook. It's very good opportunity at $425,000+
9/27 School Street in Kelvin Grove—two beds, two bath, one car. It's got a nice pool in the complex, it's within the QUT Campus. It's, again, another really good opportunity at offers over 500.
Then other open homes:
so, Seventh Avenue is open at 8 AM. Tomorrow, we've got School Street open at 1:45 PM.
Other opens tomorrow:
we've got 23 Glenhaven Street in Kedron, 9 AM;
25 Glenhaven Street in Kedron, 9:45 AM;
31 Armentieres Street in Kedron, 10:45 AM;
24 View Street in Kedron, 11:45 AM, and 4 Park Avenue in Alderley, open at 12:45 PM.
If you have any questions about anything that I've gone through today, if you have any questions about your own home or you'd like to have a chat about the market, please give me a call: 0424-585-391. Otherwise, I hope you've had a fantastic week so far and I really hope your weekend is even better.
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