Kedron and Surrounding Suburbs Weekly Market Update
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property
RATE MY AGENT 2021 KEDRON AGENT OF THE YEAR WINNER
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KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
10th 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 Property Market update for Kedron, Gordon Park and the surrounding suburbs. It is Friday the 10th of March 2023 and this week in Queensland, we had 1,189 sales across the state. Not a bad number for the local sort of climate or the current climate. A little less than we had last week though. So, auction clearance rate at 41%. Again, slightly less than last week, but still very much sort of keeping that trend. In the north, we had 26 sales which is a good number. Lots of properties changing hands.
A few notable sales:
16 Caithness Street in Kedron—three beds, one bath, 636 square meters. That property sold for $955,000 at auction. I don't believe auction is very good strategy in the current market because, obviously, by numbers are limited but certainly not a bad price.
326 Webster Road in Stafford Heights—that's a three-bed, two-bath. It's on 554 square meters and that sold for $880,000.
We've got 10 Newell Street also in Stafford Heights—which is a four-bedroom home on 605 square meters and that sold for $1 million.
In the media at the moment, obviously, the big one this week was the rate rise. So, we had a 0.25% rate rise, largely forecasted, unexpected. But obviously, that takes our rate to the RB rate to 3.6%. Most bank rates up around 6.5 - 7% at the moment which is, obviously, a lot more than they were 12 months ago. It's the 10th consecutive rate rise. People are forecasting another one or two but, obviously, we'll see how that plays out based on the inflation figures that will come later. This month prices were down slightly in February across Brisbane. That's very positive because they've been going down significantly each month. We've had a few flat weeks but dropped around 0.4% across the city of Brisbane. Still waiting on the local figures, which I will update you on when they are released probably in the next week or two. Stock on market is also very low, which is an interesting one because that could be helping to slow the decline in the market. If there's not a lot of properties selling, obviously, there's not as many pieces of data going into those statistics, could also mean that it is quite a good time to, actually, put your property on the market because buyer numbers are still there, but, obviously, stock is low, which means choices limited. So, potentially a good time to actually get your property on the market. The big question at the moment is are we at the bottom of the cycle or are we in the eye of the storm? So I'm hoping we're at the bottom of the cycle because things are starting to level out, things are starting to look better. We're getting more buyers through open homes looking more positive, which means we could definitely be at the bottom and things could flatten out in the coming months. Alternatively, it could just be a seasonal thing and we may start to see more price drops in the future. I think a lot of that's gonna affect, be affected by the global economy, be affected by the CPI and the inflation rates and, obviously, be affected by what the RBA decides to do with the bank rate. So, we'll obviously, be keeping an eye out on that eagerly over the coming weeks and months.
At One Percent Property, it was a great week. Lots of lots going on locally.
So, 19 Park Avenue, which is in Wavell Heights—that is unconditional. Finally, we had that property under offer ,fell through, under offer, fell through under offer again. And we are now finally unconditional at $1,030,000.
We have 67 North Street—which is now unconditional as well. That was a tough sale. There are few challenges around the property. But we listed in November, it's taken us four months to do it, but we've finally got it sold under contract and unconditional. That one ended up selling for $859,700.
5/53 Seventh Avenue in Kedron—when we opened last weekend, first open we had plenty of people come through. We ended up with six written offers and that one went under contract on the first weekend. So very good result. Shows how hot the apartment market is at the moment. So although houses really have taken a downturn, apartments are still doing very, very well.
Coming soon, we have:
5/ 54 Sixth Avenue—very similar to the one we just sold on Seventh Avenue, just one street over. Two-bed, one bath, we’ll be going to market in the next week or two, if not sold prior.
On the market at the moment, we also have a number of really fantastic local properties.
So 31 Armentieres Street, we've just had a bit of a price adjustment on that. It's now priced at offers over $1.65 million. It's a fantastic…it's great value at that price. It's in Armentieres Street, which one of the most sought after streets. Very, very short walk to the schools. It's a dead-end street. Very, very safe and secure and we've got a big house over three meters, four-bed, three-bath, three living spaces. You have two kitchens, so fully dual occupancy if you want to.It's a fantastic opportunity at that price.
25 Glenhaven Street—also just had a bit of a price adjustment. So very very, very good value, fully renovated, three-bed, two-bath home. It's got lots of space. It's got a big yard. It's on a great street and the renovation has been done to the most amazing standards. So it's a really, really stunning home. That one is on for $1.240M
23 Glenhaven Street next door—that one is priced at $960,000, three-bed, one-bath. It’d move-in ready but,, definitely room to add, to improve it and make it your own and fix up a few bits and pieces, improve the outdoor space and it can be a really, really beautiful home and price very, very well.
4 Park Avenue—it's a very unique property in Alderley. It's a big, four-bed, two-bath, two living space and two-car family home built in 2011. So nice and modern. Lots of internal space. It is in a small block on 211 square meters, which is why it's priced accordingly at a million dollars and not at $1.4 – 1.5M
24 View Street in Kedron—and that one has also just had a bit of a price adjustment. It's $1.2 million and over. It is a cracking four-bed, two-bath, big, corner block. Great part of Kedron with beautiful high-vaulted ceilings in the living space on the deck. Very, very unique offering and very, very good value at that price as well.
Finally, 9/27 School Street—neat and tidy two-bed, two-bath apartment in Kelvin Grove within the University complex. Very good location. Very, very convenient.
All those properties are open tomorrow so if you do want to come take a look at it and then please let me know. Otherwise, I hope you’ve had a fantastic week so far, and I hope the weekend is even better.
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