Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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12th of August 2022
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Daniel - 0424 585 391
Hi, this is Daniel Hooper from One Percent Property, coming to you with my Weekly Market Update for Kedron, Gordon Park and the surrounding suburbs on Friday, the 12th of August, 2022.
So over the last seven days in Queensland we had 1,204 sales, slightly above what we've been seeing in the last few weeks, but very much on average. 34% auction clearance rate. Now, just to give you an idea of how much things have changed in the last 12 months: this time last year it was 80%. So it's from from 80% to 34%. Now to put that into perspective though, 34-45% is probably what it is normally expected for Brisbane. So it's really just moving back towards a normal market.
The inner north had 27 sales over the last seven days. Some of the notable results:
So 67 Homebush Road—that is a property that I sold myself. It's in Kedron, it's a 405 block of land with a smaller pre-war home on top of it. That one is unconditional this week and it sold for $941,000.
26 Tanimbla Street as well.That is a property that I sold in Kedron. That one is a three-bed home, with a sort of sleep-out granny flat, studio-type arrangement, 607 block. That one sold for a million and sevety-five, and also is unconditional this week.
And also 1/26 Lutana Street in Stafford. That property is a three-bed town home which achieved 686,000, which is a really good result for a townhouse in Stafford. So it's good to see town homes and apartments getting some really good results at the moment.
In the media this week, there's not a lot to report. Basically, as we've seen in the last sort of month or two, median prices sliding dropping by around 1% a month. You know, compared to Sydney and Melbourne—that are that are getting 2 to 3% a month, we're doing quite well. Something to keep in mind when you're talking to people, if people are saying 20%, you know, “the price has dropped 20%”..it just hasn't happened. What that is, is buyers trying to get a lowball deal by scaring people into thinking the price has dropped. The price has dropped in Brisbane by around…depending on the area, anywhere between one and 4%. You know, and it's sliding slowly, but it's certainly not tanking. And also to put that into perspective, if you look at over the last 12 months, the price has gone up by 22%. So despite the drop in the last few months, were still up 22% over the last 12 months. So, you know, if you own your property for more than 12-24 months, you're still up significantly on what you purchased that property at, just to put that into perspective. Properties are still taking longer to sell, buyers are still more fussy, there's no doubt about that. But it'll be interesting to see how short-lived or long-lived this period is before people start to get more confidence back in the market and we see more buyers entering the marketplace again. This happened at the start of Covid, everyone disappeared. It was very difficult to sell property. It didn't last very long as everyone knows. The rental market, at the moment again, is still very tough—less than 1% vacancy rate and rents are going up by over 10% per annum at the moment. So, from an investor's point of view, buying in Brisbane is actually really good because your rental income is going up significantly.
At One Percent Property this week, lots and lots going on in the local area. So we had under offer this week, 331 Ellison Road in Geebung. Now that property, I've had it on the market for about four months. It was a very unique property. It was not something that was going to suit every buyer. And also we were asking for, you know, premium price as far as money is concerned—we managed to match it up with a group of four men that are going to purchase the property, they're going to live in it and it's very suitable for their needs. It took a while, but we've got the property over the line and I always say this is really important to go with an agent that is persistent—we'll keep working and we'll make sure you get the right result
Unconditional this week,
67 Homebush Road, I've already mentioned.
26 Tanimbla Street. Sorry, I've already mentioned as well.
Also 54 Bertram Street in Stafford Heights. That one went unconditional today…yesterday at 855,000. That's a small, brick home on a 300 square meter block of land at the back end of Stafford.
On the market at the moment we have:
36 Belnoel Street and Wavell Heights. That's a big family home over 300 square meters. It's on a massive 607 block in a quiet street. The home has just undergone some renovations. So we're getting some new photos but they've repainted the inside, they've redone the bathroom, so that looks absolutely spectacular and that is available on the market at the moment.
125 Kirby Road in Aspley, that's a four-bed, one-bath. It's sort of entry-level into Aspley lots and lots of potential for that home.
And 54 Somerset Road in Kedron. It's a massive 275 square meters under roof. Renovator home that would need…it needs a fairly significant cosmetic renovation. But lots and lots of under used space right down the road from Padua in a fantastic location.
New this week we had:
21 at 66 Gamelin Crescent in Stafford. That's the little pocket of Stafford next to Hickey Road. That is pretty much almost Gordon Park. It's a very, very good location. It's directly across the road from from Hickey Park and from the Kedron Brook. It's a cracking property. I think it will will sell very very quickly. Three-bed, one-bath, beautiful apartment.
1 Mylne Street in Chermside. Now again, right on the border of Chermside and Wavell Heights. It is a low-set home. It's on a corner block. It's got 3 beds, 1 bath in the main residence, plus a granny flat with 1 bed, 1 bath that has its own separate entrance. Big outdoor deck fully fenced in. It's a great opportunity to get into a good area just across the road from Wavell Heights at a very reasonable price as well.
Coming soon we have:
32 Figgis Street in Kedron that is, if it's not sold prior, we potentially have an offer coming through on that property already off-market.
66 6th Avenue in Kedron that will be launching in the next week or two.
And also 3 Achilles Street in Kedron. That will be coming to the market in the next couple of weeks as well.
So thank you very much for taking the time to watch my video. If you have any questions at all, please let me know. If you would like to get an updated value on your home or there's anything else I can do to be of assistance, please give me a call 0424-585-391. Otherwise, I hope you've had a fantastic week so far and I hope your weekend is even better.
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