Kedron and Surrounding Suburbs Weekly Market Update
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
13th of January 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 a Weekly Market Update for Kedron, Gordon Park and the surrounding suburbs. It's Friday the 13th of January 2023.
Queensland over the last week had 640 sales. That's very, very low. But again, it's still very subdued over the Christmas period. 25% auction clearance rate. Again low, but not many properties went to auctions over the weekend. People were still on holidays.
A couple of notable sales:
127 Connolly Street in Kedron—3 beds, 2012 square meters, sold for one million and 35,000, which is a pretty decent result based on the condition of the house.
5 Beta Street in Stafford Heights—that one sold for 775,000. 3 beds on 620 square meters. That's notable because of how low it is, to be honest. The fact that properties are selling in Kedron or in surrounding suburbs of Kedron for you know, in the 700s. Again, I just find that crazy.
So, in the media this week, it's been a 12-month record-high rental growth for rental properties across Brisbane. 13.4% increase, which is fairly significant. If you think about what that means to renters, it's, obviously, good for property investors. Not so good for tenants. The biggest issue there is that a lot of people sold their rental properties over the last couple of years when prices went crazy. So, it means it's a bit of uncertainty and what it wants to come with that because it's not a very easy solution for the government to or for anyone to increase the number of rental properties when homeowners have purchased those properties. Expert estimates have all sort of come in regarding CPI and interest over the next 12 months that it should peak quite soon. Probably in the next 3 to 6 months. This I would estimate would be followed by a leveling or bottoming out of the price as well. So, I do think in the next 3 to 6 months we're going to see the price bottom out. I'm hoping sooner rather than later because it, obviously, has been it's been a pretty rough run since April. Incredible, two years prior, growth of around 100% or close, to but then since April locally, the price has dropped between 15 and 18%. Which is a massive price drop for six months or just over six months. So, that was April to November; that range. So, you're talking 200 to $230,000-price drops between April and November. In the long term, I keep reiterating this but I do think we're looking very, very positive population growth. High certainly over the next 10 to 20 years across the country but, certainly, in Brisbane, olympics infrastructure, all the other bits and pieces. I think the long term outlook for our property is fantastic. Short-term is rough. It is gonna be, it's gonna be a tough few years in regards to property in Brisbane for sure.
At One Percent Property lots and lots going on. On the market still we've got:
67 Brook Street in Kedron.
We've got 61A Broughton Road in Kedron.
Both of those properties had a recent price reduction that I believe brings them right in line with what they should be worth in the current market. I think they are both fantastic properties. They've both got a lot of opportunity and they are available for private viewing.
We've also got 67 North Street—open tomorrow at 10 a.m. That was 67 North Street. Not 67 Brook Street, slip of the tongue.
Coming soon, we've got a number of local properties:
So, 31 Armentieres Street in Kedron. Beautiful, beautiful family home, big block, one of the most sought-after streets. That will be launching in the next couple of weeks.
23 Glenhaven Street also in Kedron—three beds, 599 square meter block of land. Nice big pool in the backyard. It's in a good little pocket of Kedron, as well. That one was gonna be launching probably mid-February.
9/27 School Road in Kelvin Grove—very very well-kept, entry-level apartment into Kelvin Grove. Two beds; launching mid to late Feb.
3311/35 Burdette Street in Albion—in very, very well kept, one-bed, one-car + storage cage and + multipurpose room as well. That one is entry-level into Albion. That will be launching the next couple of weeks.
19 Parkham Avenue in Wavell Heights—it is 812 square meter block of land. It's got a character home on it but it's low-medium residential. So, it's got a significant development potential. That one is going to be coming to market the next couple of weeks as well if not sold prior.
If you have any questions about any of these properties, if you would like to get an update on what your home is worth or you have any other questions for me, please feel free to pop into our office which is on the corner of Castle Street and Gimpy Road in Kedron. Otherwise, you can give me a call: 0424-585-391. I hope you had a fantastic week so far, and I hope your weekend is even better.
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