Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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17th of February 2022
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Daniel - 0424 585 391
Hi, this is Daniel Hooper from One Percent Property, coming to you with your Weekly Property Market Update on Thursday, the 17th of February 2022. So, what has been going on in our beautiful area across Kedron and the surrounding suburbs across Brisbane, and, obviously, in the beautiful state of Queensland over the last seven days? In Queensland, we had 1447 sales, an auction clearance rate of 85%, which brings us right back up to the strongest auction clearance rates we have had in the last 12 months. That's up on 73% this time, last year. So this time last year, the market was hot. It was certainly growing very quickly, but still 73% compared to our 85% at the moment.
In the inner north, we had 30 sales in the last seven days, which is a very healthy number, lots of properties changing hands. A few notable sales in that area:
9 Connolly Street, which is in Kedron. It's a three-bedroom original, condition home, on 640 square meters. That sold for AUD $1,166,000, which is a fantastic result for an original condition home.
25A Haines Road in Kedron. That is a two bed on a battle axe, it's a 752 square meter block of land. It borders directly with the park, and that sold for AUD 1.4 , which shows how much that park proximity, especially that direct frontier does affect property prices.
21 Dorkay Street in Stafford Heights, again in an of the original condition three bed home, 612 square meters. That's all AUD $935,000, which is a fantastic price for Stafford Heights, for that style of home.
In the media this week, Brisbane continues to be the front runner as far as property grows, showing great strength—1% growth over the month of February so far. We've had 30% of approx mainly over the last 12 months. Obviously, an auction clearance rate, as I mentioned of 85%, which is very high. The under supply level, which I talk about every week—we are around 26.7% under supplied currently as far as stock on the market. Now, that is going down—so it was 32, a couple of weeks ago, which obviously may have an effect on the property prices in our local area. If that starts to level out, and gets close to zero, then we're not going to get the crazy price increases we have been seeing. One big thing that I've been reading about quite a bit, and probably a big factor in why Brisbane is having such good growth at the moment is there's been two things that we've been missing out over the last decade in Brisbane—and that is jobs growth, and migration. They're obviously, very well linked, but when I finished school—when I was going to university or when I finished university, a lot of people were leaving Brisbane. Going to Sydney, because they couldn't get jobs here. There were just for every one job here, there would be 50 in Sydney. Now, what I'm noticing is those people—the jobs back in Brisbane—and they're coming back up because they can buy a much nicer house here than they can in Sydney. Property prices are less than half. So, we're getting jobs growth, we're getting gentrification, we're getting a whole new different type of scene that's coming into Brisbane, which is amazing for the city. And, that is creating a really beautiful livable city with good jobs growth. Which means people are moving back—which, obviously, means house prices are going up. And, it's all fantastic. It's really good news for Brisbane, and for the potential, and what's going to come in our future, I believe. As far as One Percent this week, it has been a pretty crazy week. Last week, we only had the one property. We launched Gail Court, 19 Gail Court up in Burpengary East on the Monday, we had that under contract on the Sunday, and that makes so far 10 sales in 2021 already. Every single one of those sales, a hundred percent hit rate. I have sold in less than a week without question, and every single one we have also sold above the asking price. So, we're selling properties fast, and we are not discounting prices. We are getting the owners what they want in that timeframe, and that, obviously, is due to a hot market, but also due to the strategy we put in place to create urgency among buyers and make sure we do get those offers across the table. This week we launched four properties, so:
31 Ramsey Street in Kedron. It's a cracking three bedroom home, it's on 670 square meters, low medium reds land, beautiful private location. Sorry, when I say three bedroom, it's got a two bedroom cottage at the front two bedroom, one bath. It has a one bedroom granny flat, totally separate, and separately meter as well. So, quite a unique property, potential for quite high rental income as well.
34 Sovereign Place in Bridgeman Downs—stunning family home, five bed, pool. It's in one of Bridgeman Downs's nurse streets. It's only seven months old. It's a fantastic property.
We've got 301 at 50 Lamington Avenue in Lutwyche: very tidy two-bed, one-bath, one-car apartment entry level pricing for Lutwyche. But a very good offering, walking distance to the Kedron Brook, and
1403 at 25 Charlotte Street in Chermside. It's an entry level, one-bed, one-bath. It's a very convenient location near Chermside—near public transport, very clean and tidy, and well maintained, and a fantastic offering for someone looking to get into the market at that sort of early 300 price level.
Next week, we have another three properties lined up:
269 Kitchener Road in Stafford Heights. Now, this is a property that is over 600 square meters on the block side, it's a three bedroom home. The bones are good, but the house needs a renovation. But, at the price point of mid seven hundreds, it is super unique, because you cannot get into Stafford Heights with a price tag that starts with 700 anymore, and certainly not a 600 square meter block of land. So, it is a unique opportunity for someone who wants to get in to a good area, and, obviously, add a bit of value to the property.
4 at 9 Railway Parade in Nundah. It is a two-bed, two-bath, three-storey town home, very convenient location—sought after Nundah, that will be hitting the market next week in the early to mid 500 range.
And then, 52 at 71 Stanley Street in Brendale. That is a cracking investment property. It's currently under the National Rental Affordability Scheme, obviously, can be pulled out of that. The property will be going to the market in the early two hundreds. It's actually a single level villa, little courtyard. It has potential for fantastic rental income, or obviously, a very low maintenance home. It's not very often you get properties where the price starts with 200 at the moment, so it is a unique opportunity.
Also, coming in the coming weeks:
we have 23 Akaroa Avenue in Geebung—again, a very unique home. It's got a big 700 plus block. It directly borders Bowden Park. It has two fully separate residences on the property. So, at the front, it's got a five-bed, two-bath home, two living spaces with a bit of a yard. And then, at the rear of the property separated by a fence, it has a fully independent separately-metered second residence, which is two-bed, two-bath, and a big living space and a nice little deck. So, it is very unique in that, normally you have sort of a big house, and a small secondary house or granny flat. This has got a very big house, but also a very big secondary house as well, and it's been built to a proper standard. None of that removal sort of stuff, it is a very good home—potential to bring in an exceptional rental income, because of the two residences or to have your families, or a home office or something like that.
Also, 16 Springvale Place. That property is in Carina, and it is a really well maintained three-bed, one-bath home. It's got a pool, it's brick build, it's in a fantastic area. So, those both will be coming in the market in the next couple of weeks as well.
Obviously, we've got lots and lots of properties coming to the market, so if any of these properties might be what you're after, please give me a call 042 458 5391. Otherwise, I hope you've had a fantastic week, and I hope the rest of it is even better.
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