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
REIQ 2021 "RISING STAR REAL ESTATE SALES" FINALIST
KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
18th of February 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 Saturday, the 18th of February today, coming a day late, 2023.
So in Queensland this week we had 1,097 sales. That is a good number. Lots of properties changing hands; up on what we've seen in the previous few weeks. 48% auction clearance rate—is the best auction clearance rate we've seen in a very long time, which is quite positive. We'll see whether it's anomaly or whether it continues at the rate. 25 sales across the inner north, Kedron and the surrounding suburbs.
A few notable sales:
68 Groom Street in Gordon Park—three beds, 551 square meters. Sold for 1.225 million—that is which is a good price.
50 Armentieres Street in Kedron—it's a four-bed renovator on 810 square meters that sold for 1.52 million and
11 Mawson Street also in Kedron—four beds, 592 square meters, sold for 1.18 million.
So, still some really good prices happening in the local area, definitely for the nicer homes for sure they're still they're still selling quite well and getting good prices.
In the media, the biggest article that I read this week, which is going to be very interesting to see how it plays out, is around the buffer that they use when calculating mortgage repayment or mortgage feasibility. So, if the rate is 2%, the bank will calculate your ability to repay a mortgage based on 3% above that. So, 5% which is which is classed as a safe buffer. Westpac released a statement this week saying that around five 50% of their customers are very close to actually going over that 3% based on if they got a loan 12 months ago…they got alone a couple of years ago when the rates were very low. They’re now almost more than 3% higher, which means a lot of people are going to start to feel the pinch with that. There are going to be some people that potentially struggle to pay back their mortgages if rates continue to go up at the rate they have for sure. The other aspect of the rate rises, obviously, how it affects consumer confidence. So since the rate rises earlier in the month, consumer confidence has dropped quite a bit. The consumer confidence level at the moment is basically at the lowest point it's been since April 2020. Right now, we're in the midst of Covid. So, that's a good indicator, in my opinion, that we’re probably quite close to the bottom, because it's it's pretty rough. At the moment, especially in our local area, prices are still dropping. I'm hoping that we're going to start to see an adjustment in that trend moving forward, but obviously I'm not sure.
At One Percent Property this week, lots going on in the local area:
67 North Street—we had that on the market for about four months since November. We've been grafting away trying to find a buyer. We did put that under offer, not yet unconditional, but we'll keep you posted.
5/22 Onslow Street in Ascot—that one was under offering about five days. So, very much on the other side of the scale.
72 Imbros Street in Nundah—that's a block of land. Again, challenges took a while for us to find a buyer, but we are under offer there as well.
New listing this week coming in Kedron:
5/53 Seventh Avenue—very, very neat and tidy. Two-bed, one-bath, two-car apartment. It's got a lot of space. It's a fantastic area near the park; we’ll be launching a few weeks.
And also launching next week, we've got three awesome Kedron homes and one in Alderley.
So, 31 Armentieres Street in Kedron—three baths, two kitchens, three living. Big block, one of Kedron's best streets that's coming next week.
We've got 25 Glenhaven Street also in Kedron—fully renovated, three-bed, two-bath, really, really nice finish on that property. Beautiful renovation. All the high-end fixtures and finishes that you would expect. That one will be launching on Monday.
Also 23 Glenhaven, directly next door, three-bed, one bath partially renovated. Definitely with some improvements that you can make and add some value. It's got a nice pool in the backyard as well. That one also will be launching on Monday and
4 Park Avenue—that one's in Alderley; very, very unique house because it's a big four-bed two-bath multiple living space property. It's on a smaller block around 200 square meter mark. It is near to the train station but not near enough that it's an impact on the property at all in regard to eyesight or the sound of the train, but very, very unique property and, and, and a really good opportunity to get into Alderley in a nice big house around the million-dollar price mark, which is quite rare.
So, if you have any questions about any of the properties I mentioned today, if you have any questions about what's going on in the market or if you'd like to get an update of the value of your home, please feel free to give me a call. Otherwise I hope you've had a fantastic week so far and I hope the weekend is even better.
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