Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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23rd of April 2022
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Daniel - 0424 585 391
Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Market Update for Kedron and the surrounding suburbs—we're a day late today, it is Saturday, the 23rd of April 2022. Obviously, finished up with the open homes for today and ready to give you an update on our local market. So Queensland this week was 1,213 sales. It was around 1,150 last week. We've been seeing 1,500 plus for the last six months, potentially close to the last 12 months. If this continues, then we can really account...Now, it is another long weekend again. Last weekend was a long weekend. If it continues to slow over the course of the next month, then obviously we can probably read into that more, than the last two weeks. 64% auction clearance rate. Just to be clear, this auction clearance rate was for last Saturday. The figures haven't been released for today yet, but it was, obviously, long weekend. People might have been away. This time last year, it was 78%. Again, if that trend continues through the next three or four weeks, what I think is happening could probably be solidified in that the market is certainly starting to taper and slow down a little bit. In the inner north, we had 23 sales. Again, it's lower than we have seen in recent weeks and months. A couple of notable sale:
37 Oak Street in Kedron. That property's a four-bed, it's on 589 square meters. It sold for 1.51 million dollars, which is a fantastic price.
33 Costello Place in Stafford Heights is a three-bed on 756 square meters. That sold for 1.165 million dollars.
And another big one in Wavell Heights, 35 Zeehan Street—which was a five-bed, beautiful new build on 663 square meters. Sold for two and a half million dollars, just over. $2,555,000.
Although things do seem to be shifting a little bit in the market, certainly still very, very good prices being achieved.
In the media, we are still heading for around 2% price growth this month, which obviously is still fantastic. Around 7% over the last three months, which again, it's a very good figure, very strong figure. 7% each quarter makes for a very successful year as far as property ownership goes. The big question that I have at the moment is, is the market changing or has the slowdown that I've noticed been due to the circumstances of what's going on? Floods, Easter long weekend, Anzac Day long weekend? Are people just not thinking about property at the moment? They're out of town? They're on holidays? They've got other things going on? Or are we starting to see the taper out of obviously a very, very hot market?
There is more stock on the market. There are obviously fewer sales. Buyers appear to be more relaxed. This is a generalization. There are some properties that are still just going absolute nuts, but in general, there seemed to be…rather than a year ago where I was getting somewhere between five and 10 offers per property. A lot of the time now we might get one or two, we might get three or four. Sometimes we do get more than that. Having said that a lot of the time as well, I've noticed in the last month, properties may be taking a little longer to sell. Rather than selling in the first week or selling in the first 10 days, they might take two, three weeks to sell. We're still getting very good prices. We're not discounting prices, but it's just taking a little longer. I'm feeling like this is the start of the tapering off of the market. But again, it could be just due to the circumstances. Buyers may just be taking a break, and just recharging and enjoying their long weekends. We will see that over the coming weeks as to what's happening, but certainly the last two weeks have felt cooler to me, definitely.
Having said that, we still had a couple of great weeks. Now, I didn't do my update last week, so I'll you on what has been happening over the last fortnight.
50 Hawking Street, we sold that. It is unconditional. It sold for $1.19 million dollars. It's a development site, but it's, obviously, backing onto the railway there. The owners were ecstatic with the offer. I know there was another property down the road and they weren't able to get anything above 1.1 for that one. So I think we got a good price based on the location and proximity to the railway.
4/47 Haig Street. In my last video, I mentioned we were just about to do the first open. That property did sell after the first open. It sold for the highest price ever achieved in that particular unit building, and it is actually due to go unconditional early next week.
16 Springvale Place in Carina. That property, that's one of the ones that has taken a little longer to sell. We had it under contract. Unfortunately, the buyer's finance didn't come through. We have got another offer on it already, and hoping that one's going to be going back under contract next week.
16 Malachite Street in Keperra. That one sold. Highest price ever achieved for that sort of property. The previous high point was $845,000, and we sold that one on the first weekend for $928,000.
As you can see, some properties are taking a little longer. Some properties are still selling very quickly. What I would say with that is, as I said—I just feel like it is slowing down a little bit. Whereas before, the majority of properties would all sell in the first week for crazy prices. Now it's maybe only 20% or 30%, depending on the property and the location, obviously, and what price the owners are hoping to get for it. Lots of new listings coming. We've got:
29 Main Avenue, which is in Wavell Heights. It's a big 607 block. The house is in fantastic condition. Three-bed, one-bath. And then it's also got an external studio which can be a home office, or a fourth bedroom. It's got a little pool. It backs directly onto park. There's no rear neighbors. It's actually a fantastic property. That one is off market currently. It will be coming to market later if it hasn't sold already.
17 St. Clair Street in Kedron. It's a beautiful little, two-bed, two-bath cottage. It's on 415 square meters. It's on a very, very short street with a lot of character. I think it's in a great location, and I'm sure it will sell quickly. That is launching next week.
Also, 39 Emerald Street in Kedron. That one will be launching probably in about a month's time. It's a three-bed, one-bath. Very maintainable small block. Great location. Kedron State High and State Primary catchments.
If you are looking for a property in Kedron and you think either of those might suit, please give me a call. If you have any questions about any of the properties that we've spoken about today, if you have any questions about the market, or if you would like to get an updated value on your property, please feel free to give me a call. My number is 0424 585 391. Otherwise, I hope you have a fantastic weekend, and I hope you have a great Anzac Day.
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