Kedron and Surrounding Suburbs Weekly Market Update (coming to you a day late)
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
23rd September 2022
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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 my Weekly Market Update. It is Friday, the 23rd September 2022, sitting here at my home in Gordon Park and this week we had 1,273 sales across Queensland. Pretty much consistent with what we've been seeing in the last few weeks. An auction clearance rate of 41% which is the best one we've seen certainly in the last month or so. So that's good news. In the in the north we had 19 sales. It's a little low but not a lot of notable sales to be honest this week. One thing I'm noticing...I've noticed, I've mentioned it a couple of times is really the apartment market at the moment is surpassing the housing market, not in price but in heat, in interest and I think a lot of that is because it's more affordable. You know if you wanted to buy in Kedron or Gordon Park two years ago, you had $600,000—you buy a house. Now if you have six or 7,8...even eight...even $900,000 in Gordon Park and Kedron, it’s pretty much a town house or an apartment. Anything under a million, really, in these areas you're not buying a house. So, what that means is more people that want to live in these areas, but don't have that sort of money—they're buying apartments, they're buying townhouses, ground level apartments with courtyards—incredibly hot at the moment. So, you know, it's a good time to be selling apartments and to be honest, I haven't been able to say that for a very, very long time because it's been pretty tough for apartments in Brisbane. So it is, it's very positive for apartments, not so much for houses at the moment. In the media at the moment, prices are down. So, since April in our local area prices are down 8-10% on paper. What I will say with that is we still seem to be getting some pretty good prices. What I will say with that is we still seem to be getting some pretty good prices.
So, in the last week I sold, you know, a property for 1.6 in Clayfield, a property for 1.35 in Wavell, another one for around 1.35 in Kedron. We’re still getting good prices. Are we getting maybe the crazy, crazy astronomic prices that we saw 6 to 12 months ago? Maybe not. Certainly, it's taking longer to get good prices. So, the one on Wavell Heights, that was on the market for about three months, but we're still getting good prices. So, it's important in the current market to work with an agent that is persistent, doesn't just give up on a property after four weeks. They continue to work on your home until we actually get the result because it is not taking four weeks anymore. Sometimes it takes 12 weeks. So, what we're looking for at the moment, as far as I guess what's coming up is I'm really hoping that the October rate rises lower than half percent. I'm hoping we look at maybe 0.25% - 0.3%. What that means, although it's not really an immediate effect—it does mean that people will get more confidence and more buyer/consumer confidence back into the market. Which means it's going to be an easier selling climate. It's going to mean more people are purchasing and people are less nervous about what's to come. Stock levels at the moment in Brisbane are still very low. Not as low as they were, so you know, last year, we were talking 30 to 40% below the five-year rolling average—were still actually below the average around 7%. But that's probably because new properties coming on the market has dropped as well. So, we're around 20% down on last year for new stock coming to the market. Last year, our new stock coming to the market was 30% up and our properties on the market with 30% down that gives you an idea of how insanely crazy the market was. Now, the new stock coming to market is lower, much lower than last year. But still, we have an undersupply in regards to, you know, properties. Anyone looking at buying at the moment will say there's not a lot of stock. It's very true that there's not a lot of properties coming to market. And the ones that do come to market, obviously, taking longer to sell, but we're still getting good results.
At One Percent Property this week we had:
36 Belnoel Street, which is a cracking home in Wavell that went under offer.
3 Achilles Street in Kedron, that also went under.
66 Sixth Avenue in Kedron, that went unconditional about an hour ago. Two-bed, one-bath, 607 square meters. We sold that for $1.25 million which is a price record for a 3, sorry, 2-1, less than 1000 square meters in Kedron by over $100,000. Interesting for me—I've never had this situation before where two weeks ago I broke the 2-1 price record with 32 Figgis Street and then I just broke my own record with 66 Sixth Avenue—both really, really good properties.
7 Whiptail Court in Cashmere, that is also sold and settled as of today.
This week we launched
2/30 Railton Street in Aspley—it's a townhouse, but it's a big townhouse around 220 square meters. It's been very, very popular and I'm expecting it to go under offer this weekend.
Also 1 Mylne Street in Chermside it's a 3-1 plus a 1-1 granny flat. It is on the market still, it's a big block 650-odd square meters. It's in a good location just near Wavell Heights. So, if you think it might be what you're after, please give me a call
Also, 125 Kirby Road in Aspley, very much an entry-level property into Aspley. That one is currently still on the market as well.
Lots and lots of properties coming up in the Kedron and the surrounding area. Lots of exciting opportunities. So, if you are looking at the moment, please do not hesitate to give me a call and let me know what you're after. Otherwise, if you have any questions about the market, if you have any questions about your property or you would like to get a price update, please give me a call. Otherwise, hope you have a fantastic weekend and I hope you had a great week as well.
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