Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
24th of March 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 Market Update for Kedron and Gordon Park and the surrounding suburbs. It is Friday, the 24th of March 2023.
This week in Queensland we had 1,188 sales. 41% auction clearance rate—right about on average of what we've been seeing over the last few weeks. 21 sales locally—that's a low number. It's not as many as we have seen over the last sort of month or so and nothing really noticeable that I would report back to you. Lots of apartment sales, sort of medium prices. Like nothing really crazy that's worth taking note of. What's going on in the local market at the moment, it's an interesting one. Prices are very close to flat and that's the first time I've been able to say this really and since we started dropping in April last year, so, over the last 28 days hasn't really been any local movement in prices, which is very positive. Hopefully, that means we're at the bottom of the of the cycle. Something that I've noticed on the ground is buyer numbers are up significantly, so I'll give you a few numbers. So, on the 19th of November last year, we had, and bear in mind the dates that I've chosen last year and the dates that I'm going to relay this year, we had a similar number of properties being displayed so around five or six properties on the Saturday. 19th of November, we had 24 buyers come through. 26th of November we had 12 buyers come through. And 3rd of December, we had 16 buyers come through. So across five or six opens, there's really not a lot of people in comparison with the numbers we're getting at the moment. On the 4th of March, 61 groups. On the 11th of March, 41 groups. On the 18th of March, 44 groups. So, we're talking in some cases more than four times the number of buyer groups are over the weekend, which is usually quite a good indicator that things are starting to look a bit better because more people are out and about looking for property.
The other thing to keep in mind at the moment is that stock is incredibly low. You probably noticed if you're looking for property, there are not a lot of new homes that are coming on the market. Now buyer numbers increasing and stock being very low has a potential to mean, I think probably, just in the short term that there's a bit more competition again when trying to purchase homes. So, if you've been waiting for a good time, waiting for the market to, to sort of present an opportunity for you to sell your home, please get in touch with me because I think now is probably quite a good time and once more stock comes to market, obviously, it's going to nullify that competition quite a bit.
At One Percent Property over the last week—another very active, very productive week. What's going on?
24 View Street—we've had that on the market for about four or five weeks is under offer. Two offers on the table. Under offer well above asking, as well. So, great result for our vendor there.
4 Park Avenue in Alderley—also under offer.
New properties to the market this week:
5/54 Sixth Avenue in Kedron—that is a very, very well presented and well sized two bed, one bath apartment. I sold it a few years ago to the current owner and they've asked me to help them with the sale again. It's a good opportunity to get a great part of the Avenues at an entry level price.
5 Meadfoot Road in Virginia—that one it's a three-bed, one-bath home. Upstairs big kitchen, large expansive deck and then it's got a bunch of non-legal height rooms downstairs as well so, plenty of space. Three undercover car parks, big 607 block. It's a good opportunity where you can move straight in, but you can also add a lot of value and you know, you could raise and renovate, or you can just do a cosmetic renovation…a whole bunch of different options for that particular property.
Open homes tomorrow, we've got:
23 Glenhaven at 10 AM that's in Kedron. Three bed, one bath with a pool, good block, good street and lots and lots of opportunity to add value.
5 Meadfoot Road in Virginia is at 11 AM. We just discussed that property.
5/54 Sixth Avenue is at 12, again, I've already been through that one with you.
9/27 School Street in Kelvin Grove. It's at one o'clock—two-bed, two-bath, one car, great location just near the university. Very, very good opportunity as, as a rental—it returns 5.5 to 6%. So, it's in a great spot, got good potential for growth and it's got very, very good rental income if you do want to keep it on as an investment property.
Finally, at two o'clock, we have number 25 Glenhaven Street in Kedron—three beds, two bath, a large built-in area under the house that's not quite legal height but very, very usable. That one has had a fantastic top to bottom renovation and it, it's really stunning. It's a beautiful, beautiful home.
All of these properties are open tomorrow. If you have any questions about them, please give me a call. If you have any questions about the market or if you'd like to get an update on what your home is worth, my number is 0424 585 391. Otherwise, I hope you've had a fantastic week so far and I hope your weekend is even better.
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