Kedron and Surrounding Suburbs Weekly Market Update
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS✅
26th of August 2022
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Hi, I'm Daniel Hooper from One Percent Property coming to you with your Weekly Market Update for Kedron, Gordon Park and the surrounding area on Friday, the 26th of August 2022.
So over the last seven days we've had 1,208 sales across Queensland with an auction clearance rate of 36%. And that's pretty much in line with what we've been seeing in the last few weeks. But it's not amazing. It's not a fantastic auction clearance rate in the seventies and eighties, even nineties we were seeing last year.
As far as notable sales in the area:
There was a block of units in Kedron, at 32 Sydney Street on 814 m2. That property sold for $1.5million, which is a pretty good result.
There was a property at 104 Khartoum Street in Gordon Park, four-bed, one bath on 607 square meters. That sold for 1.255. It was a bit of a renovator. So that's actually not a bad result either.
Also 67 Homebush Road, which I sold myself in Kedron. That property has settled this week. So that was a very, very small, around 70 square meter-home, three bedrooms but, obviously, very tight on the living space. It was on a 405 block with some issues with some flood overlay mapping and that property sold for $941,000. It took a long time because it's a very unique property. It took about eight weeks. We went through two different contracts, but we eventually got it sold and unconditional and settled for our owners.
As far as what's going on in the media locally, so prices are still sliding—prices are continuing to slide. I think prices will probably continue to slide for the rest of the year. So from the peak in April were down, depending what suburb anywhere between 4 and 6% over the last 28 days. The average price for Brisbane dropped by 1.3%, which, obviously, is fairly significant. I am hopeful. I'm positive and I do believe that things will actually start to level out towards the end of the year, and that'll, sort of, be where we're at our lowest point. So, you know, I've always said, I believe the correction for Brisbane is probably in that 5-10% range. I don't think it's going to go any higher than that. And then, obviously, we'll level, flatten out and in the long term will start to come back up. For sure I'm very positive in the long-term outlook for Brisbane, especially Kedron and surrounds.
As far as stock levels on the market as well, which, obviously, is a fairly big indicator in how the market is doing. We're still a little lower than the five year rolling average. We're 4% lower. But this time last year, our stock levels were 30 to 40% below average. And that's because properties obviously was selling so fast.
At One Percent Property, it's been another really busy week locally—sold and settled as I mentioned on 67 Homebush Road. So that was in Kedron. We also at the moment, currently have on the market 54 Somerset Road, also in Kedron. That is a big, massive 300 square meter brick home. Needs some renovations but it's a very good opportunity. We've had three offers come through on it. They're being reviewed and negotiated, so this one, potentially, may go under offer next week but currently, is still on the market.
1 Mylne Street in Chermside—it's a renovated home. It's very unique. It's a corner block. It's got a three-bed, one-bath plus a one-bed, one-bath granny flat. So it's very suitable for extended family. Suitable for a home office is quite a good opportunity. It has been renovated, it's very well presented.
Also, 36 Belnoel Street in Wavell Heights. That house, in my opinion, is fantastic value where it's priced right now. It's just been fully repainted on the inside. It's had a bathroom renovation downstairs. It's got a lot of under roof space around 300 square meters. It's on a 607 block and they're looking at offers over 1.35 for that. So I believe it's it's very, very well valued, especially looking at what sells and what prices they get in Wavell Heights.
New to the market this week we've had:
3 Achilles Street in Kedron. This is a stunning home. I'm really excited that I'm actually being able to sell this property. So it's one of Kedron's most renowned and and sort of iconic homes. It has a very, very high pitched sort of ski chalet look roof and it's at the top of the hill on Achilles Street so it can be seen from all over the suburb. People know about this property. It's been fully renovated, top to toe. It's three levels, four beds, two baths. It’s got a pool, incredible panoramic views all around. It's really, really stunning home and that one will be going, we'll be having our first open home tomorrow.
And then 66 Sixth Avenue in Kedron. The name is a bit of a mouthful but it is a cracker. It's five doors down from the Kedron Brook on the Avenues. It's a very, very, very well presented and in good condition two-bedroom home. It's large, it's 100 and 15 square meters which is very big for a two-bedroom home. Sits on a 607 block. It's got potential to raise and build out. It's also low-medium residential. So it's got potential to move it forward and put townhouses or another block behind. There's a lot of opportunity with this property—a home…to give you an idea of what the renovated potential value of this property a home…to give you an idea of what the renovated potential value of this property would be a home on 13th Avenue recently just sold. It's actually smaller block for $2.502 million. So if this home was picked up, built out, you know, pool, landscaping all the bits and pieces, it would have a potential value of around $2.5 million. Which is, obviously, very, very near the top end for Kedron.
Also coming soon, we've got a number of really exciting properties:
We've got a property on Ford Street in Clayfield. It's a four-bed, two-bath. It's a cracker. It's a really, really good family home. Potential to, obviously, raise and increase to an even bigger home. But it's in its current state very livable and that will be coming to market in the next couple of months.
We've got one in Arkin Street, in the Gap. Again, a very, very good sort of entry-level opportunity into The Gap. Lots of potential to add your own flair to the property—add your own value to it.
And also we have one in Beeby Street in Wavell Heights. That will be coming up in the next couple of, probably, about a month's time. It's been partially renovated. It's a brick home. It's on a big block. It's got a pool and, obviously, it's in sought after Wavell Heights.
If you think any of these properties might be of interest to you or if you have any questions about your home or about what's going on in the market, please feel free to give me a call 0424-585-391. Otherwise, I hope you've had a fantastic week so far, and I hope the weekend is even better.
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