Kedron and Surrounding Suburbs Weekly Market Update (coming to you a day late)
Weekly Property Wrap Up By Daniel Hooper Of One Percent Property
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KEDRON, GORDON PARK, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS
28th of October 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 your Weekly Market Update for Kedron, Gordon Park and the surrounding suburbs on Friday, the 28th of October , 2022.
So over the last week, Queensland had 1,220 sales, which is about average for what we've been seeing in the last couple of months. Auction clearance rate of 34%. Again around average. You know when I look…personally, when I look at an auction clearance rate of 34%, I just can't help but ask the question, “why on earth anyone is going to auction if only one third of properties are actually selling”. Doesn't make sense to me.
In the inner north we had 28 sales. A few notable sales, a couple by myself:
We had 66 Sixth Avenue in Kedron—two bedroom home, 607 square meters, down near the park there sold for 1.25 million which is a suburb record for that type of home.
36 Belnoel Street—I sold as well, in Wavell Heights. Five beds, 607 block. That property took me four months to sell but we found a buyer that was able to pay the asking price. The original offer came in $150,000 below the asking price; took me a fortnight to get there. But we got them up to exactly on the asking price and that sold for 1.35 million.
Another property: this one I didn't sell, 37 Chuter Street in Stafford Heights—3-beds, 630 square meter block, sold for 1.352.
So, that's a good illustration that although the market is going down and things are not as strong as it used to be, we are still getting very good prices across Kedron and the surrounding suburbs. Prices that you wouldn't have seen 12-18 months ago. So, it's not all negative.
In the media this week, the CPI Inflation figures for this quarter were quite a bit higher. I think that most people are expecting at 7.3%. Obviously, that's not an ideal situation. It means there’s probably gonna be more rate rises coming. Having said that, one thing to keep in mind is that these rate rises take some time. So, it's not a case of, we raise the rates in June and in July we see the CPI—the inflation change. It takes, normally, 6 to 12 months for these rate rises to really start to affect people spending in to see prices start to come back down again. So, I I feel personally and again I'm not an economist; this is just my own feeling but I feel like it's probably gonna be a 6 to 12 month ride. Having said that, I'm hoping we'll start to see things going in the right direction in the coming quarters.
So, it's what one point I would make—an article I was reading this morning is that they reviewed Australian homeowners and found that the majority of homeowners would actually be able to service their loans even with a 1-2% increase. So what that means is although it's not good, it's not positive—it's not negative either. And people are…the majority of people aren’t going to fire selling their homes. Most people will just bunker down and and write it through and then we'll come out the other end and get back into a normal property market. Having said that prices are, obviously, still on the decrease at the moment. So, over the last week they went down 0.4% and this is across Brisbane. And over the last month, they went down 1.7%. So, that is slightly lower than we've seen in the previous weeks and months, but certainly not enough of a change for us to call it a trend. It's probably more just fluctuations.
At One Percent, lots going on at the moment. So, we are opening…we’ll be Kedron’s only established real estate agency. We're opening an office in in Kedron and we will be looking to start hiring. We've got our first ad on at the moment, for our first member of staff who will be a sales associate, working directly with me. If you or anyone you know is looking for a job and you think they might want to get into real estate industry, please send me a resume to daniel@onepercentproperty.com.au or give me a call: 0424-585-391. We will be looking to fill that position and start them at the start of January and get them rolling into a really exciting new career in real estate.
Aside from that,
we had 66 Sixth Avenue—as I said, that sold and settled this week.
36 Belnoel Street in Wavell Heights—sold and settled this week.
Under offer this week, 7/ 18 Kendron Street in Wooloowin—a very tidy one bedroom apartment.
We have opens tomorrow throughout the day. We've got a lot of open.
So, 17 Arkin Street in The Gap—that is a single-level brick home, four-bed, two-bath, 600 square meter block of land. It is a very, very well priced offering. And it's in a great area and a good street surrounded by million dollar properties. And it's priced at $850,000.
1 Deramore Street in Wavell Heights—fully renovated, four-bed, two-bath, corner block. Again priced very, very well at 1.15 plus.
24 Beeby Street in Wavell Heights, as well. That's a brick build. It's got multi-level but the lower level is not quite legal height, three-bed, two-bath upstairs + two utility rooms and a rumpus room downstairs. It's got a pool, it's on a big 600+ block and it is in a fantastic street as well. So very, very good opportunity there at a million dollars and
5/9 Railway Parade in Nundah—three-story townhouse, two-beds, two-bath, big car space in a great area of Nundah. Walking distance to the train station.
Launching next week as well, we've got another few really exciting properties:
So, 72 Imbros Street in Nundah—401 square meter block of land. It's level, it's very close to being rectangle. It's got over 12m of frontage and it's got plans for a beautiful, executive family home. Pool’s already, actually been dug out and and partly built and we've coupled up with a builder/broker. So, not only will we give you the plans for the block, we will also give you estimates of what the build will cost and we have access to builders that can start the project immediately. So, you're not going to be sitting around, waiting to find builders. We’re working with the builder/broker that can, actually, cough you up with a builder that will be able to start immediately, which is a big, big thing in the current climate.
67 North Street in Kedron. It's an elevated block. It's four-bed, two-bath, multiple living space, 625 square meter block of land. It's a good opportunity to get into a fantastic street in Kedron at a million dollars and
2301/179 Alfred Street in Fortitude Valley.This property is in the FV Peppers building, which is one of the best buildings in the area. And the facilities are incredible. The gym is hotel style gym, it's massive, big outdoor pool with city views. There's a rooftop bar, there's movie rooms and meeting rooms. It's the building facilities are crazy. The property we have on the market is the largest floor plan in the building. Aside from the penthouse is it's a really, really good offering views of the Story Bridge.
These will all be going to the market on Monday.
If you have any questions about what I've spoken about today, if you're interested in the position we're offering or if you'd like to have a chat about your property, please give me a call: 0424-585-391.
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