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
30th 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 with my Weekly Property Market Update for Kedron, Gordon Park and the surrounding suburbs.
So, in Queensland this week we had 1,078 sales. That's down about 20% of what we've been seeing in recent weeks. So, it is a little slower. Could, obviously, just be an anomaly. But we'll keep track of that. 37% auction clearance rate. So, that's basically on par with what we have been seeing recently as well. So, it's quite low, but it's not going any lower. In the in the north, we had 18 sales. There are a few notable sales so although properties are taking longer to sell, it’s more difficult—there are certainly good prices still happening.
So, 35 Hunter Street in Wooloowin—five beds on 592 square meters. That sold for 1.43.
31 White Street in Wavell Heights—four beds on 607 square meters. Sold for 1.435 and
32 Figgis Street—we settled on that this week. That was the sale of mine. So, it's a two-bed home on 612 square meters and that's all for 1.12. So, that was the suburb price record for a two-bed, one-bath. I then sold another property recently, which actually then broke that record. But certainly, we're still getting good prices for the right property if it's marketed in the right way.
In the media this week, there are some fantastic news. The Queensland government appears to have actually canceled plans to shake up the land tax and, and they were gonna tax everyone. You know, if you own property in Queensland and other states, you'd be getting taxed for all of your property, inclusive of other states, which makes absolutely no sense because, obviously, getting taxed in those other states as well. They appear to have scrapped those plans, which is very, very good news for investors. It's very, very good news for homeowners and it's good news for the property market as a whole. Also, buyer or consumer confidence is at its highest level since it has been since May. Which is, again, it's very positive as long as people continue to feel good about the market, you know, people will continue to buy. And although prices are going down, you know, there is, obviously, a bit of positivity around the Brisbane market. So, that was, obviously, the positive.
The negative is that, as I said, prices are still dropping. 3.1% decline over the quarter in Brisbane and 1.9% over the last 30 days. So, prices are dropping. A number of the articles and economists that I sort of follow seem to think there are early indicators, certainly in Sydney and Melbourne, that price decline is slowing. And, obviously, we know that Sydney and Melbourne usually precede Brisbane. So, I'm hoping we're getting to the bottom of that sort of curve and we'll level out pretty soon. But, obviously, it's very dependent on what's happening in the market. There's a lot of different things going on, not just the Australian market. I was chatting to a finance adviser recently and he was saying all the stuff that's happened in the UK with the devaluing of the British pound—has changed the forecast for our own interest rates here. Where we were forecasting around 3.25, people are now forecasting 4.1. So, what happens globally, obviously, has a big effect as well and a lot of that is out of our power. So, we just sort of, follow what's going on and, obviously, I'll keep you posted with projections and what we think it's going to do to affect the local market.
At One Percent Property, over the last week, it's been another big week. Lots and lots of activity. Lots and lots of buyer meetings.
32 Figgis Street, as I mentioned, sold and settled and handed the keys over for that one on Wednesday—$1.12 million for a two-bed home. It was a cracking result—sold that off-market as well. So, we didn't even go on realestate.com for that property. I just leveraged my database and my contacts and we found the right buyer for that home.
2/30 Railton Street—it's a townhouse in Aspley. We put it on the market on Monday last week—I had four offers on Saturday and we went under contract for a really, really good price. And we're just working through the contract conditions on that particular property.
3 Achilles Street, unfortunately, is back on the market. The buyers were not able to continue with the contract. As soon as it went back to the market, I had four inspections within 24 hours and we've got two or three buyers that are looking at potentially putting an offer on the property. So, we get things moving very quickly. That's, obviously, very, very important if a contract does fall through, which happens once in a while. We're on the ball, we get back on it very fast and we make sure it's back under contract very, very quickly.
Coming soon, lots and lots of properties in the pipeline.So, two launching next week,
17 Arkin Street in The Gap. It's a nice, big, four-bed home. It's a great investment or, potentially, a first home.
7/18 Kedron Street, which is in Wooloowin, single-bed apartment. Lots and lots of space, near the train station. It's a good opportunity for someone looking to get into the Wooloowin market.
1 Daremore Street will be launching a week after. Fully renovated, four-bed, two-bath in Wavell and 563 Albany Creek Road. That is a unique property. It is a land banking opportunity. It's six…almost 17,000 square meters. It's got a business and a house on it, with the rental income of close to $100,000. It's currently zoned rural because there is no sewer connection but there will be sometime in the next decade. And when that happens it will be worth…I mean you can put 30 to 40 blocks on so it's probably gonna be worth about $20 million. That property will be launching in two weeks’ time and then in three weeks’ time, we have
24 Beeby Street in Wavell Heights and also 5/9 Railway Parade in Nundah. So lots and lots coming up.
If you have any questions about these properties, if you have questions about your property or the market or if you'd like to get a value update on your home, please feel free to give me a call: 0424585391. Otherwise, I hope you've had a fantastic week so far and I hope the weekend is even better.
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