Daniel from One Percent Property here with your weekly property market update.
This week I discuss:
- How did our state and local area perform this week
- It has been a massive week at One Percent Property
- What is in the media this week?
- What are the banks forecasting for Brisbane property?
Do you have any questions? Please give me a call - 0424 585 391
Would you like to know what your property is worth in the current market? Follow The Link Below https://www.onepercentproperty.com.au/
Hi, Daniel from One Percent Property here with your weekly market update coming to you on Thursday, the 19th of November, 2020. So what has been happening in property in our beautiful State and in our beautiful city over the last seven days. So in Queensland, over the last seven days, we had 1,399 sales and an auction clearance rate of 58% up on 40% this time last year. In our inner Northern suburbs, Kedron and the surrounding area, we had 28 sales which shows a lot of properties moving hands, lots of buying and selling which is really, really good if you're a homeowner or if you're thinking about selling your property.
So notable sales in our local area, 146 Kent Street, sorry, Kent Road in Kalinga sold for $863,000, that's a great result, really good buying there because obviously Kalinga is a fantastic area, very, very sought after. 23 Harold Street in Stafford sold for $1.2 million, again, beautiful home, fantastic result, congratulations to everyone involved there. And the big one for me this week was 64 Rillat Street in Wavell Heights, which is a three-bedroom home on 541 square meters, and this home achieved a million dollars, no city views, nothing crazy, just a beautiful home. And it really shows how strong Wavell Heights is at the moment. If you can get a house in that area around Zeehan Street, Sunny Avenue, Highlands Street, Highcrest, that area is hot right now and it's really, really looking good over the next 12 to 18 months.
In the media this week, Brisbane is really becoming a focal point of people talking about property across the country, not just here. Lots of positivity, lots of people talking about the growth that is going to happen in Brisbane. We're a growing and developing city, we're no longer a country town as people used to call us. There's a lot of culture, a lot of work, a lot of jobs, a lot of infrastructure, there's a lot of different things that we have to offer, and I feel like we are so lucky to live in such an incredible city that is doing such amazing things in regards to growth. And other people are seeing that too, we're forecast to have the highest interstate migration out of any State in the whole country and that's people moving mainly from New South Wales and obviously Victoria up to Brisbane to get a hold of the sunshine and to enjoy what our growing city has to offer.
The really good thing to see this week is that all of the big naysayers from March and April that were talking 15, 20, 30, some 40% drops in property prices, they've all changed their tune. So, ANZ was 10% drop, that was what they were forecasting, and now they're forecasting 9.5% price increase in Brisbane over the next 12 months. What a change of tone and how good is that for property owners in our local area? Another thing to keep an eye out on is in New South Wales, they are actively talking about getting rid of stamp duty. Now that's massive, obviously. Imagine not having to pay that 30 or $40,000 when you purchase a new property. It's a really, really big thing, and a lot of the time when it happens down there, it is then followed up here. So if it passes down there, hopefully that's something that's then going to be considered up here, which will further stimulate the market and help people that are looking to purchase.
It's been a massive week this week at One Percent Property, so we took 5 Waratah Crescent and 8 Malcolm Street, both unconditional had a few hiccups on the way, Waratah Crescent was involved in that massive hailstorm, so we had to handle that, few other bits and pieces, but there are now unconditional very happy vendors, very happy buyers, so congratulations to everybody involved in that process. We also put, you remember you mentioning last week, we put one at 246 Pickering Street on the market last week, that is now under contract, sold in less than seven days. Now that property was sitting on the market for 355 days with another agency, one of the major agencies, one of the big brand names, they had it on the market for almost one year and it was not sold. We took it on, we recommended a few small changes to the vendor, they made those changes, we got it back on the market with a really good marketing campaign and it is under offer, signed and sealed in less than seven days with One Percent.
This week, we also have a new listing number three at 11 Lasseter street in Kedron. This is a really, really rare one, this is a great apartment, it's in an older brick building, but it is fully renovated, gutted through and through. So floors, kitchen, it's got a beautiful little study nook, indoor laundry inside the apartment, the bathrooms being done, it's all black tapware, It's absolutely stunning and it is in that early to mid 300 price range, which is really, really rare, you do not get a lot of properties of this caliber in that price range. So if you're interested in taking a look, it's only private inspections, please give me a call (0424)585-391.
Thank you for tuning into this week's property market update. If you would like to get an update of the specific value of your property based on all of these fantastic sales that are going on in the area, please go to our website linked below, www.onepercentproperty.com.au. There's a quick form there, send me a few details about your home and I will get a property report out to you within 24 hours to give you an understanding of exactly where you stand in the current property market. Thank you so much for tuning in, I hope you've had a fantastic week so far and I hope the second half is even better.
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