Kedron and Surrounding Suburbs Weekly Market Update 03.02.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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3rd of February 2022
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Hi, this is Daniel Hooper from One Percent Property, coming to you with a Weekly Market Update for Kedron and the surrounding suburbs on Thursday, the 3rd of February 2022. So what has been happening across our beautiful suburb, across our beautiful city, and across our beautiful state in the last seven days? I'm noticing a bit of a slowdown in the market. Now, what I'm noticing is a slowdown in the volume, but not a slowdown in the price, not yet. So, we had 1,271 sales across the state in the last seven days; 81% auction clearance rate, which shows again—the properties that are going to market are still selling at the same rate. There's still the same amount of buyer interest—58% auction clearance rate this time last year, so still significantly higher. In the Inner North, we had 22 sales. Now, we were getting most weeks 30 to 35 towards the end of last year—22 at the moment. Now, it could be said that, obviously, that's a bit of a slow down just due to the slow ramp-up to the start of the year. But it'll be interesting to see how that plays out. Obviously, less properties coming to market isn't necessarily a bad thing for homeowners, because it means that the undersupply is not really going to be alleviated anytime soon.
So notable sales:
41 Bayview Terrace in Wavell Heights, 353 square meter block of land, 1.249 million, fantastic price.
215 Rode Road in Wavell Heights, a million bucks for a three-bedroom home on Rode Road. Now, rewind 12 months, and that would've just been crazy to even think about that. Not on a massive block either. But now it's pretty common for houses like that to sell for that sort of price, which is, obviously, very, very, very good for homeowners and very good for people already in the property game in the area.
In the media, Brisbane property prices—they're continuing to grow around two and a half percent across January. One stat that was really, really amazing to me is in the last quarter of last year, property prices across Brisbane as a whole grew by 10.7% in one quarter. So if that rate continues and is extrapolated out to a year, we're talking about 40% price growth. Now, obviously in our local area, Kedron, Wavell, Gordon Park, those sorts of areas—we did see 50% price growth last year. But if it's 40% across Brisbane as a whole, what would we be seeing in the local area? Who knows? It'd be interesting to see if that price, I guess, trajectory continues or when it slows down. Stock levels are remaining very, very low. That's obviously a big important factor that I talk about every week. And as I said, what I've noticed is new listings are now starting to slow down. Which means number of sales are starting to slow down. What's been happening over the last 12 months is that new listings have been very strong, above average, lots of new properties come into market. But they've been selling incredibly quickly—seven to 10 days, two weeks—instead of the traditional four weeks, which means the level of stock on the market, although there are more listings coming to market, the actual level of stock has been very low. Now what I've noticed in the last couple of weeks is new listings are starting to slow down. So if new listings do start to slow down, the stock levels could go even lower, which is not good for buyers, obviously, fantastic for homeowners because it means prices will continue to be very strong. One article I read today, which I thought I'd share with you is talking about properties that have objections such as main roads, flood zones, lots of issues to fix, properties that are traditionally difficult to sell—now is the best time it has ever been to try and sell those properties because buyers who have been looking for a long time, become less fussy. I sold a property last year on Maundrell Terrace, we wanted 650, we sold it for $850,000 for a three-bedroom home on a main road. Looking back now and seeing other prices, obviously, that doesn't seem that absurd. But at the time I was quite surprised with the offer we got. But what is happening if people have been looking for a long time they start to compromise and they start to say, "Well, okay, we just need to get a home, so we're okay living on a main road, we're okay living in a flood zone." So if you have a property that you're thinking about selling that has got one of these traditional really big objections—now is the time to move that property on before the market cools down. Because once the market cools down, buyers have more choice. Suddenly it becomes a big issue again. At One Percent Property this week, lots and lots of exciting things coming:
We launched 14 Erskine Avenue in Kedron yesterday. It's a beautiful character home. It's on 810 square meters, it's low-medium residential. It's got a whole lot of opportunities to that property.
31 Ramsey Street is coming in the next two weeks, again in Kedron, it's 670 square meter block of land. It's got a two-bedroom house at the front and granny flat at the back. It is again, that's LMR, low-medium res. So it's a good amount of opportunity with that property.
We have 309 at 50 Lamington Avenue in Lutwyche. It's a very, very well kept two-bed, one-bath, one-car, modern apartment.
And also, 19 Gail Court. That one's out in Burpengary East, obviously a little bit outside of my normal area, but it's a cracking home. It's four-bed, two-bath, it's on 4,000 square meters. It's got a five-car garage. It's a really, really cool home, lots and lots of opportunity. And, obviously, a fantastic little area. It's in a little cul-de-sac as well. So very, very quiet area.
Lots and lots of other properties coming up as well. If you think that any of these properties might be suitable for what you're after, if you'd like to have a chat about your property and get an update on the value, or if there's anything else I can do to be of assistance, please give me a call. Otherwise, hope you've had a fantastic week so far and I hope the rest of it is even better.