• Daniel Hooper

Kedron and Surrounding Suburbs Weekly Market Update⁠ 08.07.22

Weekly Property Wrap Up by Daniel Hooper of One Percent Property




8th of July 2022


Thinking of selling your home?

Sell with Kedron's Agent Of The Year and you choose our commission AFTER the sale!

Daniel - 0424 585 391⁠

Hi, this is Daniel Hooper from One Percent Property, coming to you with your Weekly Market Update on Friday, the 8th of July 2022 for Kendron and Gordon Park, in the surrounding suburbs.

-So in Queensland this week we had 1,388 sales. It's actually quite a good number of properties changing hands compared what we've seen in the last few weeks. The auction clearance rate, however, was down 45%. So, obviously, over the last twelve months we've been seeing auction clearance rates as high as 90% prior to the boom of the last 18 months. 30% - 45% is probably actually quite accurate for what Brisbane was seeing. So we're seeing that edge back to a normal market.

In the inner north we had 18 sales. That is quite low. Normally we see 25 to 30. There are a couple of notable sales, couple of good sales in Kedron:

  • 43 Seventh Avenue, which is a four-bed, it's on 607 m², sold for a million and 55. 1,000,550—quite a big difference.

  • There also 28 Brookfield Road in Kedron, which is a three-bed, two-bath. It's on a 405 block, being very nicely renovated. That one sold for $1,020,000.

So still getting some good results, still some good prices, but things are taking a lot longer to sell the days of the five day sale or seven day sale. Last year I saw 55 properties and my average days in the market was seven. That's probably not going to happen over the next twelve months. Almost definitely not going to happen over the next twelve months.

So in the media, obviously the big thing that happened this week is the RBA raised the interest rate by another 50 basis points or half a percent. We're now sitting at 1.35%. It's, obviously, a lot higher than it was three months ago. It was basically 0.1%. So it's gone up a lot. And what that means is, obviously, it has people concerned about how high it's going to go. So at the current levels, I do not think that it's putting stress on people's mortgages overtly in Brisbane, but certainly buyers are more cautious because they don't know where it's going to stop. Is it going to stop at 5%? Is it going to stop at 8%? Obviously, at some point it's going to start putting a lot of stress on people, on people's back pockets. So people are sitting back a little bit. Certainly, investors are holding back because they're just waiting to see what happens and how the markets go. Also, people are stepping back from planned construction. So I read an article that said one in ten people who actually canceled their planned build, which is going to have an effect on the construction industry. It's going to make things probably quite tough on an already strained industry with supply issues and trade issues.

In Brisbane, over the last seven days prices were flat, but over the last month prices went down by 0.1%. It's not a big drop. But it is significant because it's the first time in the last, basically two years that we've had a price drop, which shows we have come up over the crest of the market. And look, I'm very positive over on the Brisbane property prices over the next decade. I really am. I think they're going to probably close to double over the next decade. I'm equally as positive or equally as certain over the next 24 months and prices will slide five to 10%. It's a normal correction. After such a big growth, prices will drop 5%, then we'll start the new cycle. We'll probably have a long period of fairly stagnant, no movement, and then I would say in five, six, seven years, we'll probably have another growth period. And I think it will be a significant growth period, but it is quite a long cycle. So if you're thinking about selling in the next three years, the price you're getting now is almost certainly the best price you're going to get, unless you're willing to hold out until that next up cycle, which could be eight years away. It could be ten years away. The Brisbane property cycle is not something that moves very quickly. It's quite a long, slow cycle.

At One Percent this week, another busy week.

  • So, 67 home Bush Road is under offer, and this is a good illustration of what it takes to get a property sold in the current market to get the result we need. We had it on the market for five weeks. It's a very attractive home. It's in a good area of Kendra as well. We had it on for five weeks. We had just under 100 inquiries, 51 personal inspections of the property, and eventually we managed to find the right buyer and get the offer on the property. So it's an illustration that is now more important than ever, if you're going to sell your home, to sell with an agent that is persistent to sell, an agent that will not give up on your property. A lot of agents will market a property for three to four weeks and then basically assume it's unsaleable if they can't get the right results. So you need to have someone who's going to stick by it and even if it takes three months, they will keep working on your property as a priority until it gets sold. It's more important than ever at the moment on the market.

  • At the moment, we have 22 Bennetts Road in Everton Hills. That one is a big block. It's got great bones. It's in a fantastic location in the right school zones, needs a bit of a renovation, but it's a really good opportunity at a great price for that area.

  • 54 Bertram Street in Stafford—very well built, brick home, incredibly well maintained, one owner. It is very, very good value for Stafford. Getting a freehold home under the $900,000 mark.

  • 39 Emerald Street in Kedron—it's a character home, beautifully renovated, small block, very easy to maintain. Perfect for a young couple or a single person looking for a home in a fantastic area.

  • 36 Belnoel Street, that's in Wavell Heights. It's a massive 300 plus underroof square meter home on a 607 block in a very good street in Wavell Heights.

  • 224 Appleby Road and Stafford Heights—three bedrooms. It's 809 square meter block of land, so it already has a development application approved so it can be split. There's a lot of opportunity with that property as well.

Coming soon, launching next week, we have

  • 7 Whiptail Court in Cashmere—it's a big, beautiful, single level family home with a pool and a large yard. 700 square meter block of land, five bedrooms. It's a stunning home. It will definitely get moved fast.

  • And 125 Kirby Road in Aspley—four beds, one bath, entry level pricing in the early eight hundreds, and it's a perfect renovator. It's a really good opportunity for you to go and make it your own. It's got great bones, it's got a good block, but a lot of potential to add value to that property. Also, a few more really exciting homes across Kedron, Chermside and the surrounding areas coming up in the next few weeks. So I will let you know once I have those details.

If you have any questions about the properties I've spoken about, if you have any questions or concerns about the market that you would like to discuss, or if you're thinking about selling in the next twelve to 24 months, please feel free to give me a call 042-458-5391. Otherwise, I hope you've had a fantastic week so far and hope the weekend is even better.

4 views0 comments