Kedron and Surrounding Suburbs Weekly Market Update 10.06.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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✅KEDRON, STAFFORD HEIGHTS, EVERTON PARK & SURROUNDING SUBURBS✅
10th of June 2022
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Daniel - 0424 585 391
Hi, I'm Daniel Hooper from One Percent Property coming to you with your weekly Property Market Update for Kedron, Gordon Park, and the surrounding suburbs on Friday, the 10th of June 2022.
So, over the last seven days, there have been 1,300 sales across Queensland. That's pretty much on par with what we've seen over the last month. So, numbers are lower than they were, but actually still quite a good number. Auction clearance rate around the 60% mark. Again, it's been dropping a little bit, but it's not tanking, definitely not tanking. And that's my sentiment on the market is a slowdown. A slowdown, but not a cliff, certainly not for Brisbane anyway. I see Sydney and Melbourne are having a worse time, but again, with what's going on in Queensland, I think Brisbane is definitely going to be the best performing market in the coming years. Even though it's probably going to be slightly down.
In the inner north, we had 29 sales, which is really good result. Lots of properties changing hands, some great prices achieved, which again, it sort of cements that fact that although things are taking longer, it's harder to sell properties, there's more challenges, we're still getting the job done. We're still getting good prices.
26 Brookfield Road in Kedron, that was a two bed on 405. That one sold for $990,000, which is a great price.
3 Jack Street in Gordon Park, just down the road from my office actually. Five-bed on 405, sold for 1.455.
17 Deerdale Street in Stafford Heights, that's a four-bed on 612 square meters, which achieved 1.353.
And 51 Parton street in Stafford Heights, again it's five-bed that one's on 1,117 square meters. It actually achieved 1.6.
So, still very, very good prices being achieved across the inner north area.
In the media this week, obviously, everyone has probably seen by now that rates have gone up, they raised them by 0.5%, a whole 50 basis points in June, which takes the rate up to 0.85%. So, over the last two months, they've raised the rate by very close to a percent. And they're talking about another 50 basis points next month, another half percent next month. Obviously, this is with the goal of trying to slow down inflation, which is pretty high at the moment. On top of that prices were already slowing. Obviously, the heat that was in the market last year is coming out a little bit. Brisbane is up 0.6% month on month. Now compare that to Sydney, which is down 1%. Melbourne down around 0.6%. So, we're still one of the best performing cities, but there is no doubt that we are slowing. In my opinion, we are right at the maybe just over the top of the peak. And from now I see it's, obviously, going to gradually soften and soften moving forward. The under supply is also slowing. It's still 17% lower than the five year rolling average, but it was 30% lower three months ago. So, that's definitely changing as well.
As we're at that peak of the cycle, as interest rates start to go up more and more, back to probably around a 3% base rate, we are definitely going to see some form of adjustment in the market. And look, it's pretty common when a property market goes up so quickly, that the following one or two years there is an adjustment. Now that doesn't mean it's all negative. It just means that things might go back to normal. They might pull back for a little bit. In the long term, I do think they're going to go up but in my opinion, the price we're at now is probably the best price we are going to see in Brisbane, probably for at least the next potentially 24 months, potentially even four to five years before the cycle rebounds and we start seeing price growth again. So, if you are thinking about selling in the coming years, bear in mind that where we're at right now may be the best price that we're going to see maybe for the next somewhere between two and five years.
At One Percent Property, it has been another really busy week.
So, 54 Bertram street in Stafford, it's a beautiful little brick home. It's on 301 square meters. That property was on the market with an agent, another agency for three months, from January through April through March, maybe even four months through April. They didn't get a single offer on the property. We launched it two weeks ago. In two weeks, property is under offer. So, I'm really happy we were able to deliver that result for our vendors.
We've also launched 25 Calida Street in Boondall. In my opinion, probably Boondall's best home. It's a stunning home. It's got multiple living spaces. It's got five bedrooms, beautiful pool, vaulted ceilings. I'd a really, really nice home.
22 Bennetts road in Everton Hills. It is a cracking entry level property into Everton Hills. Needs a few renovations, but it's got very, very good bones and a big block.
1303 at 25 Charlotte Street, that is an entry level apartment. Very, very good condition. Near Chermside Shopping Center, that one will go quickly. Still available and on the market, we have 67 Homebush in Kedron, which is a stunningly renovated three bed, one bath property on 405. It's got a beautiful backyard. It's a really, really good offering for a small family or a young couple and
224 Appleby Road in Stafford Heights is a 809 square meter block. It's already got a DA on it. Those are both still on the market.
Off market and coming soon, we have:
153 Albany Road in Windsor. That property is a large 743 square meter, low-medium residential block in an area that is perfect for townhouses or apartments.
We have 36 Belnoel Street in Wavell Heights, beautiful big family home, which will be launching in a couple of weeks.
And also 39 Emerald Street in Kedron. Entry level property near the avenues, again will be launching in the next couple of weeks.
If you have any questions at all, please give me a call. Otherwise, I hope you've had a fantastic week so far and I hope the weekend is even better.