Kedron and Surrounding Suburbs Weekly Market Update 13.05.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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13 May 2022
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Daniel - 0424 585 391
Hi, this is Daniel Hooper from One Percent Property coming to you with your Weekly Market Update for Kedron Gordon Park and the surrounding suburbs. So, we're definitely in an interesting market at the moment. Things are definitely shifting a little bit. We had 1,214 sales in Queensland in the last seven days. It's still a pretty good number. It's a bit lower than it has been, but it's not crazy low. We had an auction clearance rate of 58%. That is significantly lower than we've been seeing in the last 12 months. This time last year, it was 70%. So, there are more properties that are not getting their target prices and aren't passing in at auction. In the inner north, we had 26 sales, which is actually a pretty strong number. It shows a lot of properties are still changing hands in our local area. I've always said that I believe the Kedron and surrounding suburbs is a very desirable area. It's a strong area. It's certainly an area that'll be more resistant if there is a downturn.
40 Oliver Street was one notable sale. It was in Kedron, three bed, bath home on 400 square... Sorry, 405 square meters, sold for $1,105,000 which is a pretty good result.
154 Leckie Road was another sale in the last week. That one also in Kedron. Four beds on Leckie Road, but a big block, 809 square meters. That sold for 1,150,000.
One final notable sale was in Wavell Heights. Wavell Heights has been doing obviously great things over the last 12 months. So this was 46 Tarm Street in Wavell Heights, three beds, 541 square meters sold for 1,720,000, which again is a fantastic result for a three bedroom home.
I'll talk a little bit about what's going on in the media at the moment. So world markets are in an absolute spin, as I'm sure most of you would be aware. Stocks are plummeting, cryptos are plummeting, all the cryptocurrency stuff. There's a whole lot of panic in the market. I had a friend ask me yesterday do I think the property market is going to crash in Australia. And I really don't. In my opinion, there is an underlying value, an underlying utility in houses that there is not in anything else. Anything else that people invest in, they're investing to make money. If you invest in stocks, you invest in cryptocurrency, you're putting your money in there to make more money. Some people obviously do that with property, but property has an underlying utility in that it is a house, it's a home. Whether you're renting or you own a home to live in, people live in houses. And that's where the value in houses come from. There's also a very limited amount of houses because especially in the areas that we're talking about around Kedron, there's no new land. So, the only new land comes from subdivisions. There's not a whole lot of that happening. So we've got a market that is pegged by the fact that people need houses to live in, right? And if prices plummet in the stocks or the cryptocurrencies, everyone just flogs everything and sells everything and gets out, because they gets scared. But if prices plummet in property, I'm not going to sell my family home, because prices go down, because I need someone to live. And most people will just buckle down and weather the storm, and that stops massive price crashes like you see in other markets. So, I don't think that's going to happen. I think it's really a time to stay calm. What is happening? Obviously, rates are rising. There is definitely a slowdown happening at the moment. There are less buyers in the market, and difficult properties are taking longer to sell. Now, what I mean by that is your flashy, beautiful, new homes, your properties that appeal to a lot of buyers, they're still selling very quickly. We had one in Kedron that we launched on Wednesday and we sold it on a Saturday for a suburb record. So, that's still happening. However, properties that might have issues such as flood zones, main roads, or unique properties, properties that have a lot of renovations, things like that, they are taking longer to sell no doubt. When I say they're taking longer to sell, I'm talking four to six weeks, not three months. They're still selling. We're still getting good prices. It's just a longer process because there are less buyers in the market. Whereas, it used to be a mad rush and everyone was just buying whatever they could because they wanted to get in the market. And they were scared. There was FOMO. A lot of that's not happening anymore.
What is also happening in Brisbane, specifically, is people are still moving here. There is still a lot of interstate migration. It's still a very popular place, and there is still billions and billions of dollars of gentrification projects happening in Brisbane. We've got the casino, we've got Eagle Street. Just between those two, it's probably $5 billion. And more locally, there's Lamington Markets, which is going to be a massive entertainment precinct in Lutwyche. So there's a whole lot of things that are still happening, which means what I believe is going to happen to the market is certainly a slow period. There might be a small downturn. I don't think it'll be more than 5% if at all, but certainly, there's going to be a period of flat in the market. Once that period of flat is over, one or two years, I think in the long term, things are looking very positive for Brisbane. We've got all of these projects happening that are going to transform the city. We've got the Olympics coming up. Australia just won the Rugby World Cup. That's going to be another event that's happening 2027, and Brisbane obviously will be a big part of that. So there's a lot of things happening, a lot of positive things. There's still a lot of desire for people to move, especially interstate to Brisbane. I think in the short term, it would probably be not a lot of activity. But I'm still very positive on the outlook from Brisbane. I think we've got really good fundamentals. And I also think we're very affordable. Compared to Sydney, they're double the property price. They've only got 25% higher wages. So I think Brisbane is certainly still looking very good, and I certainly don't think it's time to panic. As far as what's happening at One Percent at the moment,
54 North Street is under offer today. There were challenges with that property again. There were some fairly significant renovations on a slope block, which made it quite difficult. It was a specific type of buyer we had to find. We did find that buyer. Took a couple of weeks, but it is under offer today. I'll reveal the price once it goes unconditional.
4/47 Haig Street, sold and settled. That property in Gordon Park, we sold in the first weekend for a record price for that particular building. Third highest price ever achieved for a two bedroom apartment in Gordon Park.
309/50 Lamington Avenue in Lutwyche also sold and settled this week. That one took a couple of weeks to sell. It was a unique property, very small second bedroom. But again, we found the buyer and we got the right result that the owner was looking for.
So at the moment, I'm not launching anything until after the elections, because there's just a whole lot of unknowns going on for the next sort of 10 days. But coming after the elections, we've got
224 Appleby Road in Stafford Heights. It is a double block... Sorry, 810 square meters, not yet split. Does have a DA to split into two. That probably will be launching on Monday the 23rd. Also,
54 Bertram Street in Stafford, entry level property into Stafford. It's a 300 square meter block, incredibly neat and tidy house. Lots and lots of opportunity there. That one will also be launching on the 23rd.
We've got a couple more in the pipeline, lots of exciting properties coming up. So if you have any questions, if you would think that any of these properties might be suitable for you, or if you'd like to get a value update on your home, please give me a call, 0424-585-391. Otherwise, I hope you've had a fantastic week so far, and I hope the weekend is even better.