Kedron and Surrounding Suburbs Weekly Market Update 15.07.22
Weekly Property Wrap Up by Daniel Hooper of One Percent Property
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15th of July 2022
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Hi, this is Daniel Hooper from One Percent Property coming to you with a Weekly Market Update for Kedron, Gordon Park and the surrounding suburbs on Friday, the 15th of July 2022.
So, in Queensland this week we had 1161 sales. That's about…almost a 30% drop from the peak of the market, about 6 to 8 months ago where we were getting 15 to 1600 sales per week. So it's showing that, obviously, buyer numbers are down, but also properties actually coming to the market and property selling is significantly down as well. Probably even a little lower than we were seeing prior to the pandemic before the big boom. The auction clearance rate of 39% this week, which means two out of five properties that go to market, are actually selling, the majority are not. Now that's pretty standard of what we used to see in Brisbane pre-pandemic, but we haven't seen that in a couple of years so, certainly, shows that the market the heat in the market has come off.
In the inner north, this week we had 18 sales. Again, that is down from—we would be regularly getting 30 to 35 sales per week so it just shows a lot less properties changing hands. —
A couple of notable sales still:
22 Highland Street in Wavell Heights; it’s a four-bed home, it’s a 607. It's a really nice luxury property sold for $2.3 million. Obviously, it's on one of Wavell Heights best streets. So, obviously, that does help with the price point there, but it's still a very, very healthy price.
44 Aldren Street in Stafford Heights. That's a 3-bed home on 627. That one sold for 885, so certainly shows, you know, we're still getting good prices in the area and properties are still moving. It's just taking a little longer for them to sell.
In the media this week, so obviously, inflation is high. Still 5.1%—with the target I believe is is 2 to 3%. Now when you compare it globally to other countries, it's actually not that high. America I think was 9.1% some countries Turkey I think is 70%. So, we're certainly not as bad as Eurozone. We're not as bad as America. We're certainly not, obviously, as bad as a lot of third world countries, but it's still. It's still much higher than the RBA once, which means rate rises will continue for the immediate future. Potentially at half a percent a month, which obviously is quite a lot and it will have an effect on home owners, it will have an effect on properties because people are, obviously, going to be tighter as far as their budgets go. So far what it’s done with prices: Sydney has dropped in the last month 1.7% which is actually massive. That's a big price drop. It would equate to, you know, probably almost 20% over the course of the year if it continues. Melbourne has dropped 1.2% over the last month. Brisbane over the last month—it has seen a drop, but only 0.3%. So we were the best performing market in the boom and so far, touch wood, we are the best performing market in in the drawback in the correction as well. We're still up 24.7% year on year. So, unless you bought the property a few months ago…really, you're still, you're still, probably in a very good position compared to where you would have been a year ago.
What I'm seeing in the market myself, is less buyers. Definitely, less buyers which, obviously, means buyers have more choice. Which means there's less urgency on purchasing properties. Which means homes are taking longer to sell, but we are still selling homes. They're still going, it just takes longer, and it's more of a discussion and more of a… Last year the process of selling a property was put it on realestate.com and sell it. That weekend with probably 6 offers on the table. There was buyers were feeling rushed because prices were going up and also because there was so much competition at properties which just meant that selling property last year was a very simple process. Now we're going back into what is a standard real estate process in that there's negotiation. There's questions. There's a lot of back and forth, so it does take a lot longer; and buyers are more picky and they want properties that suit them perfectly, so it takes longer. Rather than five days, it might be five to six weeks, but properties are still selling, and I must emphasize again, that's why it's so important to go with an agent that she knows what they're doing because last year anyone could sell properties. Now you really need someone that will be persistent in trying to get the offer over the line for you and not just give up after two weeks on the market.
At One Percent, lots and lots going on at the moment. So 25 Calida Street in Boondall—that one sold and settled yesterday. That is a…it was a beautiful home. One of the best homes in Boondall, I would say. We sold it in five days. We had five offers on the table and we sold it for $1.235 million which is a suburb record for Boondall. And again, that is probably the exception. There are still homes that are selling very quickly. But it's just…It's not the rule now, it's the exception.
Currently for sale…newly listed this week:
7 Whiptail Court in Cashmere that is a stunning, single-level family home; five beds, it’s got a big yard. It's got a pool 700 square meter block of land. Very, very popular. That one has an open home tomorrow and I'm fairly confident, it might sell this weekend.
125 Kirby Road in Aspley, entry-level pricing for Aspley. It's a four-bed, one-bath. It's a renovator, but it's on a good block and it's actually got quite a good floor plan so there's a lot of opportunity there as well.
Currently for sale:
54 Bertram St in Stafford. Great entry-level opportunity in Stafford.
22 Bennett Road in Everton Hills—fantastic renovator. Really, really good position with the lovely outlook.
39 Emerald St in Kedron—it's a small property on a small block but it is an astounding price for that part of Kedron so it's again…it’s a very good opportunity. Rental income potentially for four to four and a half percent.
36 Belnoel Street in Wavell Heights is a massive 300 square meter family home on a 607 square meter block of land. It's in a good street and again it's a really good opportunity to get into Wavell Heights. You know, in a massive home, in a price that's not up around the $2,000,000 mark.
224 Appleby Road in Stafford Heights. This one is an 809 square meter block land with the DA on it so there's potential for live-in. There's potential for splitting it and there's you know a whole lot of different options for that particular property.
Also, coming soon we’ve got
26 Tanimbla Street in Kedron. It's a four-bed, one-bath home. It's got three beds in the main residence and it's got an external studio perfect for a Home Office or extended family. It's got a big pool. It's got a lovely yard and it has potential to add a second level and increase and put city views as well. So that's a really cool opportunity that would be launching next week.
54 Somerset Rd in Kedron—it's not just in the Padua precinct, but it's about 150 meters away from Padua on the same street. It is a renovator and it's already a big home, so cosmetic renovation, which obviously is a lot easier than a structural renovation. That one we're launching in two weeks and also
1 Mylne St in Chermside, which is quite similar to the Tanimbla home in that it's a 3-bed 1-bath. It actually has a fully-separate 1-bed, 1-bath, 1 living space granny flat. That one will be launching in about 3- or 4-weeks’ time. As well, it will be fully-renovated also.
So, if you have interest in these properties or you would like to have a chat about the market or potentially have a chat about your own home, please feel free to give me a call on 0424-585-391. Otherwise, I hope you’ve had a fantastic week so far, and I hope the weekend is even better. 5